The acceleration of all things digital has made Indians turn to digital and contactless payments, digital wallets, digital gift cards, and QR codes as the pandemic reshaped consumer behaviour. A report says that there has been changing payment preferences of consumers across nine geographies, including India, in the past 12 months.
The survey, which mined the views of 13,000 global shoppers, also found that 69% of respondents will shop more frequently at retailers that accept digital payments. The pandemic has been a major catalyst for shifting consumers’ spending and payments patterns that retailers cannot afford to ignore. In terms of mobile commerce adoption, our research shows that Indians are leading when compared to their global counterparts.
The survey also shows that shoppers are spending more money and have a deeper connection with retailers that offer more seamless digital payment methods regardless of which channel they are shopping in. Overall, this presents an opportunity for retailers to help consumers make potentially temporary spending habits more permanent.
Going forward, a new policy is going to get introduced starting from 1st January 2022 which will provide more security to the frequent credit card users, payment Gateways and portals that can’t store any credit card details, which they are collecting and storing it by masking where the chances of misuse by the hackers are high.
You may require to enter all the card details on each purchase, one way it is good to safe your credit card, but the user experience for the millennials will be different and hence they will shift to Unified Payments Interface (UPI) and it will increase drastically and there will be less dependency on the payment aggregators and payment gateways.