A new report finds 67% of millennials in India purchased goods via their mobile device. For those who shop using their mobile device, they do so more frequently—and with lower transaction values—than non-millennials.
ACI Worldwide inaugural Indian FinTech Commerce & Payment Study asked approximately 400 employees in the FinTech space about their shopping habits and payment preferences for in-store and online transactions.
The study reveals 25% strongly agree that online merchants will keep their payment details safe, and 35% strongly agree that in-store merchants will do so. This is in stark contrast to the 78% who strongly agree that banks will keep their payment details safe, presenting an opportunity for banks looking to grow into the eCommerce space.
More than a third of respondents prefer alternative payments (e.g. PayPal, AliPay) for mobile-initiated purchases. 23% prefer alternative payments for transactions originating via desktop—and 95% of those who use alternative payments expect their usage to remain or increase in the next 12 months.
Of those surveyed about their monthly shopping habits: 94% shop online, 87% shop in-store and 65% shop from their mobile device.
ACI notes with eCommerce transactions set to surpass electronic POS transactions by 2021, it is critical that merchants begin to develop and successfully implement omni-channel strategies now. UP eCommerce Payments empowers merchants and the payment service providers (PSPs) that serve them to capitalize on the $2.2 trillion global eCommerce opportunity by embracing payments innovation.
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