Banking is top online financial transaction: Survey

Credit card is the most preferred mode of online payment, as per the digital survey by Exide Life Insurance.

Top 3 financial transactions
65%: Banking transactions
55%: Utility bill payment

54%: Online shopping

Top online transactions in last 30 days
69%: Utility bill payment
61%: Banking transactions
46%: Insurance premium

Top 3 activities on Internet
83%: Check e-mails
72%: Check news and updates
66%: Use social media

Preferred online payment mode
32% Respondents prefer credit cards, making it the most preferred payment option.
45% Users making high value transactions prefer credit cards. Debit cards are the preferred option for transaction value of less than Rs 5,000.
<5% Respondents use e-wallets /UPI Bhim.

Digital behaviour of users who bought new insurance plan online in last 30 days
23% Respondents, who buy an insurance policy online, are from Class C/D cities.
80% Are in the age group of 25-45 years.
43% Say digital medium is the key source of information about insurance.
85% Paid insurance premium in the last 30 days.

General digital behaviour
32% Respondents are comfortable with any value of transactions.
88% Use Internet multiple times a day.
51% Access Internet from 9 am to 6 pm, with the second busiest time being 8 pm to 11 pm.
82% Use Androidbased device, while 12.5% use iPhone/iPad devices.

SOURCE: The digital survey was carried out by Exide Life Insurance in the first quarter of 2018 among 9,000+ life insurance owners.