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91% Indians prefer online payment methods: Experian report

91% Indians prefer online payment methods: Experian report

According to the Experian Global Insights report, digital payments have overtaken credit cards with 91 per cent of Indians preferring online payment methods.

Most Indians prefer online payment methods, says report Most Indians prefer online payment methods, says report

With the outbreak of COVID-19 and a push by the government for the adoption of digital payments, most Indians are now not only accustomed to online payment methods but also prefer it. According to the Experian Global Insights report, digital payments have overtaken credit cards with 91 per cent of Indians preferring online payment methods. The use of mobile wallets has also increased significantly in India. 

The report also, however, pointed out the need for stringent digital security measures. Of the Indian customers who were surveyed, 45 per cent voiced concerns regarding fraud and identity theft. Moreover, 80 per cent of the consumers expect businesses to take necessary precautions to protect their private information. However, 68 per cent of consumers are willing to share personal data, while 58 per cent highlighted protection of financial data as a top priority. 

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 consumer and business economic outlooks, financial well-being, online behaviour and more. 

As much as 60 per cent of Indian consumers are concerned about fake/phishing emails, messages, or phone scams, while 30 per cent have said that they have been victims of online identity theft. Twenty-nine per cent of Indian consumers have fallen victim to credit card/payment details theft, the report added. Around 90 per cent global respondents added that they want some control of how their personal data is used.

Indian digital payment ecosystem
Design: Mohsin Shaikh

Security (92 per cent) and privacy (92 per cent) continue to be important factors in online transactions. Security concerns are higher among high-income groups, which are also more engaged online, it said. 

The report also found that 34 per cent of consumers trust AI more than humans. 

It also found that ‘Buy Now Pay Later’ or BNPL services are gaining traction in India, and its usage increased by 18 per cent around the globe, while it saw a 21 per cent uptick in India. 

Neeraj Dhawan, Country Manager, Experian India, said: “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.”

The report further added that 60 per cent of global respondents felt safer using biometric safety features than they did a year ago. 

When it comes to payment system providers, PayPal, WePay, Zelle and Venmo are the most trusted companies, while Apple, Samsung and Google are the most trusted technology providers. VISA, and Mastercard are the most trustworthy when it comes to traditional credit cards, while Amazon Prime, Netflix and Hulu are the most trusted streaming platforms. 

Also read: Amazon preferred brand for TV purchases online, Croma for offline: CMR

Published on: Jul 12, 2022, 1:40 PM IST
Posted by: anwesha madhukalya, Jul 12, 2022, 1:32 PM IST