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76% Indians likely to use UPI as a payment mode during online checkouts: FIS Research

76% Indians likely to use UPI as a payment mode during online checkouts: FIS Research
1 Nov, 2022
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Around 76% Indians prefer using UPI during checkouts when shopping online, as per a research by FIS, a financial services technology provider. About 78% Indians prefer to purchase fashion products such as clothing, shoes and accessories, and 70% would shop groceries through social media apps.

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

Embedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. 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.

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

63% Indians will purchase in-app/in-browser gift vouchers, 55% would buy insurance and investment products in 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% Indians prefer using UPI during checkouts. 84% millennials account for the highest among the surveyed age groups to use UPI when shopping online.

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Apart from a hassle-free customer experience, Indians seek instant gratification and incentives during online purchases.  72% Indians consider discounts and offers, while 63% perceive convenience as the major driver of their buying behaviour on social media apps. 63% of Indians favour in-app purchases because they are faster, convenient and offer rewards and cashback

Although Indians reflect readiness to embrace embedded financial services, brands need to ensure transparency and safety to win the trust of customers,  92% of Indians have concerns while making purchases within social media platforms. 56% Indians worry about fraudulent sellers on social media platforms and 62% of Indians worry experiencing fraudulent transactions while making in-app purchases.

Indians are also keen to embrace the emerging metaverse space as they show interest in buying real-world products virtually in the future. 68% of Indians would like to explore shopping in the Metaverse and 57% 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%), event tickets to music concerts/ sports match (52%) and games/gaming tokens (51%).

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Men (60%) are more interested in trying socializing, dating and virtual events in the Metaverse as compared to women (48%).