In the fast-evolving landscape of electronic payment systems, the Insights IQ platform conducted a comprehensive online survey at the beginning of December 2023 in Baku, Azerbaijan. The survey, centered around the theme “M10 VS BirKart – which of these electronic wallets do you prefer?” aimed to gauge the preferences and perceptions of 300 respondents regarding these two popular e-wallets.
The findings shed light on the awareness, usage patterns, and motivations behind choosing M10 and BirKart. Notably, the study also underscores the efficiency of conducting such surveys through the Insights IQ platform, enabling banks to gain valuable insights in just a couple of hours.
Awareness and Usage Patterns
The survey revealed that an overwhelming 90% of respondents were familiar with both M10 and BirKart electronic wallets. This high level of awareness suggests that these e-wallets have made significant inroads into the digital payment landscape in Baku, reflecting the growing importance of electronic transactions in the region.
When it comes to usage, the results showed that 32% of respondents favored M10, while 31% preferred BirKart. Notably, 30% of users indicated that they utilize both M10 and BirKart, showcasing a notable segment of the population that appreciates the features offered by both platforms. This dual-usage trend highlights the flexibility and convenience that users seek in electronic wallet services.
Motivations for Choosing M10
Among the respondents who favored M10, 56% cited the e-wallet’s bonus system and comfortability as the primary factors influencing their choice. This suggests that M10’s strategy of providing attractive bonuses and ensuring user-friendly features has resonated well with the user base. It is noteworthy that only 4% of M10 users mentioned that someone recommended the e-wallet to them, indicating that M10’s appeal is primarily rooted in its inherent qualities rather than word-of-mouth referrals.
The emphasis on the bonus system suggests that users in Baku value incentives and rewards, which aligns with the broader trend in the electronic payment industry. E-wallets that offer tangible benefits, such as cashback, discounts, or loyalty points, tend to attract and retain a larger user base.
Motivations for Choosing BirKart
In contrast, among BirKart users, 60% stated that they use the e-wallet because they trust Kapital Bank, the institution behind BirKart. This result emphasizes the crucial role of trust and confidence in financial services. Users prioritize the security and reliability of the financial institution backing the e-wallet, considering it a decisive factor in their choice.
The trust factor has become a cornerstone in the electronic payment ecosystem, with users increasingly seeking assurance that their financial transactions are secure and backed by reputable institutions. BirKart’s association with Kapital Bank has evidently positioned it as a trusted choice among users in Baku.
Insights IQ Platform: Accelerating Bank Surveys
Notably, the survey results highlight the efficiency of the Insights IQ platform in gathering valuable insights. Every bank, including Kapital Bank, can leverage this platform to conduct online surveys in just a couple of hours. This capability empowers financial institutions to stay attuned to customer preferences, adapt quickly to market trends, and refine their services to meet evolving user expectations.
The Insights IQ platform’s survey on M10 and BirKart electronic wallets in Baku, provides a nuanced understanding of user preferences and motivations. While M10 users are drawn to the e-wallet’s bonus system and comfortability, BirKart users prioritize trust in Kapital Bank. The dual-usage trend among respondents indicates a demand for versatility and convenience in electronic wallet services.
The survey’s efficiency, facilitated by the Insights IQ platform, underscores the importance of quick and targeted data collection for financial institutions. As electronic payment systems continue to shape the financial landscape, staying informed about user preferences is paramount for banks seeking to provide relevant and competitive services in the digital age.