How have digital payments changed the face of the payments industry?
Advancement in technology is gradually taking over all facades of our lives, making it easier and more secure. Technology has also taken over using cash or cheques for payments quite extensively in the past few years. Today, we have many payment methods and payment gateways in India that have made transactions pretty simple for users and merchants.
The introduction of digital payment methods like UPI makes the process simpler to culminate multiple bank accounts under one umbrella. One of the significant highlights of UPI is that the payment can be made directly from the bank without the need for any cards. In fact, according to a publication by the Statista Research Department, providers of UPI recorded a whopping 2.8 billion digital transactions in June 2021.
Digital payment trends that transformed the payments industry
Digital payments have brought a dramatic shift to the payment industry in India. The pandemic has fuelled the process further. A study by Visa claims that 82% of small business owners have now moved on from traditional payments like cheques, bank transfers, and cash.
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The revolution in the payment ecosystem has made transactions an effortless process, pushing eCommerce sales. Adopting digital payment methods has transformed the Indian payments industry, setting the tone for the decade. Here’s how:
- Ease of payment
One of the significant issues with the traditional payment method was its complicated nature. People were required to carry cash all the time. Withdrawing money from the ATM was an added chore. Digital payment methods like mobile wallets, card transactions, and UPI made this easy, eliminating the need to carry cash constantly. The transaction can be directly initiated through a smartphone by scanning a QR Code, entering the beneficiary’s UPI id in real-time, or just entering the card number.
- Use of Payment Gateways
A Payment gateway is a boon to e-commerce. Gone are the days when people would walk into a physical shop and purchase products. They would instead shop from the comfort of their homes or make quick purchases while working out, traveling, or even while working!
Understanding this shift in market sentiment is key to a profitable business in 2021. Businesses need to be present online and accept digital payments to stay relevant and increase sales. Thus, like Zaakpay, payment gateways offer trusted solutions to businesses and offer various digital payment modes under one roof.
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- Boon to small businesses
Operating on the web would’ve remained a distant dream for small businesses, including home businesses, if not for digital payments. Payment gateways in India offer a variety of features for such small businesses to accept payments. A ground-breaking mode that has become quite popular now is ‘Payment Link.’ A payment link is a simple URL that gets redirected to a payment gateway that can accept payments from several payment modes. Payment links are super simple to use. All the merchant needs to do is share the URL with the customer over any messaging platform and get paid as per user convenience.
- Reliability and Security
Customers need assurance that the payment gateway is secure and that their credentials won’t be misused when making a payment over the web. This reliability is critical in retaining customers. Digital transactions are safe with the best security systems in place and comply with all safety protocols to protect the payment information. This ensures 100% security for the customers and increases their trust in the brand, advancing the number of digital transactions.
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- Cashback and Offers
No one ever thought they could win a cash reward for making a payment! This is the magic that digital payments in conjunction with cashback have brought to the payments industry.
Digital payments offer attractive rewards, cashback, and discounts to attract customers to use their platforms. Cashback is usually in the form of a value that can be spent only through a specific mobile wallet in which it is earned. This ensures that customers keep coming back to use the service while offering them a lucrative deal.
- Ease of set-up
It is not just the customers who have benefited from the digital payments industry in India. Payment gateways in India are compatible with eCommerce websites and apps. This allows easy integration of the gateway. Some of the payment platforms, like Zaakpay, offer to activate the merchant account in as little time as one day so that the merchants can start collecting payments in little to no time. Because of features like this, even small businesses prefer using reliable payment gateways to accept payments.
- Instant payments
Traditional payment methods like bank transfers and NEFT/RTGS took 3-5 business days to complete the transactions. With the arrival of digital payments, the concept of ‘instant payments’ changed the payments industry forever. With this feature, merchants can now receive payments at any time of the day!
With digital payments came the convenience of automating payments. Merchants can now use advanced methods like payment links to set up auto-pay and advance payment reminders. Automating the payments has eliminated the process of manual payment collection- especially for merchants with a recurring payment business model.
The digital payments industry is sure to undergo more massive revolutions in the days to come. As per an article by ResearchAndMarkets.com, the payment gateway market in India is expected to register a CAGR of 15% between 2020 and 2025. This is an indication for the businesses to adapt to the market’s changing needs to opt for digital payment services.
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