New research from FIS shows Indians’ willingness to adopt embedded finance, such as embedded payments, and explore various offerings in the Metaverse.
Embedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. The recent survey from FIS examines common embedded finance experiences, including embedded payments, embedded lending, embedded insurance and investing, as well as the use cases of offerings in the Metaverse. The survey offers responses collected by consumers in India, belonging to different age groups, cities, gender and salary scales.
Embedded Finance Adoption Trends
As the physical, digital and virtual worlds are converging, Indians are willing to explore and purchase within apps/browsers as well from the social media platforms:
Customers of tomorrow favour faster, intuitive and seamless payment experiences integrated within new and emerging consumer touchpoints:
Apart from a hassle-free customer experience, Indians seek instant gratification and incentives during online purchases:
Although Indians reflect readiness to embrace embedded financial services, brands need to ensure transparency and safety to win the trust of customers:
Metaverse Engagement Trends
Indians are keen to embrace the emerging Metaverse space as they show interest in buying real-world products virtually in the future:
“As India has been witnessing a surge in digital marketplace, which is driven by quick delivery and return policies of marketers, special offers, targeted advertisements, better internet availability and use of smartphones, adoption of embedded finance in India is on the rise and is expected to maintain the upward trajectory in the next 12 months. Embedded finance has a great potential to transform customer payment experience offered by banks and financial institutions and drive new avenues of growth for partnering merchants.” Mentioned by FIS leader.
He further added, “Customers of today expect seamless purchasing experiences and embedded services carry the promise to deliver them. However, the transparency involved in such offerings also needs to be considered by merchants to ensure the safety of their customers, while delivering an enjoyable payment experience.”