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Tag: WATPapers

  • Google Pay tops the chart among e-wallets app users at 38%, followed by Amazon Pay & Paytm: WATPapers

    Google Pay tops the chart among e-wallets app users at 38%, followed by Amazon Pay & Paytm: WATPapers

    Mumbai: WATConsult, the hybrid digital agency from Dentsu Creative India, has released the latest issue of its monthly WATPapers. Titled ‘Digital Transactions in India’, the report is by WATConsult’s research division, Recogn. The report shares insights on the increase in online businesses and purchases, changes in the process of making payments, and the migration of people from cash to digital transactions.

    According to the report, the majority of respondents prefer to use digital payment systems like e-wallets and UPI. Apart from that, they have also used credit cards and net banking to complete transactions. It is worth noting that, while 46 per cent of males prefer e-wallets, the majority of females prefer UPI to transact. Furthermore, many youngsters in the age group of 18 to 24 years prefer using UPI and e-wallets.

    The report further reveals that among the e-wallet app users, Google Pay (38 per cent) tops the chart, followed by Amazon Pay (37 per cent), Paytm (36 per cent), and Freecharge (32 per cent). While female users choose to use Google Pay, male users prefer using Amazon Pay, Paytm, and Google Pay. In small metropolitan areas, users prefer to use JioPay, Google Pay, and WhatsApp to transact.

    Users favour e-wallets owing to the need to switch to a digital payment system and reduce cash transactions. These apps are convenient since they are easy to use and access. Additionally, users also get discounts or cashback on using them, along with some special benefits from specific retailers as well.

    “Mobile payments, especially mobile wallets, have been a great driver towards this phenomenon and revolution on a global basis,” said Isobar India group CEO Heeru Dingra, commenting on the latest issue of WATPapers. “Gradually, India is moving toward a cashless economy, which explains the increasing trend of using digital payments systems extensively. The government, under the programme of digital India, has been encouraging and promoting the use of e-wallets via UPI.”

    “The UPI platform has witnessed a leap in adoption at a phenomenal growth rate as a payments product across the country. There have been many merchants and businesses in the digital as well as offline ecosystems that have integrated the options of e-wallet apps and UPI for customers’ convenience and ease of transaction. This has positively influenced the country’s mobile wallet market,” she added.

    WATConsult managing partner Sahil Shah said, “In the emerging markets, e-wallet apps have garnered much more attention compared to other forms of payment systems. Digital payment adoption is growing, and the onset of the pandemic has created a need for contactless payments in everyday life. The need for digital payments and the rise in the frequency of usage of e-wallets during the pandemic have been evident. There was a change in the behaviour of consumers during the pandemic which had a direct impact on the retail and e-commerce sectors.”

    For the record, WATPapers are monthly published short reports based on the primary research conducted by Recogn, the agency’s research division that provides consumer and business insights to the audience. It aims to delve into the different aspects of the digital industry, consumer behaviour, and more.

    Link to the report: https://www.watconsult.com/watpapers-digital-transactions/

  • Online advertisements influence 55% of health insurance buyers: WATPapers

    Online advertisements influence 55% of health insurance buyers: WATPapers

    Mumbai: Hybrid digital agency from Dentsu Creative India WATConsult has released its latest issue of monthly WATPapers titled ‘Consumer’s outlook towards health insurance.’ The report explores how the Covid-19 pandemic has transformed the consumer perception about insurance, as more individuals felt the need to have financial backup to meet unforeseen medical expenditures.

    According to the report, more than half of the respondents have purchased health insurance in the last six months. These policyholders belong to the age group of 25 to 35 years, residing in the top four metros as well as small metros.

    Most of them have purchased health insurance for themselves and their parents. With regard to the coverage duration, 32 per cent of the respondents have purchased health insurance for up to two years. 27 per cent of the respondents have opted for a health insurance plan for a year’s duration.

    For the record, in India, there are a plethora of benefits offered by health insurance policies. Most of the respondents say that their health insurance policy covers facilities like cashless treatment and maternity coverage followed by emergency room services, discounted treatment for COVID, and free health check-ups.

    The report further states that when it comes to purchasing health insurance policies online, the journey from assessing the need for a health insurance policy to purchasing one is very likely to start by watching policy reviews and videos online. This enables the consumer to get familiar with the brands and options available. They then visit the brand’s website or search for suitable policies on the internet. Post which, they are likely to compare websites and evaluate a suitable policy based on the benefits and features it offers.

    Commenting on the latest issue, Isobar India Group CEO Heeru Dingra said, “Since the pandemic, there has been an ever-growing demand for health covers because people have realised that huge medical expenses, especially when engulfed in uncertainty can take a toll on their financial and mental well-being. In such a situation relying on savings is not enough, hence, a health insurance policy is ideal as it covers facilities like cashless treatment, maternity coverage followed by emergency room services, discounted treatment, reimbursements, and free health check-ups. This issue of WATPapers is a must-read as it showcases the trends observed in the sale of health insurance plans and how policyholders today are shielding themselves against medical emergencies.”  

    WATConsult managing partner Sahil Shah added, “The pandemic has disrupted the industry by altering how people view health insurance for themselves, and their family members. This period of an extreme health crisis, with the pandemic looming over, has led more and more people to opt for health insurance. The future looks promising for the health insurance sector with changes in the regulatory framework, which will lead to changes in the industry conducting its business. Factors such as growing awareness, the need for health protection and inclusion in the financial planning of an individual, will drive the growth of the Indian health insurance sector even higher and further.”