Now is when people refer to India as Digital India as it has become the largest user market of social media giants with more than 250 million users. The main motto of Digital India is to digitize every Indian citizen by empowering them with the latest technology. Hence, no doubt, people in India nowadays prefer using an online payment gateway instead of using cash. Not only is it more convenient, but it also makes the transaction very safe and secure.
What is Payment Gateway?
It is a path for businesses and merchants to accept online payment from their website, shop, app, etc. The consumers can pay them via different payment modes using their payment gateway. A payment gateway in India is a third-party software that securely transfers a customer’s money from their bank account to the merchant’s bank account.
Several payment modes are now available in the market, such as mobile wallets, UPI transactions, net banking, NEFT, etc. And to promote the usage of such payment gateways, the government of India is offering several discounts and cashback offers on bills, recharges, etc., via online payments. The main aim is to make India a cashless economy that will help India bring down the cost reduction related to cash printing, storing, and transporting.
Below are some reasons why payment gateway is more prominent and will be the future of payments in India.
Fast Processing Speed
Isn’t it amazing how quickly one can transfer money from their bank account to the merchant’s bank account in just a few clicks? Using a payment gateway, one can save themselves from the hassle of carrying cash everywhere and keeping an account of the money they spend. You have to type the amount you want to pay to the merchant in the payment gateway you are using. And send it by using any payment mode such as credit/debit card, UPI, NEFT, etc.
Gone are the days when you had trust issues regarding online payments. The government of India has made it mandatory for people to use their ID for enrolling in any payment gateway. In this way, you will get an invoice and full proof that you have paid a particular amount to the person and will save you from any fraud whenever you pay using a payment gateway.
Worldwide Payment Acceptance
It doesn’t matter in which country you live and what currency you use. payment gateway in India has now made it easier for people to make payments worldwide using their platform.
Automated Recurring Billing
With the help of an online payment gateway in India, one can easily automate the bill payments of electricity, membership, recharges, etc. They provide you with a feature to pay the recurring billing using your credit card to avoid late fees and cancellations.
That’s all! With the growing e-commerce sector and evolving payments methods such as token systems, cash pooling, etc., the market of payment gateway in India has taken a drastic turn. The usage of mobiles and tablets is accelerating, resulting in high demand for online shopping and online bill payments. Amidst covid, the online market is thriving along with mobile payment technologies. People prefer buying things online and pay via different online payment modes to save themselves from any human contact.
Not only that, but several online vendors and banks are also collaborating and offering cashback and discounts to elevate the consumer base. There is no doubt that in the upcoming years, this will result in higher use of payment gateway in India, with the help of advanced technologies like AI, IoT, cloud computing, etc.
So, if you are looking for an affordable payment gateway, you can certainly give https://www.cashfree.com/payment-gateway-india a try.