Mobile wallets, digital gift cards, rewards have made shopping easier, says report

India is still a very high cash-driven market where the digital payment industry is still in a nascent stage.

More people are now using digital wallets for making purchases and this has eventually resulted in an ease when it comes to shopping. Many Indian are now turning to digital and contactless payments, and this has reshaped the shopping experience for people, said a survey by Blackhawk Network. The survey – Global Digital Payments, conducted by the company, analysed how payment preferences have changed among consumers across nine geographies, including India in the last one year. Taking responses from more 13,000 shoppers, the study said that 94 per cent people believe that digital payments have made shopping easier for them.

There is no doubt that online shopping has become a trend that keeps on growing every year. According to the survey, 93 per cent of Indian respondents now prefer using digital wallets regularly when compared to their global counterparts. The Covid-19 pandemic has surely given an impetus to adoption of digital wallets in India as people adopt more ways for making transactions from their mobile devices. Not only for online shopping, it has been observed that people prefer buying products from retailers that allow them to make digital purchases. “The survey finds 69 per cent of respondents will shop more frequently at retailers that accept digital payments,” read the press note.

Affiliate Marketing

Theresa McEndree, global head of marketing, Blackhawk Network said, “With the widespread adoption of mobile wallets, digital gift cards, rewards, and loyalty points, consumers are increasingly seeking retailers that have embraced digital and contactless payments.” Notably, India is still a very high cash-driven market where the digital payment industry is still in a nascent stage, however, the report noted it is evolving fast. In the last one year, the opportunities for retailers have increased multifold and consumers would rather prefer retailers that offer fast, seamless, and secure digital payments.

With the pandemic being a major catalyst for shifting consumers’ spending as well as payment patterns, retailers cannot afford to ignore the digital payment options, McEndree added. “Overall, this presents an opportunity for retailers to help consumers make potentially temporary spending habits more permanent,” said Radhakrishna Venketeshwaran, VP, Head of Strategic Development Centre, Product & Engineering, Blackhawk Network.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Source link