Lately, especially after the COVID-19 outbreak, India witnessed a surge in the digital marketplace. Several factors such as quick delivery, special offers, availability of smartphones, better internet connectivity, and targeted advertisements have enhanced the growth of embedded finance in India.
A recent report says that India is ahead in exploring Metaverse. A consumer report by global financial company FIS says that about 68 per cent of Indians are keen on shopping in Metaverse. Consumers prefer products and services such as virtual fashion clothing, event tickets to music concerts and sports matches, and gaming tokens. About 57 per cent wants to explore Metaverse for banking experience in the next 12 months.
In terms of virtual dates and events, men score more than women. About 60 per cent of men are interested in exploring virtual dates and events. Only 48 per cent of women choose the option. About 78 per cent of Indians rely on social media platforms to purchase clothes, shoes and other fashion accessories. About 70 per cent of consumers use the platforms to buy groceries. The majority choose in-app purchases as they are faster, convenient and give rewards.
Although the concept is gaining momentum, people have concerns, too. About 56 per cent of the buyers worry about fraudulent sellers on social media platforms while 62 per cent fear that fraudulent transactions would take place while doing in-app purchases. The Unified Payments Interface (UPI) is the most commonly used medium for transactions. Among the surveyed, 76 per cent, mainly millennials, said they use UPI for online shopping.
