74% of Indian consumers prefer digital payments in 6-9 months: report

NEW DELHI: About 74 percent of consumers in India will prefer to make payments through the digital medium in the next six to nine months, according to a report by.

The change occurs in view of the pandemic. According to the study, 57 percent of Indian consumers were interacting on mobile apps before the pandemic, and currently, about 67 percent of consumers use the medium.

India has been ranked highest in the use of digital touch points in the next 6 to 9 months, with strong growth in voice assistants and as emerging channels of interaction for the banking and insurance segment.

Globally, the average number of people using a mobile app as a digital point of contact stood at 47 percent during the pre-Covid-19 period, and currently around 52 percent use it. About 55 percent are expected to use the digital medium in the next 6 to 9 months.

The study further showed that 40 percent of Indian consumers used pre-Covid-19 voice assistants and chatbots as one of the preferred digital touchpoints for banking, and this has seen an increase to 52 percent today, and an additional increase to 59% expected in the next 6 to 9 months.

A similar trend has been observed in the insurance segment with 42 percent of Indian consumers using voice assistants and chatbots prior to Covid-19, and currently 50 percent using them. There may be a 57% increase in consumers who will use voice assistants and chatbots for insurance in the next 6 to 9 months.

The survey noted that Indian consumers are increasingly oriented towards savings and security. There is an increased appetite for savings and security, which will likely persist after the pandemic.

The study highlights that 85 percent of Indian consumers prefer to save more in the next 6 to 9 months compared to 80 percent in the current period and 72 percent before Covid-19.

Furthermore, it has been observed that 77 percent of Indian consumers prefer to increase their savings in safe instruments than investing in the stock market or any high risk financial product in the next 6 to 9 months compared to 73 percent in the current scenario and 66 percent during the period prior to Covid 19.