Tuesday, Jul 13 2021
Online consumers in India pay the most on Fridays between 3pm and 6pm, with transactions driven mainly by mobile wallet payments and airline ticket bookings, followed at a distance by retail payments, according to a report by Chennai-based payment gateway company FSS Payments shared exclusively with ET.
Highlighting the major sectors which drove digital payments, the company said that while mobile wallets had the highest share of transactions in terms of volume at 52%, airline ticketing was higher in terms of value at 32%, driven by higher prices of flight tickets.
Although payment trends for a specific payment gateway company depend on the merchants it has partnered with, FSS said it had a diversified merchant base and a wide array of banking partners.
"We process card transactions for more than 20 banks, including the largest of them, and almost 15-billion transactions or 40% of the total eCommerce transactions in India went through our gateway," said Suresh Rajagopalan, president of software products at FSS.
As per the report, the total amount of payments made cumulatively on Fridays for 2017 stood at $2.3 billion, significantly higher than the rest of the days, when it added to less than $2 billion. "Consumers also shop for higher than the rest of the days, when it added to less than $2 billion. "Consumers also shop for higher amounts on Fridays, driving up the average ticket size of such transactions to $33 against $21, which is the weekly average," he said.
Analysing the transaction trends over the past three years, the company said that while the total number of transactions flowing through its gateway jumped 63% to 581 million against 356.3 million in 2016, the average ticket size of transactions dropped 19% to $29 from almost $36 in the previous year. "This goes on to show that consumers have started using card payments for small-value transactions as well, thereby replacing a lot of cash transactions," Rajagopalan said.
As for different instruments of payments, the report said that in terms of value credit card transactions were higher at $9.2 billion against $5 billion for debit cards.