65pc of Bangladesh consumers to embrace new form of digital payments: survey

Staff Correspondent | Published: 00:05, Nov 20,2017 | Updated: 23:56, Nov 19,2017

 
 

A survey finding on Sunday showed that 65 per cent of Bangladeshi consumers were likely to embrace newer forms of digital payments, said a press release.
Visa, one of major players in digital payments technology, conducted the independent study, in collaboration with YouGov sampling over 2,000 people in India, Bangladesh and Sri Lanka this October, it said.
The survey finding indicates increased awareness, acceptance and adoption of digital forms of payments among Bangladeshi consumers, said the release.
One of the factors that surfaced as the key drivers of this adoption included the ease of transition to digital form factors of payments, as stated by 74 per cent of respondents.
Among those who have used less-cash currently than before, 54 per cent stated that the main reason to transit away from cash was convenience while 40 per cent emphasised efficiency and speed of transaction offered by digital modes.
The study indicated that among people for whom this adoption was tough, 69 per cent found insufficient modes of payments as a key barrier, 25 per cent found that merchants they went to only accepted cash and 25 per cent were worried about the security of their transactions.
The survey also showed that millennials are more likely to use digital payments for everyday essentials like shopping at supermarkets, online, department stores, fast food restaurants and taxis than other generations.
Unveiling the findings, Visa India and South Asia group country manager TR Ramachandran said, ‘More and more consumers are becoming digital natives, expecting a differentiated experience, oriented towards convenience and practical usability. IoT, contactless payment technology, enabling simplified, secure and faster e-commerce experience are some of the trends defining the next wave of the future of payments.’
According to the survey, cash usage continues showing steady decline from over 52 per cent last year, to 49 per cent currently, and is expected to come down further to around 46 per cent over next 12 months. 

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