Digital payment methods are on the rise in India, with 42% of consumers saying they will choose unified payments interface (UPI) for online festive shopping, a new survey report showed on Sept 25.

In addition, 57% indicated that their preferred digital payment method for earning rewards and cashback is UPI, especially during the festive season, according to a report.

UPI-boost for shopping in India

The UPI-based payments crossed 10 bn (1,000 cr) monthly transactions in August for the first time, according to the National Payments Corporation of India (NPCI). Monthly transaction count on UPI crossed 10.24 bn (1,024 cr) with a net transaction value of ₹1,51,800 cr.

According to the survey report, about 75% are interested in buying electronic gadgets and products (smartphones, TVs, refrigerators and ACs), luxury and authentic beauty brands, home furnishing/improvement items and consumables, online.

The survey said that 87% of consumers in metropolitan cities and 86% across tier-2 cities (population 10 - 40 lakh) prefer to shop online for the festive period.

“We are inspired to learn that consumers this year are excited and willing to spend and shop more online.” said a country manager India consumer business of an e-commerce company operating in India.

Online shopping during festive season

More than 70% of consumers wait for online festive shopping events to purchase electronic items. Over 75% of consumers are excited with attractive bank offers and no-cost EMIs for making their purchase more convenient and rewarding, said the report.

Around 80% consumers said online festive shopping events provide access to trendy brands for apparel, footwear, and various fashion accessories with nearly 64% sharing their intent to purchase across these categories this festive season.

Driven by about 140 mn (14 cr) shoppers, India is likely to witness ₹90,000 cr worth of online gross merchandise value (GMV) in the festive month this year.

This is up 18-20% from last year’s festive month sales, according to a recent report by a market research firm.

(Source: IANS)

-Edited for style

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