Never miss a story

Get subscribed to our newsletter


×
20 percent households use digital payments. Pixabay

Digital payment methods are well accepted by Indian households and are not just the preserve of the rich or well-educated, finds a study conducted by People Research on India’s Consumer Economy (PRICE) in partnership with the National Payments Corporation of India (NPCI).

Covering 5,314 households across 25 states with a sample designed to represent states and households across the income spectrum, the survey was aimed at understanding the awareness, adoption, and use behavior of households with respect to digital payments.


Follow NewsGram on Twitter to stay updated about the World news.

The study showed that while one of two of India’s richest 20 percent of households uses digital payments, as many as one out of four households in the poorest 40 percent also use it. In addition, there is a suppressed demand of people who say they desire to use it but need someone to show them how to and a smaller group who used it earlier and discontinued it.

If this ‘ready’ demand is enabled through effective training and education, then over half of all Indian households (54 percent or 151 million households) will become digital payment users – 55 million of these households will come from the poorest 40 percent of Indian households, 61 million will come from middle India or middle 40 percent income band and only 36 million will come from the richest 20 percent.


One out of four households in the poorest 40 percent uses digital payment. Pixabay

The report also points to the fact that that smartphone ownership is no longer a bottleneck for the adoption of digital payments with 68 percent of the respondents (those in charge of looking after banking and payment work for the household, typically the Chief Wage earner) owning smartphones. As expected, smartphone users are near-universal at 90 percent for the richest 20 percent of Indian households, but as high as 57 percent of India’s poorest households have a smartphone.

ALSO READ: 94% Indians in Metro Cities Now Using Digital Payment Method: Report

The report revealed a very high level of awareness of UPI and payment apps and that households that are using UPI as a platform may not be completely aware of the interoperability of the platform. There is a potential to create the awareness that any bank or payment app can be used to make UPI payments to any UPI user and users should know their UPI ID. The RuPay card volumes have also witnessed a rise not only in urban areas but also in remote PIN codes that had hitherto remained silent.

According to the study, the banking system is also very well connected digitally to respondents via Aadhaar linkages and SMS facility even in the lower-income groups. The report finds 87 percent of the respondents are aware of the fact that they get SMS from the banks, which gives them the confidence to manage their money safely. As per the report, the Direct Benefit Transfers (DBT) delivery system has worked exceedingly well for the respondents and got even better during lockdown as around 85 percent of the households received DBTs on their bank accounts. (IANS)


Popular

Photo by Ehimetalor Akhere Unuabona on Unsplash

Numerous young people carry on involving themselves with social media without even bothering to consider its effect on them.

Social media is an umbrella term that encompasses all apps, websites, and blogs that allow people from all over the world to interact through the internet. Anyone who wishes to use any social media platform must first sign up and then sign in to view content and communicate with other members of that social media platform. Facebook, Twitter, Instagram, WhatsApp, LinkedIn, and Snapchat are commonly used social media platforms. Social media, like all technological advancements, has both advantages and disadvantages.

Social media has become an essential aspect of life for many youths in today's society. Numerous young people carry on involving themselves with social media without even bothering to consider its effect on them. The consequences may be both good and bad at times. When it comes to the negative impact of social media on teenagers, the majority of the time, they are unfavourable if the activity is not linked with a commercial or professional objective.

Keep Reading Show less
Photo by Elena Mozhvilo on Unsplash

The following five budget-friendly ways shared by Niraj Johri, founder & CEO at Casa Decor, help you decorate your home in a manner that makes it unforgettable.

During festivals like Diwali, one shouldn't only pay pay attention to dressing up, shopping and meeting family members; an integral part of festivities includes cleaning and decorating our homes, neighbourhood and spreading joy. But while anybody can clean their homes, designing new spaces can be a tad bit cumbersome. With a restricted budget and high-priced decor products in the market, everyone is always looking out for new ideas that are both cost-effective and can transform your home to welcome Maa Laxmi and the New Year. Don't worry though, the following five budget-friendly ways shared by Niraj Johri, founder & CEO at Casa Decor, help you decorate your home in a manner that makes it unforgettable.

Adding metal accents
Adding brass, silver, or copper accessories in the tiny little spaces inside your home can elevate its overall design aesthetics. Metals are the epitome of elegance and luxury -- they can be moulded to lend an eccentric and dynamic fusion of colours. Due to their unpredictable nature, artisans can find numerous ways in which they can help accentuate every corner in your home.

Folded into intricate forms with beautiful solid colours, metals are an undeniably fascinating material to use in home decor. In fact, they are known for their polished and refined looks that bring together edgy, contemporary, and Victorian styles to the forefront. Such designs can usually be found in handcrafted decor pieces such as metal trays that are perfect centrepieces on wooden tables.

brown leather pouch beside white and black floral textile Adding brass, silver, or copper accessories in the tiny little spaces inside your home can elevate its overall design aesthetics. | Photo by Priscilla Du Preez on Unsplash

Keep Reading Show less
Wikimedia Commons

Elon Musk has renewed his promise to "extend life to Mars".

Following a huge growth in his personal fortune, Tesla and SpaceX CEO Elon Musk has renewed his promise to "extend life to Mars". According to The Star, Musk's wealth has swelled to an astonishing $230 billion. Or a whopping 861 billion Dodgecoin, a cryptocurrency backed by the entrepreneur after he was reported to have invested millions.

Musk is now richer than Bill Gates and Warren Buffett combined, both individuals who had previously held the rich list title. "Elon Musk (with a net worth equal to 861 billion #Dogecoin) is now richer than Bill Gates and Warren Buffett COMBINED!" popular crypto YouTuber Matt Wallace's tweeted.

To which Musk said: "Hopefully enough to extend life to Mars". "Have no doubt you will make it happen," Wallace responded. CEO investments, the creators of Dogecoin, also responded backing Musk's plans every step of the way. The SpaceX Mars programme was initiated by Musk to colonize Mars after he first conceptualized the project back in 2001. SpaceX's aspirational goal has been to land the first humans on Mars by 2024, but in October 2020 Musk named 2024 as the goal for an uncrewed mission. (IANS/ MBI)

Keywords: investments, combined, SpaceX, billion, Elon musk, tesla