A syndicated Net Promoter Score (NPS) study in Digital Payments
· Tracked 10 brands in the space including GPay, Paytm, PhonePe and BHIM
· The study will help brands understand their consumers better
The brand rankings based on Net Promoter Score (NPS) show Amazon Pay, MobiKwik taking the lead at #1, with Pockets by ICICI Bank ranked #3 in the recent syndicated Net Promoter study conducted by Hansa Research. DigiPay 2021 report highlights a wide variation in consumer experiences across brands and links the impact of positive experiences on advocacy. When it came to market reach and usage of digital payment services amongst consumers, Paytm, Google Pay, and PhonePe were amongst the most used brands, followed by Amazon Pay and BHIM.
Commenting on the launch of the syndicated study, Piyali Chatterjee, Sr. VP, CX, Hansa Research, said, “India, in recent times, has witnessed a dramatic rise in the use of digital payment services. Given the robust market competition and the increasing transition to digital, it is key for marketers to ensure a strategy to build a powerful brand. Customer experience is a big driver in the digital payments sector, and it is an essential element to manage when it comes to customer expectations. Hansa Research’s DigiPay 2021 makes the task easier by providing a ‘one-in-all’ picture with a holistic view of strategic direction for improvement in critical areas & helps in identifying leverage-able opportunities for each brand."
Net Promoter Score (NPS) is used by many brands as a loyalty metric to measure the health of their customer relationships. A superlative consumer experience is a critical aspect driving the Net Promoter Score. The study highlights easy instructions for usage, ensuring a liable speed of transaction, offers, discounts, cash backs, and easy navigation as important to customers while using a digital payment solution. Positive outcomes in these aspects lead to a high NPS score.
DigiPay 2021 pegs the Net promoter Score of the Digital Payments industry at 35 (53% are the Promoters, 29% are the Passive Opinionates, 18% are the Detractors). Amazon Pay and MobiKwik achieved the highest NPS by both scoring 44, and Pockets by ICICI scoring 42. On the other hand, market leaders like Google Pay, PayTM, and PhonePe scored comparatively less, at around 35-27.
Key usage barriers highlighted by consumers included ease of use and concerns regarding fraud/security.
Daily usage of digital payments among young consumers is 1.4X times higher compared to their older counterparts. Offers/ discounts/ cashback play a significantly more important role for younger consumers.
Women are more likely to use digital payments for online purchases or shopping on websites than men, giving higher preference to offers, discounts, and cash backs via digital payments.
For men, aspects such as range of services, easy refunds, trust, customer support, and protection/security features held more significance.
Consumer experience in the digital payment space is far from being seamless, with as many as 1 in 3 consumers claiming they faced a problem and had a reason to complain about the services. Primary reasons for consumers to reach out to brands included clarification related to usage, log in or password issue, information on registration, and problems related to transaction or payment.