Digital Payments Industry

The digital payment industry in India is witnessing unprecedented growth. This has been primarily led by the penetration of debit and credit card usage in the country. As a result of rapid urbanization, better connectivity and improved purchasing power have fuelled the digital purchase activity among Indian masses. With more buyers using plastic money, the digital payment industry in India can also be said to have benefited. These factors have been instrumental in pushing the digital payment industry in India to the forefront of e-commerce.

Digital payments industry in India must evolve quickly to help shape the post -ICOzag era. Innovations like Soft POS that enables merchants to take payments via their mobile phones, SMS interface, and other related services are driving greater acceptance of digital payments. The upcoming years will witness greater usage of debit cards and credit cards as a result of the impact of the recent economic slowdown on bank spending.

However, the digital payment industry in India can further benefit from certain important factors that can accelerate the adoption and use of debit and credit cards among small business owners. One such factor is the ongoing discussion on both sides of payments innovation. The government and its technocratic community are trying to focus more on digital payment systems for small business owners while experts from the private sector are clamoring for an increase in merchant processing fees. However, despite these attempts at encouraging innovation in the field, solutions still do not fully integrate all aspects of payments processing.

The most important innovation in the digital payment industry in India happens to be Liquid Payments. In Liquid Payments, the entire processing and accounting process of making and accepting payments are taken off from the seller’s end. Instead of a bank or a card company processing transactions, each transaction is handled by a network of certified electronic transaction processors. Each individual processor in the Liquid Payments industry in India serves as an independent and virtual financial terminal which is capable of computing for the most appropriate solutions available in the market and acting upon those solutions when they are made available.

Apart from Instant Cash, the other notable innovation in the digital economy of India happens to be Merchant Cash. Merchant Cash enables digital transactions between Indian merchants and customers. Merchants in India have the option to transact using their credit cards or debit cards. But the most prominent advantage of this technology is that it improves cashless payment processing by a large margin. Through the use of debit cards, the need for manually computing for security passwords and spending limits is eliminated. By eliminating the need for manual computations, cashless payment processing drastically cuts down on overhead costs and allows merchants to save a significant amount of their budget for marketing.

Digital Payments industry in India is witnessing a lot of innovation in terms of payment methods. The most common payment method in use currently is the Payment Gateways provided by the leading banks and financial institutions in India. However, with an aim to provide an even better experience to their clients, more banks, financial institutions and even service providers are beginning to use other payment methods like mobile payments, internet payments and even pay pal. Even merchants in India are taking full advantage of these payment methods and providing complete e commerce facilities to their customers. Online purchases have become commonplace nowadays and a great number of people are turning towards online shopping and buying.

As more people are getting involved into the digital payments industry of India, there has been an increasing demand for skilled personnel in the field. To meet this growing requirement, the government is also proactively encouraging the start up of small businesses in India. The Small Business Development Agency or the SBI was set up by the government to provide support to small business in India. This agency provides loans and other financial assistance to those starting a new business.

With the increase in the demand of digital payment industry in India, along with the advancement in technology, Indian software market is also becoming highly efficient and digitalized. The success of an organization highly depends upon its ability to use advanced software solutions and stay updated with the latest technologies. Hence, the Indian software market is witnessing a lot of investment by international companies in this field and the result is seen in the form of excellent software development, state of the art infrastructure and highly efficient customer care system.

By Manish

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