‘Trust’ and ‘Customer Support’ give banking digital payment apps an edge over non-banking – DigiPay CuES 2022
- Pockets by ICICI Bank tops the leader board followed by HDFC Bank PayZapp and Google Pay
- Better security, data privacy, and customer support give banking digital payment apps higher customer loyalty compared to non-banking digital payment apps
- Gen Z and Millennials are more frequent users but are less loyal
- 74% of customers who use digital payment services said they stopped using a brand because of poor customer experience
DigiPay CuES (Customer Experience Score) 2022, a syndicated study of Hansa Research, ranks Digital payment brands (UPI/Wallets) based on their Net Promoter Score (NPS). NPS is an outcome of brand perceptions as well as customer experience based on interactions with the brand and is frequently regarded as a predictive metric for business growth.
The brand rankings based on Net Promoter Score (NPS) show Pockets by ICICI Bank has topped the leaderboard at #1, followed by HDFC Bank PayZapp at #2 and Google Pay at #3. The study also reflects shifts in positioning, with some pioneer brands reflecting a dip over 2021. NPS for the industry, however, remains unchanged at 34 compared to 2021.
The study is reflecting, digital payment apps provided by leading banks like Pockets by ICICI Bank and HDFC Bank PayZapp have higher advocacy on account of better perceptions. It further highlights that a more positive customer experience depends on aspects such as data privacy, trust, ease of dealing with, and resolution times. Customers using bank apps such as Pockets and PayZapp are different demographically from those using non-banking digital payment service providers, i.e. older, better socioeconomic profile, etc. Increased incidents of digital payment fraud have led to data privacy, trust, and customer support becoming priorities among customers. Among people who do not use digital apps or have used them infrequently, security and fraud risk was the most frequently cited reason (22%) for the non-usage of digital payment apps.
Commenting on the significance of the syndicated study, Piyali Chatterjee, National Head – Customer Experience (CX), Hansa Research, says, “Brand awareness, perceptions, and experiences are all central to business growth, and organisations that are effective in creating brand awareness are at an advantage in a fiercely competitive landscape. However, both the consumer’s perceptions and tangible experiences are important in determining the Net Promoter Score and long-term loyalty. With 74% of digital payment service users in our study claiming that they have stopped using a Digital Mobile Wallet / UPI App in the past, due to poor experiences such as server issues, transaction failures, fraud, and so on, it is critical that these brands prioritize closing these customer experience gaps. Seamless customer support will be vital, since 10% of the customer who reached out for a problem, claim their problems remain unresolved.”
When it comes to brand awareness, Paytm, Google Pay, PhonePe are leading, however, they rank lower on consumer sentiment in terms of perceptions and first-hand experiences from end-to-end interactions.
The study also finds Gen Z and Millennials, less loyal compared to their older counterparts. Their switching barriers are lower, with 76% claiming that they have stopped using a digital payment brand due to a poor experience, as compared to 65% of Gen X customers. They also have higher expectations on aspects such as ‘speed’ while transacting, and receiving transaction notifications, to name a few.
About Hansa Research:
Hansa Research is the largest Indian Consumer Insights Provider who are in the business of insights and analytics for over 40 years having undertaken client assignments in over 80 countries. It is the first Indian insights and consulting company to acquire a US-based firm, GCR (formerly called Gartner Custom Research). The multi-national company headquartered in India has offices in Singapore, Dubai, USA and Bangladesh.
Engaging with clients across multiple sectors with an array of packaged and custom offerings, Hansa Research focuses on innovation and value addition, to help clients make insightful decisions. Having done some path-breaking work which have become industry standards in India i.e. Indian Readership Survey, Household Potential Index and Indian Outdoor Survey, Hansa Research’s services are comparable to the best in the industry. The company has also won numerous industry awards for cutting edge and actionable research and is part of global associations like ESOMAR.
Hansa Research Group is a part of R K SWAMY | HANSA Group of companies which are India’s leading multi-discipline, multi-location, marketing communications, and services groups, serving the needs of a wide array of companies globally.
Hansa Research surveyed more than 3000 Digital payment users across 10+ Digital Payments Brands. Represented across age (18-35yrs: 83% and >35yrs 17%), 20 cities, and Gender (M-70%; F-30%). Our report provides insights into the current and future digital payments landscape and the key factors that are influencing customer loyalty for a digital payments brand in India.
Brands part of the study:
- Amazon Pay
- Freecharge by Axis Bank
- Google Pay
- Jio Wallet
- PayZapp by HDFC BANK
- Pockets by ICICI Bank
- Whatsapp Payments