New Delhi: Digital fee strategies are on the rise in India, with 42 p.c of shoppers saying they may select a unified funds interface (UPI)-for on-line festive purchasing, a brand new survey report confirmed on Monday. In addition, 57 p.c indicated that their most popular digital fee methodology for incomes rewards and cashback is UPI, particularly in the course of the festive season, in keeping with the report by Nielsen Media India, on behalf of Amazon India.
The UPI-based funds crossed 10 billion month-to-month transactions in August for the primary time, in keeping with the National Payments Corporation of India (NPCI).
The month-to-month transaction rely on UPI crossed 10.24 billion with a internet transaction worth of Rs 15.18 trillion. According to the survey report, about 75 p.c are inquisitive about shopping for digital devices and merchandise (smartphones, TVs, fridges, and ACs), luxurious and genuine magnificence manufacturers, house furnishing/enchancment objects, and consumables, on-line.
The survey stated that 87 p.c of shoppers in metropolitan cities and 86 p.c throughout tier-2 cities (inhabitants 10-40 lakh) choose to buy on-line for the festive interval.
“We are inspired to learn that consumers this year are excited and willing to spend and shop more online. As a marketplace, we are confident that the ‘Amazon Great India Festival 2023’ will offer a seamless shopping experience, incredible value, and the widest selection of domestic and international brands and products,” stated Manish Tiwary, Country Manager India Consumer Business, Amazon India.
More than 70 p.c of shoppers watch for on-line festive purchasing occasions to buy digital objects. Over 75 p.c of shoppers are excited with engaging financial institution provides and no-cost EMIs for making their buy extra handy and rewarding, stated the report.
Around 80 p.c of shoppers stated on-line festive purchasing occasions present entry to modern manufacturers for attire, footwear, and numerous trend equipment with almost 64 p.c sharing their intent to buy throughout these classes this festive season.
Driven by about 140 million customers, India is prone to witness Rs 90,000 crore value of on-line gross merchandise worth (GMV) within the festive month this yr.
This is up 18-20 p.c from final yr’s festive month gross sales, in keeping with a current report by market analysis agency Redseer Strategy Consultants.
