A payment gateway is a service for carrying out online transactions integrated with the e-commerce platform or developed as a website or application to make and receive payments. There is a procedure to receive payments by filling in details like debit or credit card number, expiry date, and CVV.
As witnessed in today’s fast paced world, there is a massive rise in the use of online payment gateway. Utilising the convenience provided by the easy online payment gateways, there has been a concurrent increase in the use of resources like broadband connectivity, e-commerce shopping, and the emergence of other new technologies. To add more to the convenience, the payment gateway solutions are rapidly evolving with innovations like:
- Mobile Wallets
- Peer-to-peer (P2P) mobile payments
- Real-time payments
- Multiple Payment Gateway Aggregators
Most payment technology businesses are merging with traditional financial institutions to serve the new consumer and merchant preferences. Billions of people have started cashless payments. Most people looking for cashless transactions opt for digital peer-to-peer apps as they are more flexible and straightforward to use.
Payments in the application or tap-and-go transactions will take a few seconds at the checkout, and it allows users to make their payments anytime and anywhere. While you are doing digital transactions, there are multiple ways to secure payments, including encryption, tokenization, secure sockets layer (SSL), etc. Moreover, users do not have to fill in their details to complete the payment process.
What are the advantages of an online payment gateway solution?
Digital Commerce Empowering Businesses:
As users are more enthusiastic about online shopping, electronic payment solutions have become a significant part of businesses. Due to the increase in the use of smartphones, expanding internet penetration, and several options for e-transactions, most people opt for online applications over in-store shopping.
So, businesses are changing online with an electronic payment gateway solution to increase their business earnings. As it is an automatic system, it avoids errors and saves time and effort. High standards are used to detect and prevent fraud in digital transaction systems. The AI-based fraud detections protect users from security breaches. Businesses can enlarge their customers by providing payment services through debit or credit cards, mobile money, e-wallet, etc. This payment process helps users not count cash or do the paperwork for a transaction.
Convenience of new age payment methods
UPI payment methods are growing in the country. Buy Now Pay Later is rapidly becoming a trend. Both have convenience, faster payments and a contextual credit facility.
Biometric Authentication Enhancing Security:
Biometric authentication is used to verify the identification of an individual. The various methods of verification involve:
- Fingerprint Scanning
- Facial Recognition
- Voice Recognition
- Vein Mapping
- Iris Detection
- Heartbeat Analysis
No more worries about theft and fraud, biometric authentication is an excellent solution to make your digital transactions secure.
Dominance of Mobile Wallets:
Digital mobile wallets offer users to store several payment methods in one digital device. You can turn cash into electronic money, which is required for online or in-store purchases. Already financial institutions have started to accept digital wallets by offering virtual cards to business customers.
E-Commerce Boom Accelerating Digital Payment Market Growth:
Due to the Covid-19 pandemic, there are different methods of e-commerce innovation that introduce new trends such as payment alternatives are virtual cards, QR codes, and other touchless transactions. Among all these trends, one trend is leading the e-commerce industry: Buy Now Pay Later (BNPL), as it reduces the burden of paying immediate money for the purchase on the buyer. The BNPL trend involves a soft credit check, so the customers can buy according to their requirements, keep the inventory running and pay later without affecting their credit score. This trend provides businesses with greater flexibility at the checkout.
Upcoming Years are with e-payments Solutions:
In this current situation, who does not have a smartphone? Almost everyone owns a smartphone with an internet connection. People are getting advanced with technology and have endless digital payment gateway solutions opportunities. Due to the pandemic situation, digital payment gateway solutions are increasing and still flourishing over the years to come. Though cards have been the prior choice for payments, mobile wallets have gained a fast pull.
Are you looking for the best online payment gateway solution? Visit Nimbbl, as it is a universe of online payments. You can make all your payments in one place without having any trouble. Experience the best payment gateway solution, which can benefit businesses, payment aggregators, banks, NBFCs, and Digital Lenders.