76% Indians Prefer UPI During Online Checkouts: Report

New report says majority of Indians (76 per cent) prefer using UPI (Unified Payments Interface), the homegrown instant real-time payment system, during online checkouts.

The survey also reveals Millennials (84 per cent) account for the highest among the surveyed age groups to use UPI when shopping online.

According to NPCI data, there were 6.78 billion UPI transactions worth Rs 11,16,438 crore in September alone. 

UPI has fast become the preferred mode of transaction for many Indians for micro-payments. But its cloud in larger payments is also growing. 

The FIS Research also found that 78 per cent Indians are likely to purchase fashion products such as clothing, shoes and accessories, while 70 per cent would shop groceries within social media apps. It also revealed that 63 per cent Indians will purchase in-app/in-browser gift vouchers, 55 per cent would buy insurance and investment products in next 12 months.

"Embedded finance has a great potential to transform customer payment experience offered by banks and financial institutions and drive new avenues of growth for partnering merchants," said Harish Prasad, MD, Banking Solutions, India, FIS.