CCAvenue Payment Gateway: PayU Releases Results of Financial Prosperity Index Survey

PayU Inc. is proud to announce the results of the inaugural survey of its Financial Prosperity Index. This landmark global report aims to explore the link between people's perceptions of prosperity and access to financial services, in line with PayU's vision of a world without financial boundaries, where everyone can prosper. We wanted to find out what different people define as 'prosperity'. Does it mean the same in all the high-growth markets we operate in?

The survey covered 18 markets, including India, with over 10,000 participants globally. In the report, we delve into these different perspectives on prosperity and look at how different financial services can influence them. The report reveals fascinating global insights, such as the fact that more than 75% of respondents believe that financial services can help people plan for future prosperity, while 50% believe that prosperity cannot be achieved without financial services. Prosperity is not just about finance, however, as more than 30% of respondents listed "satisfaction with life" and "health of friends and family" as key characteristics that define prosperity. Only 251 TP3T of respondents believe that being "rich" in itself is necessary to achieve prosperity.

The results of the India-specific survey reveal interesting insights, with many respondents explicitly pointing to the correlation between access to financial services and increased personal prosperity. It also reveals consumer trends in financial services. Here are some of the regional variations and interesting trends in India:

- More than 85% of digital Indians believe that financial services help people plan for future prosperity.

- Close to 80% of respondents found that financial services helped them become more prosperous.

- 85% of Indians believe that the involvement of a larger role for the government will favour the accessibility of financial services.

- The majority (80%) of Digital Indians are confident in their ability to make good financial decisions.

- Despite the ongoing discussions about the economic slowdown, the PayU Global Financial Prosperity Index shows that more than 77.25% of respondents are satisfied with their current household financial situation, with the majority of them expecting the situation to improve over the next 12 months (83.50%).

- For Indians, prosperity means much more than financial stability. Numbers close to 40% Indians believe that being happy, having a loving home and the health of family members also equate to prosperity.

- More than 80% of Indian respondents believe that ease of borrowing is linked to leading a more prosperous life.

- 40% of Indian respondents prefer to borrow through traditional banks, with an increased demand for borrowing from digital currency providers. The majority of Indians continue to believe that the greatest social and emotional benefit of saving and increasing wealth is the ability to plan for the future of their family.

In terms of ease of access to financial services, the majority of respondents indicated that it is easy to deposit and invest money. Across all services, more than 80% of respondents could easily save money, 79% said they could easily send and receive money, 74% said it was easier to insure property, and 73% said it was easy to save and increase funds for the future.

Digital India - While traditional banks continue to be the main platform for people, online platforms are becoming increasingly popular.58% of respondents transfer money through websites, 51% use online platforms to make deposits, and 49% borrow, save, and increase their funds through online websites.58% of respondents use online platforms to make deposits, and 49% borrow, save, and increase their funds through online websites.

There is a growing trend of using smartphones to access financial services - more than 55% digital Indians interact with financial service providers through smartphone apps to send or receive payments from elsewhere.

"At PayU, our vision is to create a world without financial boundaries where everyone can prosper. Discovering the strong relationship between access to financial services and the perception of prosperity was insightful and interesting. For India, two things stood out in particular, firstly, the notion of prosperity goes beyond purchasing power and is linked to the ability to create wealth and safety nets for oneself and one's family, and secondly, the level of reliance on, and adoption of, internet technology to access financial services. I think this shows the demand for financial services from customers and provides a huge opportunity for fintech players," said Anirban Mukherjee, CEO, PayU India.

To access and download the report, click: [PayU Financial Prosperity Index](#)

To access additional materials, click: [Video and Financial Prosperity Index landing page](#)

With over 450,000 merchants, PayU is India's leading full-service payment solution. Now enjoy the best payment gateway experience and grow your business with ease.