The move from paper currency to the digital transaction has been a smooth one in India. Things have become so easy for merchants with the arrival of payment gateways that now this is a preferred option for the ones doing e-commerce business. But suppose one looks deeply into the digital transformation that has affected the payment gateway industry in India. In that case, there are certain key factors that have led to this transformation. They are as follows:
Accessibility paved the way for Payment Gateways
Accessibility was something that was lacking in business payments prior to digital transformation. The delay in payments and the long process that would entail for the payment to pass between the customer and the merchant was something that kept the pace of the market a bit laggy. With the arrival of the digital revolution in the form of e-commerce setups, businesses are doing much better by keeping in pace with the global market.
Enhanced Security Features
Scepticism was quite prevalent with any payment gateway in India in the beginning. But with the passage of time, features such as SSL encryption have brought a new layer of security to monetary transactions. This has brought more and more people to the online platform. The digitalisation of commercial business has made it easy for merchants to blindly facilitate transactions with the secure medium of a payment gateway,
Digitalisation has Brought E-wallets to the Front
As the internet started to prevail all over the place, many e-wallets came up to make online transactions much easier. With the help of these e-wallets, you can purchase products with quite ease. It is the same as a credit or debit card, but the process involved here is much faster. Numerous payment gateways are offering their own e-wallets to make online transactions much easier.
The Advent of UPI Payments
For customers making online purchases, it is quite tedious to enter the same card details over and over again. Besides, there is a bit of apprehension on the part of the customers to enter confidential information about their bank account on any e-commerce platform. With the Unified Payments Interface (UPI), this problem is solved as well. Now, the customers can make their payments on any online platform by just entering their Virtual Payment Address (VPA).
UPI has made a direct impact on payment gateways as well. The payment gateway can authorise the payment done by the UPI method on behalf of the merchant quickly. This is one of the reasons why UPI is being picked up by merchants and customers among the preferred payment methods.
Online Bulk Payment Syncs Well With Payment Gateway
Businesses that had to make monthly bulk payments to their employees understand how cumbersome the process was. A single wrong entry could mess up the entire calculation. The shift to online medium is quite advantageous in this regard. A payment gateway of India can also be used by businesses to bulk payments. The additional benefits you get by using a payment gateway for bulk payments is that you do not have to make the same entry each month. Also, the risk of errors becomes next to nil, and your employees get their payments on time. Thus, even a task as tedious as bulk payments becomes easy and effective with the use of a payment gateway.
These are some of the factors that have directly influenced the payment gateway industry in India. What the payment gateway has done, in its turn, is that it has effectively adapted to the changing dynamics in the payment industry from offline to the online space. As much as digitalisation has shaped the payment gateway in India, the latter has also made the former successful.
