2 in 5 Indian shoppers use digital payments for festive season spending
Furthermore, 33% consider digital payments as the most secure way to pay.
YouGov and ACI Worldwide released a new study on digital payments in India saying that digital payments continue to be the payment method of choice for festive season spending, with 41% of consumers choosing it as their preferred payment method, comfortably ahead of cash (26%) and debit and credit card payments (23%).
In line with this trend, digital payments are considered the most secure way to pay for 33% of respondents, just behind cash-on-delivery (35%). Concerns over digital payments fraud have decreased, with 24% identifying it as a concern compared to 30% last year.
"It is encouraging to see the heightened trust in digital payments by Indian consumers, which is also corroborated by the month-on-month growth in transaction volumes, increased frequency of usage among consumers and use of digital payments for higher-value payments. This reinforces the fact that digital payments are becoming an even more integral part of our daily lives, as India continues to shine as a global leader in real-time, digital payments," said ACI Worldwide South Asia leader Ankur Saxena.
According to the latest data from The National Payments Corporation of India, the Unified Payments Interface generated 3.65 billion transactions worth INR 6.54t in September, breaking all previous records both in transaction volume and value.