UPI usage set to rise in festive shopping

New Delhi: 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.