According to the latest Experian Global Insights report, 91 per cent of Indian consumers prefer online payments over other payment methods. In fact, with the rise of digital payment methods and mobile wallets, many people are now using these over credit cards.
“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,” Neeraj Dhawan, country manager, Experian India, said.
Having said that, with online payments comes the need for cyber security. Considering the sheer number of online frauds and scams that takes place, many Indians expressed concern for digital payments security. Around 80 per cent of Indian consumers expect companies to tighten security and offer safe payment methods, that keep their information protected from scammers.
The study also found the ‘Buy Now Pay Later’ or BNPL services are finding their spot in India. While over the last few months, the usage of BNPL services increased by around 18 per cent around the world, in India, it was higher at 21 per cent.
The research was conducted with 6,000 consumers and 2,000 businesses across 20 countries, including India, the United Kingdom, and the United States. The study aimed to assess consumer and business economic outlooks, online behaviour and more.