Consumer behavior has changed rapidly
Wibmo, the leading provider of payment security and digital payments in India, published “7 Digital Payment Trends of Indian Consumers”, which offers quick insights into online shopping behavior and drivers in the country.
The observations are based on digital payment trends analyzed over time across multiple merchants and banks, said Wibmo in a release on 3 April 2020.
Spends are no longer festival driven. Contrary to expectation, sales didn’t rise to the peak around Diwali, but reached an all new high when online mammoths including Amazon and Flipkart rolled out the flash sales.
As compared to the data in 2017, there has been 8% increase in usage of mobiles to carry out online transactions. This trend shows how consumers are enjoy shopping on their phones given the ease and convenience that comes along.
The spend categories when categorized interestingly showed that bills and utility payments topped the list followed by entertainment.
“In the past few years, consumer behavior has changed rapidly, with banks and merchants having to constantly keep up with changing spend patterns,” said Govind Setlur, CEO, Wibmo.
Wibmo being the leader in payment security and mobile payments in India, offers insights into understanding patterns that tell what consumers prefer while shopping online.
Wibmo a Cupertino, CA based company, is a leading digital payments service provider for financial institutions processing over 2 billion transactions annually. fiinews.com
