BENGALURU : Bengaluru: Indian consumers are increasingly concerned about digital payments and look to exercise greater caution, according to a new study conducted by YouGov and digital payment software, ACI Worldwide. Almost 71% of consumers surveyed by YouGov and ACI Worldwide are more concerned about scams and fraud owing to the shift to digital methods of payments due to covid-19. When it comes to the potential fraud risks while transacting via unified payments interface (UPI) or digital wallets, almost half or 49% of consumers surveyed are most concerned about fake UPI payment links that ask for money transfers via text or email. As usage continues to rise, payments through digital wallets and UPI are being used at least once per day by 37% of consumers, second only to cash. Close to 77% of consumers believe merchants and retailers are now more open to digital payment methods and encourage their use, compared to pre-pandemic, indicating that covid-19 has accelerated both consumer adoption and merchant acceptance.

Source: Mint June 13, 2021 12:03 UTC