New research from financial services technology company FIS has revealed that Indians are willing to adopt embedded finance, such as embedded payments. and explore the various offers in Metaverse.
Embedded finance is where consumers have personalized and tailored financial services provided by non-financial companies.
A recent survey from FIS examines common embedded financial experiences. including embedded payments embedded lending Embedded insurance and investments as well as the use cases of offerings in Metaverse.
The survey presents answers compiled by consumers in India. which are different age groups, cities, genders and salary levels.
Embedded Financial Acceptance Trends
As the physical, digital, and virtual worlds converge. Indians are welcome to explore and purchase in-app/browser as well from social media platforms:
78% of Indians said they were more likely to buy fashion items such as clothes, shoes and accessories, while 70% would buy groceries within social media apps.
· 63% of Indians will purchase in-app/in-browser vouchers and 55% will purchase insurance and investment products in the next 12 months.
Customers of tomorrow love the fast, intuitive, and seamless checkout experience integrated into new and emerging consumer touchpoints:
· When it comes to online shopping, 76% of Indians prefer to use UPI during checkout.
84% Millennials are the highest age group surveyed to use UPI when shopping online.
Beyond the hassle-free customer experience Indians also seek instant gratification and motivation during online purchases:
72% of Indians consider discounts and offers, while 63% see convenience as the main driver of their shopping behavior on social media apps.
· 63% of Indians prefer in-app purchases because it’s faster, convenient, and rewards and cashback.
While Indians reflect on the availability of embedded financial services, brands need to ensure transparency and security in order to gain the trust of their customers:
· 92% of Indians have concerns while making purchases within social media platforms.
56% Indians are worried about fraudulent sellers on social media platforms and 62% of Indians are worried about facing fraudulent transactions while making in-app purchases.
Metaverse Engagement Trends
Indians are eager to embrace the emerging Metaverse region. As they show interest in purchasing real-world products in the future:
68% of Indians want to explore Metaverse shopping and 57% of Indians want to access Metaverse for banking in the next 12 months. The products and services Indians want to buy on Metaverse include virtual clothing/fashion (56%), music concert/sports tickets (52%), and games/gaming tokens (51%).
· Men (60%) are more interested in trying social, dating, and virtual reality activities in the Metaverse than women (48%).