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74% Indian consumers to prefer digital payments in 6-9 months: Report

India has been ranked highest in the use of digital touchpoints in next 6-9 months

15 , May , 2020

A recent report by Capgemini Research Institute informs that around 74 percent of consumers in India will prefer carrying out payments through the digital medium in the next six to nine months.

The change comes due to coronavirus pandemic. As per the study, 57 percent of the Indian consumers were interacting on mobile apps prior to the pandemic and currently, around 67 percent consumers use the medium. India has been ranked highest in the use of digital touchpoints in next 6-9 months, with strong growth in voice assistants and chatbots as emerging channels of interaction for banking and insurance segment.

Globally, the average number of people using a mobile app as a digital touchpoint stood during pre-COVID-19 period at 47 percent, and currently about 52 percent use it. Around 55 percent is expected to use the digital medium in next 6-9 months.

The study further showed that 40 percent of the Indian consumers were using voice assistants and chatbots pre-COVID-19 as one of the preferred digital touchpoints for banking, and this has seen a surge to 52 percent currently, and a further increase to 59 percent is expected over the next 6-9 months.

Similar trend has been witnessed in the insurance segment with 42 percent of the Indian consumers using voice assistants and chatbots before COVID-19, and currently 50 percent using them. There may be an increase to 57 percent consumers who will use voice assistants and chatbots for insurance in next 6-9 months. The survey noted that Indian consumers are becoming increasingly savings and safety-oriented. There is an increased appetite for saving and safety, which is likely to persist post the pandemic. The study highlights that 85 percent of the Indian consumers prefer to save more in the next 6-9 months as compared to 80 per cent in the current period and 72 percent before COVID-19.

Additionally, it has been observed that 77 percent of the Indian consumers prefer to increase their savings in safe instruments than investing in the stock market or any high-risk financial products in next 6-9 months compared to 73 percent in the current scenario and 66 per cent during the pre-COVID-19 period.

 
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