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Blockchain & Crypto digital payments Financial intermediary fintech Hybrid payment gateway payment gateway

Digital payment trends of 2019

Digital payment modes to simplify our lives

Have you faced the challenge of making cash payments at the grocery store? Have you fumbled up due to the lack of cash? Not anymore, with the digital payment system in the offing. Significantly, the digital payment system is the buzzword in the contemporary payment market.

By definition, digital payment systems connote the electronic transfer of money, as opposed to the physical cash payment. This is through different modes like; payment via an app, net­banking, contactless cards, etc. Going
ahead, digital payment is the need of the hour in consonance with a lot of benefits. Of these, multiple payment options, payment tracking, safety, and security take priority.

Digital payment modes
Learn about the digital payment modes which simplified transactions.

In this blog, I will walk you through the sought after payment modes of 2019.

1. Digital payment using E­ Wallets

E­wallets connote virtual wallets used to make payments with the help of a mobile or a computer device. This isakin to holding the personal, physical wallet under one head. Herein, the account details of a user linked to the
wallet to bring in ease of mapping of a user’s personal information. It comes with security features like passwordauthentication, KYC check, etc.

Advantages of E­wallets

  • E­wallets do not require you to key in precise details like CVV, the expiry date of the card, mobile number,etc. With these added security features, payment fraud reduced.
  • The user interface of E­wallets is easy to navigate. You won’t experience the hassle of keying in personal details for payment.
  • In other words, the preloaded data facilitate easy payments. As a result, payment processing takes place in a quick and hassle­free manner.
  • Data secrecy happens through the wallet to a wallet or the bank to bank transactions. Hence, this complies with the data security clause of government organizations.
  • On a different plane, e­wallets come with financial incentives and offers. Going ahead, this provides a good return on investments on payment processing.

Disadvantages of E­wallets

  • While e­wallet is changing the face of payments, it is not affordable due to the lack of internet and mobile connectivity.
  • Besides, e­wallet set up requires costly investments in the form of software and hardware.

2. Digital payment using Contactless card payments

This digital payment mode makes use of near field communication (NFC) or Radio Frequency (RFID) technology to facilitate card cum mobile payments. It includes credit/debit cards, smart cards, etc.

On the one hand, Radiofrequency technology involves the use of electronic fields to store data in the form of tags. The tags scanned during a transaction results in payments. Similarly, Near field communication technique makes use of magnetic fields to bring in an end to end transaction connectivity. Some of the key contactless payment providers include Wirecard, SecureKey Technologies, Tyfone, Dynamics, etc.

Advantages of Contactless card payments

  • It brings in fast payment transaction and settlement. Also, NFC avoids the waiting time associated with contact card payments.
  • Due to the inbuilt data encryption, there is an added level of security.
  • It brings in the room for prospective innovation.

Disadvantages of Contactless card payments

  • The cards are propense malware attacks. So, this brings in a security risk.
  • Being an advanced payment mode, the payment option is costly which everyone cannot afford.
  • Since it is an advanced technology, very few merchants use this technology.

3. Digital payment using Payment Cards

This digital payment mode deals with electronic money transfers via cards like debit, credit, smart, etc. Besides,the cards are electronically linked to a customer’s bank accounts. The card authentication takes place with the help
of PIN, CVV, etc. Also, these cards are used at ATMs, POS machines and online payment platforms. The subsequent usage charges are very low.

The technologies associated with the cards are magnetic strip technology, embossing, and smart card technology. In a magnetic strip card, card data stored in the magnetic strip is read by swiping it. In a smart card, hologram and ICs bring about counterfeit prevention.

Advantages of Payment cards

  • Easy and convenient transactions by avoiding physical cash. Herein, transactions take place conveniently by using the inbuilt data present in the cards.
  • Payment cards have inbuilt payment tracking. With the credit history tracked, it keeps a check on taxation issues.
  • Besides, the cards come with offers as incentives for online payments. Hence, this creates a favorable payment environment in the long run.

Disadvantages of Payment cards

  • Payment cards create a culture of debt accumulation. For example, with credit card purchases the repayment happens with the added interest rate.
  • Also, the increasing debit/credit card frauds compromise with the precious personal data of users.

In a nutshell, choose the payment platform which best suits your business requirements. While E­wallets are common amongst small e­commerce players, a contactless card is the upcoming payment trend. Besides,
debit/credit cards support a variety of customer base. Hence, digital payment modes are fast changing the face of payments across the world.

For more payment blogs, click http://blog.sabpaisa.in Learn more about SabPaisa here:https://sabpaisa.in.

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Financial intermediary Hybrid payment gateway payment gateway

Top Seven Payment Gateways Of India – A Payment Gateway List

Top payment gateway list decoded

Have you thought of rolling out a dream venture? As a result, did you choose the right payment gateway that will drive your dream enterprise? Notably, the available payment gateway list is wide and varied.

In a world of distinct customer base, the needs and requirements vary. So, one needs to be careful while choosing the right payment gateway. For example, the selection depends on several factors like interface, security,  maintenance charges,  customer support, etc.

