With the outbreak of COVID-19 and a government push for the adoption of digital payments, most Indians are now not only accustomed to online payment methods but also prefer them. According to the Experian Global Insights report, digital payments have overtaken credit cards, with 91% of Indians preferring online payment methods. The use of mobile wallets has also increased significantly in India.
However, the report also highlighted the need for strict digital security measures. Of the Indian customers surveyed, 45% expressed concerns about fraud and identity theft. Additionally, 80% of consumers expect companies to take the necessary precautions to protect their private information. However, 68% of consumers are willing to share personal data, while 58% highlighted protecting financial data as a top priority.
Experian surveyed 6,000 consumers and 2,000 businesses in 20 countries including India, UK, US and other APAC markets on consumer and business economic outlook, financial well-being, online behavior and more.
As many as 60% of Indian consumers are concerned about fraudulent/phishing emails, messages or phone scams, while 30% said they had been victims of online identity theft. Twenty-nine percent of Indian consumers have been victims of credit card/payment details theft, the report adds. Around 90% of respondents globally added that they want some control over how their personal data is used.
Security (92%) and privacy (92%) continue to be important factors in online transactions. Safety concerns are higher among higher income groups, who are also more engaged online, he said.
The report also revealed that 34% of consumers trust AI more than humans.
He also found that Buy Now, Pay Later or BNPL services are gaining traction in India, and usage has increased by 18% globally, while it has seen a 21% increase 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 effectively manage their finances. Businesses must consider meeting ever-changing consumer demands while embracing technology and innovation at scale. A secure and frictionless digital experience will go a long way in gaining consumer trust and loyalty. »
The report further adds that 60% of respondents globally feel safer using biometric security features than 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 trusted when it comes to traditional credit cards, while Amazon Prime, Netflix, and Hulu are the most trusted streaming platforms.
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