With over half a billion internet subscribers, India has been globally recognized as one of the fastest-growing digital consumers market - second only to China.
But one concern that business experts have noted is that the adoption of digital means like payment gateways has been uneven across business enterprises. While it has been observed that the gap between digital leaders and those lagging has been decreasing over the years, some companies are doing a better job catching up than others. Digital marketing is one such example.
However, there is no doubt that businesses will have to move online and digitize their payment operations to stay relevant. Payment gateways are the best way to do this if businesses hope to get a piece of the digital consumer pie.
Here is how payment gateways in India can help businesses stay relevant in the digital era.
Cater to diverse needs
Whether small or large, all businesses have customers that have access to a different set of resources. A merchant enterprise equipped with an online payment gateway is far likelier to address the needs of these sets of consumers than a store that accepts payments only in cash.
India's payment gateways have advanced over the years to incorporate many payment methods, starting from digital wallets and payment links to net banking and UPI payments. With the pandemic, each of these has assumed far greater importance than was imagined earlier.
Gain a competitive edge
Business enterprises that engage payment gateways and become digital have a competitive edge over their counterparts. Not only do payment gateways give them an ease of doing business and access to powerful technology that the global leaders utilize, but it also gives them access to a larger cross-section of customers.
Companies that digitize their payment process are far better placed to capitalize on India’s large, connected market - which includes 700 million smartphone and internet users than those that accept payments in the traditional brick-and-mortar setting only!
Increase profits
With countless businesses moving online, there is an urgent need to make the payment process online with the help of payment gateways in India. This can not only help drive the conversion but also result in higher revenues.
Help stay relevant
The biggest challenge for enterprises is this- how to stay relevant? With startups and homegrown enterprises cropping up, companies need to reinvent their payment strategies that are in tandem with the digitization of the economy. This is where payment gateways come in and assist businesses in transforming their payment process.
Empower your business
Digitization is constantly helping businesses remodel their operations. With people looking for online alternatives when shopping and purchasing goods or services, companies cannot afford not to offer online payment alternatives. Payment gateways in India support businesses in this endeavour and ensure that your business stays one step ahead, always.
Tap into the online payment market
Online payments are fast, convenient, and carry minimal charges. If businesses do not incorporate online methods into their existing payment system, they stand to lose out on massive business opportunities. The online payment volumes are growing by the second. To embrace online payments is the only way businesses can grow in the digital era, and payment gateways are a simple solution that ensures this.
Conclusion
There is no denying the fact that the future of payments is digital. With newer payment trends like near-field communication (NFC) enabling contactless payments in a specific geographical area, the payment gateways are constantly re-innovating themselves to serve the business better.
Top-class payment gateways like Zaakpay are empowering India's current payment gateway scenario with cutting-edge technology and state-of-the-art features. Zaakpay’s payment gateway is simplifying the way businesses transact, one payment at a time.
