The popularity of payment gateway in India is growing at a rapid rate. The payment gateway was in India for quite a long time but things have taken a drastic turn after the monetization. Now more and more people are leaning towards the new digital India. And with the arrival of the global pandemic, the digital payment landscape has left its imprints on the minds of everyone.
People these days care more about convenience and security and the best payment gateway in India is offering the same. From buying gadgets online to making payments for school fees, everything can be done via taps in a matter of time. No need to wander around for ATMs or pay a visit to the bank when you can do all the banking via your smartphone.
Here in this blog, we will discuss the rise of the best payment gateway in India. Also, if you are looking for a payment gateway then click here to find the best payment gateway in India.
Reason Behind the Popularity of Best Payment Gateways In India
Let’s focus on the reasons that contributed to the popularity of the best payment gateway in India.
1. Enhanced Security
The very first reason behind the popularity of the best payment gateways in India is the security offered by it. Merchants are looking for a system that not only makes payment processing fast but also secure. Some of the significant security aspects that a payment gateway in India offers include PCI-DSS compliance, fraudulent payment monitoring, and data encryption. This feature assures merchants that customers’ data is safe and there will not be any kind of illicit activities. Other than this, customers also go for a payment gateway that seems secure and legitimate.
The other reason for the popularity of the payment gateway is the convenience offered by it. Customers don’t have to travel forth and back to make payments. They can make payments from any part of the world without moving mountains. It not only eases the work of customers but also makes merchants think about employing a payment gateway in their business. By incorporating a dependable payment gateway in India, businesses can offer various choices to their customers. Customers can make transactions utilizing their favorite form of payment as a result of this.
3. Contactless Payment
One of the biggest concerns among users today is keeping themselves and their families safe. The spread of deadly viruses has created a panic among the public. People are afraid of going out and contact payment has offered some relief to the user. Cashless has become one of the most preferred mediums of payment nowadays. Both merchants and customers prefer the digital mode of payment as it is free from any kind of health issues.
4. Friendly Government Policies
Another reason for the widespread use of the best payment gateways in India is the friendly government policies. After the demonetization, the focus of the government of India has shifted towards making India a cashless country. To achieve this, they had penned down the policies that supported both the merchants and customers. Many initiatives have been taken by the government such as UPI, Digital India, Aadhar Pay, and much more.
5. Internet Expansion
The arrival of 4G and lower internet charges has been another crucial factor in the rise of the payment gateway in India. Every second user in India is using a smartphone and this is why people prefer cashless currency over anything. According to various studies, India has the second-largest user base in terms of smartphone users. Considering this, it has created a myriad of opportunities for merchants.
The payment gateway was in existence for quite a long time but earlier people were afraid to use it. The main reason for that was the various security breaches and online fraud. This activity has created indifference among the users. But now things are different, people are educated and know all the pros and cons of the digital payment mode. Further, awareness about the payment gateway’s safety and all the benefits offered by it is another important factor that has led to the rise of the best payment gateways in India.
Other than this, people who opt for COD aka cash on delivery methods also prefer the digital payment medium. With QR codes and payment links, making a payment is like a walk in the park. It has offered the benefit to the customers who are worried about the eCommerce store owner’s authenticity. By using payment links or QR codes, customers don’t have to make the payment beforehand if they are concerned about store legitimacy. They will only make it when they receive the package.
That’s all! Now you know all about the rise of the best payment gateways in India. Having a payment gateway is crucial for any business but while selecting the payment gateway, it is best to go with one who offers additional benefits to you like no setup fees and no hidden charges, etc.