In the present era, everyone is very keen in knowing about the various modes of doing secured payments online and this thirst of search has come to an end with the invention of numerous eCommerce payment gateway and payment gateway services. Maximum people have started using the epayment gateways to do the online payments.
It has been noticed that in the last few years there has been a rise in the four areas namely- people using more and more internet and Smartphone’s, numerous nonbanking organizations offering the payment services, the customers are looking forward to one-touch payment system etc.
India is witnessing the usage and demand for secured digitalized payments and it’s not a doubt that it will be the most demanding phenomenon in the upcoming years. So let’s know the factors which are responsible for the growth of e-commerce payment gateways and this will also depict the future of e-commerce payments as well.
1. India getting digitalized:-
According to the Business Standard, Indian holds the second position in the world with more than one billion mobile subscriptions. Out of this count, 250 million uses smartphones and this count is estimated to be increased to 520 million by the year 2020.
As there is more and more 3 G and 4G users so there is said that the number of internet users will increase and get doubled by 2020 as well.
Google BCG Report has concluded that India’s e-commerce payment industry can grow up to $500 billion by the year 2020 which contributes 15% of the GDP. This GDP is based on the increment of the Smartphone users in India.
Unmatched efficiency offered by e-commerce payment gateway is provided more to the merchants than the buyers. With the help of e-commerce payment gateways, the merchants can easily solve their cash flow matters, received the payments for their sale incurred directly into their online merchant bank accounts.
It permits the payment to be made through the debit and credit cards, online banking services, digital wallets, mobile banking etc and this assists the merchant to process the payment very easily without any hassle.
3. Less cost and time incurred:-
It is very problematic to keep a track on the payment issues if it’s offline, but this is not the case once e-commerce payment gateway is used as the entire updating is done automatically.
There is no requirement for any extra help or assistance as the maintenance is done solely by itself. This helps the merchant to concentrate more on the business rather than focusing on the cost and time required by the payments gateways.
4. Numerous features:-
E-commerce payment gateways offer numerous features of payments to the individuals which makes online payments very easy and convenient. For example- numerous currency payments for well known international currencies- GBP, AUD, USD, INR etc, for accepting the payments from the customers across the world. Email marketing and the integrated SM have also made the life of the businessman easier.
Payments systems like the Ease buzz possess PCI-DSS complaint servers which makes the online transactions safe and secured like the bank transactions. The payment system stop to work when it assumes that duplicate currency is being used to complete the transactions. This level of security is just wow.
6. Fast transactions:-
Both merchants and customers save their time and effort by using e-commerce payment as it’s quick and reliable. It’s safe as there is a verification of KYC before one starts to use the payment gateways.
The entire transaction is done after complete authentication and the authorization of the process of the payment which is done automatically.
So this has made the customers aware and keen to stop following the traditional form of payments and do the cashless payments.
We can conclude that the future of the online or the e-commerce payments seems very bright in India as this mode of payments is reliable, fast, and effortless and secured which is very important. These payment portals provide immense security to both the merchants and the customers which help in the growth of the business as well.
So if you also want to join hands with the most reliable, safe and secure e-commerce payment gateway services providers kindly contact us and we will be glad to assist you.