The growth of eCommerce sector has been phenomenal, and never has been internet penetration been so expansive. This has persuaded a lot of consumers to prefer online transaction, driving the global market to go for online gateway payment methods. Though the topic may sound quite generic, it is important that we discuss how the tremendous growth of eCommerce sector has shaped the future of various modes of transaction including real–time bank transfers, direct debits performed through debit card, credit card, charge card, prepaid cards, et al.
The modes of payment can vary a bit with credit cards permitting transaction limits, the repayment of which is time bound, whereas debit cards can be functional as long as there is sufficient balance in individual accounts.
There is no doubt that the ever–growing adoption of mobile devices and the number of online shopping and cashback sites online mushrooming every year have boosted the online payment gateway market.
In recent times there has been a significant increase in the number of digital payment adopters:. What greatly fueled this rising trend is that online shopping portals and most brands online have made online payment gateway the lifeline of transaction processing for consumers. The highlight is that these online portals maintain a thorough track of the bank details, in addition to the privacy and security policies in place, which can be easily iterated without running through the whole hog again.
Mobile wallet is another payment mode that has tested the full potential of the online payment gateway market, particularly since 2017, when the Indian government’s Demonetisation program was in full swing. It is just not the big businesses that are reaping the benefits, but SMEs, small–time players, industries and start–ups that have turned out to be early adopters of mobile wallet programs.
The increasing use of mobile devices, if anything, has led to the proliferation of online payment gateway market. Businesses and customers have cashed in the opportunities that instant payments offer. FinTech experts hint at the ease of business and reduction of black economy as twin advantages of cashless payments. If recent studies are anything to go by, online payment gateways have made cashless payments more accessible and ready–to–serve than ever before.
The biggest concern and challenge for businesses, however, has been security in the digital payments ecosystem, including mass cyber theft, which has been addressed by innovative technological shifts. Integration of high–security options has brought the vulnerable areas of digital payment programmes under the scanner. This will, in fact, can raise the industry standards and compliance levels. Looking to take the Payment Gateway route? Talk to QPay today as we offer the required technical infrastructure, security and managed support services for secured, reliable and fast digital transactions.