Smartphone buyers interested in spending Rs 40,000 for a new device: Survey

8% of respondents indicated their interest in spending Rs 80,000 or more

Indian premium smartphone buyers are not shying away from spending as many as Rs 40,000 for a new device. A new survey by Counterpoint Research reveals that almost half the people surveyed were interested in spending Rs 40,000 (roughly $580) or more for their next purchase. Further, one in every five respondents was interested in spending more than Rs 60,000 (roughly $870) or more. And around 8 per cent of these respondents indicated their interest in spending Rs 80,000 (roughly $1,150) or more. So what makes them spend so much? 

The respondents said that in-display fingerprint, facial recognition, dual or more cameras, and AI capabilities were key features that they looked for in their next purchase. Punch hole displays and foldable displays are yet to make any significant impact on consumers’ minds in India.

Growing bigger

A whopping 14 billion business-to-business (B2B) cross-border transactions will be processed by 2023, a 7 per cent increase from 13.5 billion in 2019. This will be driven by the introduction of blockchain-based payment networks, says a new study from Juniper Research. As blockchain affords complete traceability of transactions, its introduction would increase transparency, improve standardisation and reduce errors. 

The research recommended that payment network providers must invest in blockchain to ensure future competitiveness. “Future growth in B2B cross-border transactions will be driven by innovative corporate payment solutions that make transparency central to their models, following the example set by disruptive vendors in the consumer money transfer market,” says research author Maite Bezerra.