MUMBAI, JULY 12, 2022
The use of digital payments such as mobile wallets has increased significantly in India.According to the latest Experian Global Insights Report, digital payments have now overtaken credit cards with 91 percent of Indians preferring online payment methods for financial transactions.
While the shift to online transactions is encouraging, it has also highlighted the need for stringent digital security measures. Forty five per cent of Indian consumers who were surveyed have expressed concerns regarding fraud and identity theft. Furthermore, 80% of consumers expect businesses to take necessary precautions to protect their information from fraudsters.
Experian surveyed 6,000 consumers and 2,000 businesses across 20 countries, including India, the United Kingdom, the United States, and other APAC markets on information related to consumer and business economic outlooks, financial well-being, online behaviour and more. This report is the latest study in a series exploring the significant shifts in consumer digital preferences and business strategy over the past seven years.
The study further revealed that ‘Buy Now Pay Later’ or BNPL services are gaining traction in India. Over the last six months, the use of BNPL services increased by around 18 per cent around the globe, while in India, the increase was21%. BNPL has great consumer acceptance and facilitates financial inclusion. Given that businesses must follow fair practices and conform to regulatory guidelines.
Neeraj Dhawan, Country Manager, Experian India, says: “India is moving towards building a strong digital ecosystem where consumers can use digital solutions and services to manage their finances effectively.Businesses need to consider meeting the ever-changing demands of consumers while embracing technology and innovation at scale. A friction-free and secure digital experience will go a long way towards gaining consumer trust and loyalty. As an industry leader, Experian is committed to providing business solutions that are secure, easily scalable to meet emerging needs, enabling businesses to make fast and efficient decisions supporting their own business goals.”