76% Indians Prefer UPI For Online Checkouts: Study

At least 76 per cent of Indians use UPI (unified payments interface) during online checkouts. On the other hand, millennials (84 per cent) also prefer UPI when shopping online, according to a recent report.

The survey shows Indians’ willingness to adopt embedded finance, such as embedded payments, and explore various offerings in the Metaverse.

The recent survey from FIS examines common embedded finance experiences, including embedded payments, embedded lending, embedded insurance and investing, as well as the use cases of offerings in the Metaverse. The survey offers responses collected by consumers in India, belonging to different age groups, cities, gender and salary scales.

“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.” Mentioned by FIS leader.

Nearly 68 per cent of Indians would like to explore shopping in the Metaverse and 57 per cent of Indians would prefer to access the Metaverse for banking services in the next 12 months. Products and services that Indians are keen on purchasing in the Metaverse include virtual clothing/ fashion (56 per cent), event tickets to music concerts/ sports matches (52 per cent) and games/gaming tokens (51 per cent).

While men (60 per cent) are more interested in trying socializing, dating and virtual events in the Metaverse, women stood at 48 per cent.

As the physical, digital and virtual worlds are converging, Indians are willing to explore and purchase within apps/browsers as well as from social media platforms:

·    At least 78 per cent of Indians preferred to purchase fashion products such as clothing, shoes and accessories, while 70 per cent would shop for groceries through social media apps.

·   63 per cent of Indians will purchase in-app/in-browser gift vouchers, and 55 per cent would buy insurance and investment products in the next 12 months.

Customers of tomorrow favour faster, intuitive and seamless payment experiences integrated within new and emerging consumer touchpoints:

·     When it comes to online shopping, 76 per cent of Indians prefer using UPI during checkouts.

·     84 per cent of Millennials account for the highest among the surveyed age groups to use UPI when shopping online.

Apart from a hassle-free customer experience, Indians seek instant gratification and incentives during online purchases:

·   72 per cent of Indians consider discounts and offers, while 63% perceive convenience as the major driver of their buying behaviour on social media apps.

·   63 per cent of Indians favour in-app purchases because they are faster, convenient and offer rewards and cashback

Although Indians reflect a readiness to embrace embedded financial services, brands need to ensure transparency and safety to win the trust of customers:

·  92 per cent of Indians have concerns while making purchases within social media platforms.

·   56 per cent of Indians worry about fraudulent sellers on social media platforms and 62% of Indians worry about experiencing fraudulent transactions while making in-app purchases.