India's millennial and gen-z big adopters of UPI: CNBC-TV18 Survey
QR codes which can be used to send money or pay for goods and services, are a common sight -- not just in almost every shop or establishment, but on the cellphones of friends and acquaintances. There's a reason for this -- it's easy, it's secure and it's almost instantaneous.
QR codes which can be used to send money or pay for goods and services are a common sight, not just in almost every shop or establishment, but on the cellphones of friends and acquaintances. There's a reason for this -- it's easy, it's secure and it's almost instantaneous.
This explains why 6 years since it was launched, the Unified Payments Interface, or UPI, has become a popular mode of payment and money transfers.
Data from NPCI shows that both transaction volumes and transaction values have been rising steadily over the years. From 2.65 million transactions together worth over Rs 893 crore in 2016, to over 74,000 million transactions worth nearly Rs 125 lakh crore in 2022. The numbers for 2022 point to a 52 percent jump in volumes year-on-year, and a 56 percent jump in total value.
A lot of this spike has been rather recent.
Online payments have been received rather well in India with the introduction of UPI and this can be attributed to the digital revolution that took shape during the COVID-19 pandemic and the government's push for digital transactions. With newer mandates set to come in to enhance its usability, UPI apps on your phone are likely to be indispensable.
Ranen Banerjee, Partner at PwC said, "Google Pay, Paytm, and PhonePe pushed adoption during the COVID-19 pandemic. The other thing that these apps did was to tie up with various food delivery chains primarily during COVID and the adoption went up significantly."
CNBC-TV18 conducted an online poll of over 150 members of gen-z and millennials across urban, tier-2, and tier-3 cities to understand their preferences and experiences with UPI. The results show that it's the convenience factor that has driven adoption.
Also Read: UPI is tech-driven and greatly transformational: NPCI's Praveena Rai at Mindgate's panel discussion
The poll also threw up some interesting trends Over 96 percent of the respondents said they use UPI to pay for goods and services. Of this 96 percent, over 78 percent said they use UPI every day and 14 percent said they use it at least once a week. So what are the most favoured UPI-based payments apps?
Google Pay, Paytm and PhonePe top the list, with a majority of the respondents picking Google Pay as their #1 choice.
CNBC-TV18's poll reflects that young India which constitutes students and recently turned working professionals have absorbed UPI as a form of payment extensively.
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