ACI Worldwide Survey Finds Mobile Payments Popular among Indian Millennials

ACI Worldwide Survey Finds Mobile Payments Popular among Indian Millennials
21.06.2016 09:30 am

ACI Worldwide Survey Finds Mobile Payments Popular among Indian Millennials

Transaction Banking , Payments

Mobile and alternative payment continue to gain traction among Indian millennials, according to a new survey from ACI Worldwide , a global provider of real-time electronic payment and banking solutions. 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.

The 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. Principle findings of the survey include:

Migrating To Mobile: 67 percent of millennials 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.

Lack of Trust in Merchants: Only 25 percent strongly agree that online merchants will keep their payment details safe, and 35 percent strongly agree that in-store merchants will do so. This is in stark contrast to the 78 percent who strongly agree that banks will keep their payment details safe, presenting an opportunity for banks looking to grow into the eCommerce space.

Alternative Payments: More than a third of respondents prefer alternative payments (e.g. PayPal, AliPay) for mobile-initiated purchases. 23 percent prefer alternative payments for transactions originating via desktop—and 95 percent of those who use alternative payments expect their usage to remain or increase in the next 12 months.

Consumers Shop Across Multiple-Devices: Today’s consumers want to buy goods and services anytime, anywhere. Of those surveyed about their monthly shopping habits: 94 percent shop online, 87 percent shop in-store and 65 percent shop from their mobile device.

“FinTech workers are an attractive demographic for merchants. They are upwardly mobile, earn wages that are significantly above average and are early adopters of technology. The shopping and payment habits of FinTech workers give an early indication of where the market in India is heading,” said Manish Patel, vice president and general manager, Middle East, Africa and South Asia, ACI Worldwide.

“Merchants that can provide a simple and secure, omni-channel shopping experience and offer the consumer the ability to use their preferred payment method will quickly gain trust and market share in India.”

“The Indian retail market is going through unprecedented change. Consumers are shopping across multiple channels and how they pay is dramatically changing. Regulators are now catching up quickly, and the pace of development will increase,” said Gilles Ubaghs, senior analyst, Ovum. “Given the increased investment from non-traditional players, merchants must swiftly respond to the changing consumer needs, or they will lose market share and miss out on the significant eCommerce opportunity.”





Related News

NeoXam and ICE partner to bring ICE pricing and reference data to clients

NeoXam, a leading provider of financial data management and transaction software solutions, announced it has integrated ICE Data Services’ pricing and reference data... Read more »

Erste Bank Hungary Improves and Secures the Remote Banking Experience with OneSpan Mobile Security

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the... Read more »

W2 looking to support all industries during challenging times ahead

W2, the leading provider of real-time digital solutions for global regulatory compliance, has announced today its help to regulated industries faced with challenges during the... Read more »

Ebury has switched to a remote first organisation in response to the coronavirus outbreak

In order to preserve the security of its employees and continue to provide high quality financial services to its customers, all of Ebury’s offices and operations have moved to... Read more »

Temenos and ClearBank Form Strategic Relationship to Provide Seamless Payments in the Cloud

Temenos (SIX: TEMN), the banking software company, and ClearBank, the cloud-based clearing bank, form a strategic relationship to provide banks with access to UK payment... Read more »

Ebury and Crédito Agrícola join forces to transform global transaction banking for corporates and SMEs

Crédito Agrícola and Ebury signed a partnership that will allow the bank's corporate clients to carry out foreign currency exchange and cross border transactions completely... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel