Blog
Digital transactions in India have witnessed a steep growth in the past few years. Payments via traditional mediums such as cash have been one of the most common and widely accepted payment modes in India. Trusting paper money more than the apps on the phone has been the preference for most Indians. However, we have witnessed significant changes in the last few years, and there has been increasing demand for digital and contactless payments. The pandemic has accelerated the growth of real-time and digital transactions in the country.
There has been a sudden acceleration in the digitization of payments because of the risks entailing physical interaction in the current pandemic scenario. The payments system recorded a robust growth of 25.5 billion real-time transactions in 2020. The numbers indicate the strong adoption of digital payments in the country. The share of digital transactions is likely to grow and will further touch about 71.7% by 2025. Let’s take a look at the trends that will further shape the real-time transactions in the country.
Let us understand how a collaborative approach can redefine the future of the banking industry.
1. Contactless Payments on the rise
The contactless payment market size is expected to grow in the coming years. We can expect the payments sector to undergo a complete transformation. Digital payments and technologies will allow businesses around the world to keep up with the demands of the customers.
Because of the pandemic, people are worried about touching cash and credit cards. As a merchant, you should integrate more digital payment methods and allow your customers to make contactless transactions. At Payswiff, we have a wide range of solutions that enable merchants to accept multiple modes of payment for uninterrupted transactions.
Contactless payments are faster and more secure in comparison to conventional methods of payment. Smart cards and applications have also enabled the implementation of the ‘tap and go’, making it secure and convenient for customers.
2. Digital payments in stores likely to grow
There has been a significant increase in the number of people shopping online. There is no doubt that the trend of online shopping will continue to grow. But, there are still people who prefer shopping offline and visiting the stores. Store owners can integrate different options and offer their customers a seamless shopping experience.
There are various payment options available, including, UPI, QR codes, and digital payment apps that are making it convenient for the customers. Businesses can even share payment links with their customers and make it more feasible for them. These payment options empower retailers and allow them to serve their customers in a better manner.
3. Smart speakers and wearable payment devices
Merchants and retailers have got a soundbox for their stores. A soundbox is an audio-assisted device that notifies them upon receiving online payments. It is a small portable speaker that makes it easier for them to track their payments. Currently, the number of people using smart speakers and wearable payment devices is quite less in our country. However, in the coming times, we can expect more retailers and vendors to adopt this technology. The wearable payment devices will ease out the payment process for the vendors and sales representatives. Both the payment options will aim to deliver a better customer experience and enhance the operations of your business.
4. Connected commerce solutions
The future of retail and businesses is all about innovative and connected commerce solutions. Connected commerce allows merchants to deliver a seamless and personalized experience. Payswiff offers connected commerce solutions that aim at solving all the payment needs of the customers. The connected services provide customers with the liberty to transition across multiple channels and process transactions with ease.
The transition from cash to more contactless and convenient modes of payment is already making a way. We expect to see more merchants adopting such high-end technologies to smooth out the payment procedure. You can integrate Payswiff payment solutions to provide a seamless experience to your customers. We have a wide range of solutions that will allow you to receive settlements quickly and safely.
