Money & Banking

Online shopping, contactless payments here to stay: Mastercard survey

Our Bureau Mumbai | Updated on June 23, 2020

More consumers are moving to e-commerce with concerns over hygiene and prefer contactless payments in the wake of the coronavirus pandemic, according to a recent survey by Mastercard.

Shopping in India has moved online as 86 per cent of people feel that hygiene concerns are here to stay, the survey revealed.

It also found that 49 per cent of Indians are planning to make more purchases online. At the same time, 68 per cent of Indian consumers think less in-store shopping is here to stay. This is the highest recorded across the markets surveyed.

Further, as many as 77 per cent Indians believe that the shift to contactless payments is here to stay, the survey noted.

“As Covid-19 alters our daily lives, consumers in India and across Asia Pacific are rapidly going digital with purchases of everything from groceries to movies in a shift that looks set to become a permanent habit after the pandemic passes,” the company said on Tuesday based on its own research.

Mastercard conducted the study between April 27 and May 17 with a total of 6,750 adults interviewed across 15 countries, including Australia, Brazil, China, Colombia, France, Germany, India, Italy, Spain, Japan, Mexico, Russia, United Arab Emirates, United Kingdom and United States.

It also found that in Asia Pacific, 46 per cent of the consumers say they plan to use cash less often, including 49 per cent in India.

“The shift is underway globally as almost six in 10 consumers say the move to digital payments is likely to be permanent and nearly half plan to use cash less even after the pandemic passes,” added Mastercard.

Published on June 23, 2020

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