Digital payments are now the preference for 41% of Indian shoppers, according to a new YouGov and ACI poll of festive shopping habits, way ahead of cash and debit card payments and expanding fast.
Why it matters
Digital payments are an extremely wide field that spans from simply using a phone to pay from a debit card through to digital wallets. Around the world, digital payments are growing – especially in India following COVID – but festive purchases tend to be larger than usual, reflecting increasing trust.
According to a YouGov poll of 1001 adults for the payment software provider ACI digital payments are having an important festive moment:
A majority (60%) of consumers have made a digital payment multiple times during the season, up three percentage points from 2020.
Concerns over digital payments are decreasing, with fraud concerns down six percentage points and perceptions of greatest security up to 33% from 24% last year.
69% of respondents feel digital payments offer greater financial transparency, and the same proportion like the ability to receive promotions and incentives with their purchase.
Concerns about failed transactions and privacy remain relatively common for a strong minority (between 40% and 30%) so these will be key areas of focus for financial providers.