Commuters prefer incorporation of debit and credit cards as one of the payment modes in public transport: Report
(Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The report revealed that 76% of the commuters want multiple modes of payment in public transit. Among those surveyed, 66% wanted to use their bank cards at transit entry or exit points whereas 69% preferred QR-based payments. 63% of the commuters said that bank cards (debit and credit cards) would improve convenience and save time.
Notably, younger cohorts exhibited a greater preference for using their debit/credit card as a payment option on public transit. Interestingly, not a single respondent opted for just one payment mode. 60% opted for triple payment options, while 40% opted for dual combinations.
The preference for the multiple modes of transport was because many tourists to India come from developed economies such as the US, UK, and Canada, where credit cards are frequently used to pay transit fares, the report added. Among the Indian cities, the preference for using bank cards for transit was highest in Hyderabad (83%) followed by Delhi (66%), Mumbai (58% and Bengaluru (56%), respectively. Reward incentives such as discounts, cashback, loyalty points, mileage, and vouchers are other considerations for commuters in choosing a digital payment instrument over another.
Read more on livemint.com
