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Business EconomyPosted at: Aug 10 2020 3:29PM


Seventy-four pc of respondents will continue to make purchases via contactless mode: poll

New Delhi, Aug 10 (UNI) Over 54 per cent of the respondents know how to use a contactless card on a PoS machine and 53 per cent of the respondents know that consumers don’t get charged multiple times if the contactless card is tapped more than once, according to a poll here.

To garner more insights on Indian consumer sentiment towards contactless payments Mastercard in India recently conducted a digital payments poll. Indian consumers show an increased awareness and positive shift in preferences towards contactless payments:

However, 30 per cent did not know this highlighting the need for more awareness on the safety of contactless payments.

A high 74 per cent of the respondents said that they will continue to make purchases digitally or via contactless mode in the coming times and 51 per cent of the respondents know that contactless card remains in the hand of the customer while making a transaction.
A total 49 per cent of the voters know that a POS machine with a WIFI symbol will allow them to use a contactless card to make a payment.

In the current environment there has been significant growth in adoption of contactless payments both globally and in India. Consumers are aware that contactless technology and digital payments can ease some of the tension by reducing a measure of daily risk when payment is made.
This technology also empowers some of the most financially vulnerable with a safe and secure way to make and receive payments.

According to recent Mastercard data, there is a 19 per cent increase in the actual contactless cards issued in Q1 2020 over Q4 2019. Currently, the top 5 cities in contactless transactions are Bengaluru at 16per cent, Delhi and NCR at 12 per cent, Chennai at 7 per cent and Mumbai at 6 per cent.
The South region dominates the contactless ecosystem with maximum number of contactless transactions seen there. Bangalore has by far the highest number of contactless transactions, more than twice the next city which is Hyderabad.
As communities begin to slowly reopen, business owners and the consumers they serve are entering unknown territory, navigating the new normal, living with precautions. During these times, contactless and other forms of digital payments have emerged as the healthiest way of making payments as they are more secure and require minimum physical contact between the merchant and customer.

Interestingly, penetration of contactless transactions is the highest in the lowest ticket size. Below USD 10 seems to be the sweet spot for contactless transactions in India and this trend bodes well for mass adoption.
India is making rapid strides in bridging the digital payments divide. Penetration of contactless transactions is being driven by the top 4 categories that includes food stores, restaurants, fuel and drug stores dominating the contactless ecosystem. Food stores, restaurants and bars and gas stations are the only category with more than one million transactions in each month of Q1 2020.

Mastercard Digital Payments Poll was conducted with approximately 39,288 individuals between June 15-19 through Twitter.
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