UPI Leads the Way for Festive Shopping

The UPI-based payments crossed 10 billion monthly transactions in August for the first time…reports Asian Lite News

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

In addition, 57 per cent indicated that their preferred digital payment method for earning rewards and cashback is UPI, especially during the festive season, according to the report by Nielsen Media India, on behalf of Amazon India.

The UPI-based payments crossed 10 billion 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 billion with a net transaction value of Rs 15.18 trillion.

According to the survey report, about 75 per cent 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 per cent of consumers in metropolitan cities and 86 per cent 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. As a marketplace, we are confident that the ‘Amazon Great India Festival 2023’ will offer a seamless shopping experience, incredible value and the widest selection of domestic and international brands and products,” said Manish Tiwary, Country Manager India Consumer Business, Amazon India.

More than 70 per cent of consumers wait for online festive shopping events to purchase electronic items.

Over 75 per cent 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 per cent consumers said online festive shopping events provide access to trendy brands for apparel, footwear, and various fashion accessories with nearly 64 per cent sharing their intent to purchase across these categories this festive season.

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

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

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