The below-mentioned payment gateway list makes your selection faster, though. However, the rankings do not represent my personal opinion in any way.

1. CCAvenue

Checkout page of CCAvenue Payment gateway
Card and Net payment options

CCAvenue has a range of payment options. Overall, its efficiency is seen in terms of pricing, quality of sales, customer support, etc.

Features of the number one in the payment gateway list are:

(a) Payment gateway integration

CCAvenue offers a platform to process merchant transactions through credit or debit cards.

(b) Credit card processing options

CCAvenue accepts six credit cards like Visa, MasterCard, American Express, JCB, Diners Club, and EZE Click.

(c) Interface support

CCAvenue offers two interfaces: variable amount interface and shopping cart interface.

Variable amount interface works well for shopping cart developed scenario. On the other hand, the shopping cart interface helps in cart building.

(d) Currency support

CCAvenue facilitates transactions in 27 currencies across the world.

(e) Storage mechanism

The Safe card storage vault mechanism easily handles merchant data.

(f) Customer support

Round the clock customer service through call, email, and webchat.

Summary of CCAvenue features:

  • Payment gateway integration
  • Credit card processing options
  • Multiple interface support
  • Currency support in 27 currencies
  • Storage mechanism
  • 24/7 customer support

For more information, click on https://www.ccavenue.com/

2. InstaMojo

Dashboard of Instamojo payment gateway
Access the payment links and product store

Instamojo is a niche payment gateway in the e-commerce sector. Hence, Instamojo has made a significant mark among customers.

Features of the number two in the payment gateway list are:

(a) Unrestricted setup

Instamojo comes with no setup fees. Notably, the typical selling time ranges between 10-15 minutes post the setup.

(a) Secure payment services via unique product links.

The merchants have the option to create and distribute unique product links. Significantly, the links have an inbuilt security feature.

(b) User-friendly interface

There is an option to use the UPI interface. Notably, this brings in two-way transaction initiation at the payer as well as the payee level.

(c) Business tools

Instamojo comes with inbuilt tools for the use of customers.

(d) Payment gateway transaction

The transaction fees are 2 %. The settlement time is less than three working days.

(e) Customer service

The unique dispute resolution center is in charge of customer support. Most importantly, query handling is in the form of cases with unique IDs.

Summary of Instamojo features:

  • Unrestricted commencing setup
  • Secure payment services via unique product links
  • User-friendly interface
  • Useful business tools
  • Meager transaction fee
  • Unfailing customer service

For more information, click on https://www.instamojo.com/

3. PayPal

Login details of PayPal payment gateway
Easy login with your email id and password

PayPal is another popular payment gateway in the world. Principally, it has a presence in more than 200 countries with a 170 million customer base. Also, it supports over 100 currencies.

Majorly, PayPal is fit for businesses with a large international client base.

Features of the number three in the payment gateway list are:

(a) Payment support

PayPal doesn’t support Indian Rupee. Transactions occur in an international currency. Hence, Indian merchants prefer PayPal for inward transactions only.

(b) Multiple currency support

With the multiple currency feature, payment takes place in different currencies. Significantly, the balance is transformable from one currency to another.

© Secure payment services

PayPal comes with security features like fraud detection, buyer authentication, and exorbitant billing. PayPal’s Buyer protection ensures reimbursement of failed transactions.

(d) Simple documentation process

The documentation process consists of four simple steps of verifying through PAN card, email ID and Bank Account.

(e) Settlement process

A payment settlement takes place within a day. Most importantly, the auto-withdrawal feature has a minimum turnaround time.

Additionally, payment capture happens through Express checkout and Manage Express checkout features.

Summary of PayPal features:

  • No Indian rupee support
  • Multiple currency support
  • Secure payment services
  • Simple documentation process
  • Quick settlement process

For more information, click on https://www.paypal.com/

4. SabPaisa

Online App of SabPaisa payment gateway
Easy search of clients on the SabPaisa App.

Traditional payment gateway systems come with few limitations. Since they majorly work on online platforms, there are constraints for distant stakeholders. Therefore, SabPaisa aims to create a hybrid platform (online+ e-offline) for payment gateway transactions.

Established in 2016, Sabpaisa’s growth has been remarkable. SabPaisa caters to a range of clients like Allahabad Bank, Bank of India, Magic bricks, Vijaya Bank, Dena Bank, Delhi Jal Board, Press Council of India, UP Government, etc. Therefore, it has found acceptance among 500 trustworthy clients and 3 million customers across the country.

The features of the number four in the payment gateway list are:

(a) Hybrid payment gateway integration system

The innovative hybrid payment platform serves the needs of different customers.

Firstly, online payments via card and net banking are supported. Secondly, an offline payment option is available via cash and subscription option. Incidentally, SabPaisa is the first payment gateway in the world to introduce the hybrid payment system.

Also, SabPaisa supports seven currencies like the Australian dollar, Canadian dollar, Euro, British pounds, INR, New Zealand dollars and US Dollars.

(b) Mansha AI

Artificial intelligence helps in transforming voice or image input into text format. Overall, clients get real-time reliable support.

