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Are Millennials Over Cash?

By Finserv MARKETS - Aug 13,2019
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Are millennials over cash

The mobile and internet friendly generation today is stirring the payments industry today by opting for digital payments. The transition from cash to the Unified Payments Interface (UPI) was marked by the demonetization in November 2016 and picked up pace as wallet-based companies gained market and increased their user base — thanks to the numerous offers that come with making transactions online.

According to the report titled “Trend-setting millennials: Redefining the consumer story”, millennials are the primary wage earners in India and have a 47 percent share in the working-age population. Since Indian millennials are the largest demographic group in the world, they are also characterized as individuals who are digitally connected and have disposable incomes.

Millennials and the market

“Globally, India is leading in terms of the millennial population. Generation Y (millennials) is accounting for nearly half of the working-age population in India. There is Gen Z, born after the 2000s, which has a completely different set of tastes and preferences but it is still the Gen Y which is driving and dominating the entire consumer market,” said Anil Talreja, partner at Deloitte India according to a Mint report.

Are millennials over cash
The report went on to state that millennials are completely engaged in online retail and their preferred mode of purchase is gradually shifting online because of all the conveniences that online shopping brings with it. The report highlighted that by spending around 17 hours a week on the internet, millennials are driving the market to act in a way where more attention is put on online channels of retail.

EMI offers such as cashback, coupon, and discount codes are some of the driving factors that attract millennials to online payment options. Besides, the ease of not carrying cash is a reason enough for many people to switch to online modes of payments. There is also an option of returning the products that you don’t like that adds up to the convenience of shopping online.

Alternative purchase means

According to NPCI (National Payment Corporation of India), India used UPI for 246.37 million transactions in June 2018, a 30 percent spike from 189.48 million transactions in May this year.

These online transactions raked in $5.95 Bn (INR 40.8K Cr) for the month of June, against $4.97 billion (INR 33.2K crore) in May on the value front.

With such lucrative features catered towards the expenditure habits of the millennials, the mode at which money is transacted does tend to sway towards digital means, and this is clearly shown in the data which comes out on online transactions.

With more features coming out around digital payments, and with the government’s endeavours to power up online transactions, these numbers are bound to increase.

An accessible mode of payment which has taken shape keeping millennials in mind is the EMI mode of payment on Finserv MARKETS. The Bajaj Finserv EMI Network Card comes with a pre-approved loan of up to Rs 1.5 lakh that you can use across any of Bajaj Finserv’s 84,000+ partner stores in more than 1,300 cities.

Some of the other features of buying a product on Finserv MARKETS is that you get exclusive EMI offers when you shop for products such as ACs, smartphones, fridge, washing machine and other things from popular online e-commerce platforms such as Flipkart, Amazon, Myntra, and Paytm, among others.

Another great feature of shopping with an EMI card through digital payments is that you won’t be charged any extra money if you decide to foreclose your loan after paying your first EMI.

Conclusion

It is easy to apply for a Bajaj Finserv EMI card on Finserv MARKETS. All you have to do is go online to their customer portal Experia or visit the nearest partner store. You will have to submit some essential documents to complete your KYC avail the EMI card.

Post verification, you just have to produce the card to buy a product available on an EMI offer.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

Read More:

Cashless India

India Choosing Digital Over Physical Finance Options

Easy EMI On Instant Transactions

Five Countries in a Race to Ditch Cash

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