MUMBAI: There is a sharp rise of cashless transactions like UPI and QR based payments at petrol pumps across several cities including including Mumbai. This is part of research conducted by NeoGrowth Credit, a fintech company that provides loans to petrol pump owners.
“Around 90% of the petrol pump customers in Mumbai use wallets like Paytm, PhonePe, Mobikwik
Digital means such as cards witnessed an increase (50%+) in petrol pumps outside big cities,” the survey showed. Bangalore recorded the highest penetration of UPI transactions (around 6%) across petrol pump stations. In terms of payment modes, Hyderabad has the highest wallet usage amongst all cities, it stated.
PayTm leads the chart followed by PhonePe and MobiKwik. Petrol pump owners are enthusiastic on the upcoming installation of charging stations for Electrical Vehicles.
Two-wheeler users prefer wallet-based payments over card transactions. The overall break-up of payment modes were — Cash 45%, Card 45%, Wallet & UPI 6%, Cheques/RTGS 4%, the research showed.
NeoGrowth Credit managing director Piyush Khaitan said : “Petrol pump industry contributes 10% of the total POS based card transactions (by value) in the country. Having touched 7,000 plus petrol pump customers since seven years, NeoGrowth has been the biggest lender to this segment and we have developed a deep understanding of their business, payments behavior and financial requirements.Over the years, we have seen an increasing penetration of cashless payments acceptance (~55%) in this segment.”
“Around 90% of the petrol pump customers in Mumbai use wallets like Paytm, PhonePe, Mobikwik
Digital means such as cards witnessed an increase (50%+) in petrol pumps outside big cities,” the survey showed. Bangalore recorded the highest penetration of UPI transactions (around 6%) across petrol pump stations. In terms of payment modes, Hyderabad has the highest wallet usage amongst all cities, it stated.
PayTm leads the chart followed by PhonePe and MobiKwik. Petrol pump owners are enthusiastic on the upcoming installation of charging stations for Electrical Vehicles.
Two-wheeler users prefer wallet-based payments over card transactions. The overall break-up of payment modes were — Cash 45%, Card 45%, Wallet & UPI 6%, Cheques/RTGS 4%, the research showed.
NeoGrowth Credit managing director Piyush Khaitan said : “Petrol pump industry contributes 10% of the total POS based card transactions (by value) in the country. Having touched 7,000 plus petrol pump customers since seven years, NeoGrowth has been the biggest lender to this segment and we have developed a deep understanding of their business, payments behavior and financial requirements.Over the years, we have seen an increasing penetration of cashless payments acceptance (~55%) in this segment.”
