- About 68 percent of consumers are using mobile payment apps and 94 percent of Gen Z consumers own mobile wallets.
- 34 percent consumers have experienced financial fraud in the past 12 months
Critical infrastructure, e-commerce and essential services are more vulnerable to widespread cyber threats. With the increased pace of digital payments, there has been a significant surge in financial frauds according to a recent FIS PACE survey.
Bharat Panchal, Chief Risk Officer, APMEA, FIS said: “The pandemic has led India to a new phase of digital payments adoption. To be successful, it’s vital that the banking sector provides technology-centric strategies which meet the diverse preferences of consumers’ rapidly changing habits, while also driving financial inclusion for underserved communities around the country.”
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