Increased numbers of people have been using digital wallets for making purchases in recent times and this has resulted in ease of shopping. More and more Indians are now turning to digital and contactless payments, and this has reshaped the shopping experience for people, according to a survey by Blackhawk Network. The Global Digital Payments survey analysed how payment preferences have changed among consumers across nine geographies, including India in the last year. Taking responses from more than 13,000 shoppers, the study said that 94% of people believe that digital payments have made shopping easier for them.
There is no doubt that online shopping websites has become a trend that keeps on growing every year. According to the survey, 93% 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 the adoption of digital wallets in India as people adopt more ways for making transactions from their mobile devices. Not only for online shopping but it has also been observed that people prefer buying products from retailers that allow them to make digital purchases. “The survey finds 69% of respondents will shop more frequently at retailers that accept digital payments,” read the press note.
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 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.