One or two clicks is all Indians want while making payments during online checkouts as 76 per cent Indians are more likely to use Unified Payment Interface (UPI) as a mode of payment during online checkouts, according to a recent survey by the US-based financial services technology solutions provider FIS on Indians’ willingness to adopt embedded finance. It further stated that 84 per cent of the millennials surveyed prefer to use UPI during online shopping.
Embedded finance refers to consumers having unique, tailored financial services delivered to them by non-financial companies.
Is UPI the only thing that consumers look forward to while shopping online? Well, that’s not it as users also want to explore and purchase within apps/browsers and from social media platforms. While 78 per cent Indians would go for fashion products (clothing, shoes and accessories), 70 per cent would purchase groceries within social media apps.
In the next 12 months, 63 per cent of those surveyed would go for in-app/in-browser vouchers whereas 55 per cent of them would buy insurance.
Going ahead, the survey underlined that customers also look for instant gratification and incentives while shopping on e-commerce platforms. Around 72 per cent factor in discounts and offers whereas 63 per cent prefer in-app purchases since they are more convenient and come with rewards and cashbacks.
On the other hand, 63 per cent of those surveyed consider the convenience of two clicks as a major factor dictating their buying patterns on social media apps. Talking of buying patterns on social media, 92 per cent are concerned about purchases on social media platforms.
While 56 per cent are apprehensive due to fraudulent sellers on these platforms, 62 per cent fear experiencing fraud transactions while making in-app purchases.
Commenting on the overall trends outlined by the survey, FIS mentioned, “Customers of today expect seamless purchasing experiences and embedded services carry the promise to deliver them. However, the transparency involved in such offerings also needs to be considered by merchants to ensure the safety of their customers, while delivering an enjoyable payment experience.”