(c) Taylor -made Sab Paisa Qwik forms

SabPaisa offers a customizable online form builder based on the needs of different clients. Firstly, the database is captured for new users. Secondly, registered users make use of LinkPaisa to make payment.

(d) Dedicated application for clients – SabPaisa App

SabPaisa has client focussed application. Hence, every new client is given a unique transaction ID.

(e) Authentic customer support

SabPaisa offers dedicated customer support through channels like; email, voice message, as well as chat messages. Further, Mansha AI brings an innovative way of customer query handling.

Summary of SabPaisa features:

  • Hybrid payment gateway integration system
  • Mansha AI
  • Customized SabPaisa Qwik forms
  • Dedicated SabPaisa App
  • Innovative customer support

For more information, click on https://sabpaisa.in/

5. Paytm

Promocode for Paytm payment gateway
Easy application of promo code

Paytm has emerged as a predominant payment gateway post demonetization of 2016. Most importantly, Paytm’s business model has emerged as a replicable model for many financial enterprises.

Paytm Cash wallet facility has enhanced its consumer base. Due to its QR based system, Paytm continues to be the choice for small businesses.

The features of the number five in the payment gateway list are:

(a) Setup

It gives a simple application that is very straightforward to set up and start operation straightaway. Hence, it is summarily adaptable on almost all types of smartphones.

(b) Maintenance

Paytm comes with no maintenance charges. Hence, it is convenient for small businesses like start-ups and brick and mortar stores.

(c) Payment Modes

Paytm supports domestic credit and debit cards. As transactions take place primarily in Indian currency, there is no international credit card processing support. Also, there is a Netbanking facility for about fifty banks.

(d) Payment gateway charges

Paytm doesn’t charge any transaction fees. Overall, Goods and Services Tax (GST) of 18% is charged on Paytm transacted materials and services. Significantly, this helps in enhancing government revenue generation.

Initially, the first settlement happens within 4-5 days. Going ahead, settlements take place on a one-day post-transaction date.

(e) Customer support

Voice-Enabled customer support provision 24/7 throughout the week.

Summary of Paytm features:

  • Convenient setup
  • No maintenance charges
  • Multiple payment modes
  • No payment gateway charges
  • 24/7 customer support

For more information, click on https://paytm.com/

6. Razorpay

By facilitating collateral-free loans and instant settlements, Razorpay brings in a wide range of services.

The features of the number six in the payment gateway list are:

a) Smart collect

The reconciliation process is made easy with the option for automatic incoming payment notification. Multiple payment modes like NEFT, RTGS, IMPS  are supported.

b)Subscriptions

Enjoy subscription plans with the automated recurring options available in the platform.

c)Payment pages

With the customized payment pages, payments take place in a hassle-free manner.

d)Razorpay capital

Cash crunch for your business is a thing of the past with the Razorpay capital. Be it loans or instant settlements, Razorpay capital provides it all.

e)Payment route

The custom APIs facilitate different payment routes like split payments, vendor payouts, etc.

Summary of Razorpay features:

  • Easy reconciliation with Smart collect
  • Varied subscription plans
  • Custom payment pages
  • Razorpay capital for business funding
  • API enabled custom payment routes

For more information, click on https://razorpay.com/ 

7. PayU

Do not worry if you have an unregistered business, PayU is here to help your business flourish. With the simplified user interface, the payment platform is adaptable for both individuals and businesses alike.

The features of the number seven in the payment gateway list are:

a)Simple setup

The presence of the account activation process makes it possible to accept payments within five minutes of the initial setup.

b)Payment modes

With a wide range of payment modes like Net banking, wallets, cards, and UPI, transactions proceed in a smooth and seamless manner.

c)Payment management

The presence of a dynamic dashboard eases both transaction and account management functionality. Further, the users are given a real-time alert of transactions via push notification.

d)Payment integration

There is ease of operability through numerous integration options. For example, an additional feature addition happens through the change of code. Also, customers could avail of real-time updates via the auto-update feature.

Summary of PayU features:

  • Simple initial setup
  • Numerous payment modes
  • Dynamic payment management
  • Flexible payment integration

For more information, click on https://www.payumoney.com

Prospects of Payment Gateway System in India

The future of the payment gateway system in India looks very promising.  The success of payment gateways in India depends on two factors: (1)   gateway interface and (2) user satisfaction.

While there are common features that unite the payment gateways, but there are certain features unique to each of them. For example,  CCAvenue comes with a  safe card storage vault mechanism that brings in additional security. On the other hand, security is assured through product links on Instamojo.  Further, Razorpay Capital makes loan approval and settlement easy and affordable.

Similarly, SabPaisa’s hybrid payment system works well for both big and small businesses. Be it a small brick and mortar shop or an MNC, SabPaisa’s online payment systems will capture the most minute transaction. Besides, SabPaisa’s Mansha AI runs on artificial intelligence which clearly guides customers within the practical scenario.

Going ahead, there is no dearth of payment gateway options for businesses at present. The suitable payment gateway selection is business-centric as well as customer-centric. A wise selection based on cost, efficiency, and effectiveness is the need of the hour.