Why Digital Payment Solutions?

DIGITAL PAYMENT: A digital payment, sometimes called an electronic payment, is the transfer of monetary value from one payment account to another using a digital device.

Digital payments allow consumers to “keep the change” every time. Precise transactions in lieu of rounded cash payments can create savings faster than one might think. Digital payment options like in-app purchases, digital wallets, and P2P payment solutions can facilitate accurate budgeting and reduce wasted money.

For more than 20 years, global payment provider PayPal has operated at the forefront of the digital payment revolution. Creating an additional payment option for consumers, who were at the time, familiar primarily with cash, cheque, credit, and debit card transactions. PayPal’s offering has allowed any business or individual with an email address to securely send and receive payments online.

Today, it serves more than 392 million consumers and merchants in over 200 markets and is doubling down in its flexible payment options. PayPal’s Global Pay Later solutions offer consumers the option to pay in bi-weekly or monthly, interest-free installments. As consumer behaviour has changed drastically due to the Covid-19 pandemic; It has been fascinating to watch the intersection of technology, product and experiences build over the course of the pandemic. McKinsey [research] suggests that US e-commerce experienced ten years of growth in just the first three months of the pandemic. However, it’s interesting to consider that 2020 wasn’t marked by new technology. Rather, it was about behavioural change catching up with the technology.

Across the world, digital payments and fintech brands witnessed high records in 2020 as many individuals chose to remain at home and keep social distancing due to Covid 19 pandemic and lockdown measures. With issues over contracting novel coronavirus infection; from going to bank branches and using currency notes, a lot of people– not just in metro cities but likewise in smaller towns– have started utilizing their smart devices for paying and even taking loans for smooth banking services. The pandemic also required conventional banks to depend more heavily on their digital channels to connect to and help with clients and a lot of banks have reported a sharp increase in usage of their digital and mobile banking channels. 

Why Digital Payment Solutions?

Digital payments retain a positive effect on all companies, be it a large enterprise or a small-scale company. It is a convenient tool for accepting payments qs they make it safe, secure, quick, lower the expense to the businesses, and increases company revenues. According to a report, there are over a billion smartphones and 330 million web users in India, and mobile-based transactions are anticipated to grow by 50% in the coming year.

The more seamless the checkout experience, the more pleased will be the customer. In addition to seamlessness, online payment collection is more safe, secure, and fast.

SECURITY:

A handful of consumers still perceive digital payments as less secure than cash, but there are some safety features built into digital payment transactions that aren’t possible with cash or paper checks. Techniques like multi-factor authentication, biometric scanning of fingerprints or faces, and encryption provide extra layers of security to digital payment transactions.

However, digital payment are gradually gaining popularity in India and many apps have already become familiar to Indian customers in a short period. Corporations like Paytm, PhonePay, BharatPe, etc have made online transactions super secured & are reaching suburbs & rural areas progressively.

In addition, the Government of India has also launched a digital payment solution named "e-Rupi", an e-voucher that works without any bank account/ internet banking/ card. The move aims to encourage cashless transactions across the country under the "Digital India" campaign.

Digital payment solutions are progressively becoming a more hassle-free, secure & accepted way of making payments.

STAY SMART & STAY SATARK !

    Blog By ~ Deepti Tiwari