Indian consumers may have been using digital payment methods , including united payments interface (UPI) and e-Wallets, often during the f...
Indian consumers may have been using digital payment methods ,including united payments interface (UPI) and e-Wallets, often during the festive season but as every year, failed transactions continue to be a major cause for concern, according to a study by YouGov and ACI Worldwide, real-time digital. payment software and solution.
About 60 percent of consumers use digital payments (including eWallets and UPI) several times a week for holiday season purchases, a study revealed. Regular use (2-3 times a week) has grown from 57 percent last year, while only 6 percent of respondents have no intention of using digital payments this holiday season, which dropped from 9 percent last year.
A recent study by ACI and YouGov found that digital payments continue to dominate the payment system, with 41 percent consumers buying it as their preferred payment method, with pre-cash comfort (26 percent) and debit and credit card payments (23 percent). ).
The study also noted that concerns about digital paid fraud have declined, by 24 percent identifying it as a concern compared to 30 percent last year. In line with this trend, digital payments are considered the safest way to pay 33 percent of respondents, up from 24 percent by 2020, and shortly after delivery of cash (35 percent).
Ankur Saxena, South Asian leader ACI Worldwide, said in a statement: "It is encouraging to see the high reliability of digital payments by Indian consumers, evidenced by the monthly increase in transaction volumes. This reinforces the fact that digital payments become an integral part of our daily lives, as India continues to shine as a global leader in real-time digital payments. ”
Online purchases have risen sharply among the coronavirus-induced restrictions, adds research. About 70 percent of respondents noticed that they now prefer to go online rather than shop. However, 60 percent also said they were looking forward to buying in person if there were adequate safety measures - including community cuts - in place.
At least 19 percent of Indian consumers have spent digital payments on purchases of Rs 10,000 to Rs 50,000 this holiday season, according to 21 percent last year. And only 4 percent bought more than Rs 50,000, the same as last year.
About half of those surveyed used digital payments for clothing (48 percent) and electrical appliances (47 percent), and other popular categories that included household appliances (43 percent), groceries and essentials (57 percent), and household items (41 percent).
In addition, digital payments were the preferred payment method for 41 percent of respondents in total, rising to 50 percent in the 25- to 34-year-old age group. The group over the age of 45 continued to divide its payment preferences between card payments and digital payments almost equally (35 percent and 33 percent, respectively).
But failed transactions continue to be a major concern for 41 percent of respondents, followed by data privacy (34 percent) and poor internet connection (30 percent). While 69 percent feel that digital payments offer greater financial visibility (better details of how to spend, when, and what money) compared to other payment methods, the same percentage assume that digital payments offer better promotions, compensation, or cash back payment methods.
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