Young Indian merchants in the age group of 35-45 are keen to adopt electronic payment systems, according to a MasterCard study on micro merchants in India.
As per the MasterCard Micro Merchant Market Sizing & Profiling study, young merchants owning large and medium sized businesses, primarily in auto accessories, building fittings, medical, private cabs, and food & beverage sectors form the high potential segment.
The company also revealed that the number of merchants most inclined to trials of e-payments at 10%, i.e. almost five million of the total 59.16 million known universe of micro merchants.
Nearly 46% of merchants cited potential increase in revenue, followed by increased business efficiency of approximately 31% and enhanced shop image of 30%, MasterCard added.
MasterCard country corporate officer for India and division president for South Asia Porush Singh said: "At MasterCard, our vision is a world beyond cash as a less-cash financial system will benefit both merchants and customers by mitigating the costs and risks associated with cash while doing business, as well as enable merchants to target new customers and markets.
"As India moves towards digitization, we firmly believe that the country’s young population will be the drivers of technology adoption and transformation of the payments landscape, and the MasterCard study mirrors that belief."