Business
60 Percent of Indian Shoppers Use Digital Payments Multiple Times Each Week for Festive Season Spending, Reports ACI Worldwide Study
One third (33%) of respondents consider digital payments the most secure way to pay, up from 24 percent last year, and closing the gap on cash-on-delivery
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nOne third (33%) of respondents consider digital payments the most secure way to pay, up from 24 percent last year, and closing the gap on cash-on-delivery (35%)\n\n MIAMI & MUMBAI, India--(BUSINESS WIRE)--\nDigital payments continue to grow as India’s economy emerges from the worst of the pandemic, with 60 percent of consumers having used digital payments (including eWallets and UPI) multiple times per week for festive season purchases, according to a new study conducted by YouGov and ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions. Frequent usage (2-3 times per week) has grown from 57 percent last year, while only 6 percent of respondents have no intention of using digital payments this festive season, dropping from 9 percent a year ago.\n\nThe latest research by ACI and YouGov finds that digital payments continue to be the payment method of choice for festive season spending, with 41 percent of consumers choosing it as their preferred payment method, comfortably ahead of cash (26%) and debit and credit card payments (23%). Concerns over digital payments fraud have decreased, with 24 percent identifying it as a concern compared to 30 percent last year. In line with this trend, digital payments are considered the most secure way to pay for one third (33%) of respondents, up from one quarter (24%) in 2020, and just behind cash-on-delivery (35%).\n\n“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 Ankur Saxena, country leader, South Asia, ACI Worldwide.\n\nAccording to latest data from The National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) generated 3.65 billion transactions worth Rs 6.54 trillion in September, breaking all previous records both in transaction volume and value. Monthly transactions on the UPI platform have doubled since a year ago when there were 1.8 billion transactions worth Rs. 3.29 trillion monthly.\n\n70 percent of r...