5 Ways That Innovative Companies Use Digital Wallets

Digital wallets are sweeping different industries from retail to technology and banking, and are seeing a rapid rise in consumer adoption. But what are wallet based payment systems?

A digital wallet or an e-payment service is either an online or mobile solution that lets individuals and companies conduct transactions electronically. 

It, first and foremost, offers convenience in transactions because there is no need for physical money to change hands. That is why eMarketer forecasts in a report that the number of mobile payment users will increase to 74.9 million in 2022. By that time, the transaction value of proximity mobile payments will also go up to $160.79 with a difference of $98.5 billion from the 2018 figure. 

But e-wallets are more than just convenient payment methods. There are other digital wallets advantages and disadvantages, too. In this post, we will discuss some of the pros of using this technology below, especially how innovative companies are using it in their operations. 

To hasten on-site payment processing

Processing cash payments can be cumbersome. You have to wait for customers to fish money out of their wallets or purses and to count their change before they leave the counter. It can also be a bit of a problem when a purchaser hands you a large bill to pay for a small amount, leaving you with fewer bills in your cash drawer so you have to hunt for change when you face the next person in the queue. Either way, it takes up a lot of time, both yours and your consumers’. 

Fortunately, there is a resolution to your cash processing woes: digital wallets. According to The Pew Consumer Project, usage of mobile payments is growing steadily despite the fact that cash and plastic cards still rule. You can take advantage of this trend by making sure your business is ready to accept emerging technologies for payments. 

To that end, you can look at popular digital wallets examples and integrate them with your POS or ePOS. And since all people need to do is present their mobile wallet at the check-out register, you can receive their payments instantly and in less than a minute. 

To provide customers with tough security

A digital payment does not require customers to provide their card details to merchants, which gives them the peace of mind that their financial information is secure. This is possible because, for every transaction, the digital wallet produces a unique and random string of numbers to provide to the business in lieu of the actual debit or credit card number. 

Moreover, a mobile payment gateway also would not store the actual account number on the user’s smartphone. This is on top of strong encryption and stringent security measures such as two-factor authentication and fingerprint lock. 

To pay bills automatically

Settling utility bills and the like is time-consuming because you need to go to the biller’s office or payment center. And if you are busy with your operations, it is possible that you are unable to pay them on time. Or worse, forget to settle your dues and have a penalty charge heaped over your previous bill. 

You can avoid those dilemmas by configuring automatic payments to merchants, which you can do using your digital wallet. Since your credit cards are linked with the app, you can charge the transactions to your selected card easily. Not only is this convenient, but this also gives you a good amount of time before you have to pay for everything. 

As such, you do not have to bustle to find the cash that you need to pay your balances. 

To avoid bad debt 

When clients are incapable of paying for your products or services on time, it is possible that you run into some bad debt. You can avert this situation by configuring an e wallet payment system for your business. This means that your customers can pay on the spot and no longer make forgotten checks a reason to make you wait. What’s more, by letting your partners pay you using their smartphones, you can reduce the occurrences of chargebacks. 

Other than that, you can resolve your cash flow problems and pay your vendors on time. 

To bundle with loyalty programs

Digital wallets are not just for accepting and making payments, however. You can also leverage them for your loyalty programs. Take a cue from Starbucks. Despite being limited for use in their stores, their digital payment solution trumps those of Google, Apple, and Samsung by linking it with their loyalty program. Other businesses are also experiencing a high rate of success in doing so, as eMarketer points out in an article about mobile and proximity payments. 

By using mobile wallets for this reason, you can make it easy for your customers to receive points even when they have lost, misplaced, or forgotten their actual loyalty cards. You can also leverage this technology by offering perks and discounts to patrons who use a certain payment method to facilitate adoption. 

Making the move towards digital payments

Mobile payment adoption is increasing in the US alone and it is likely that it will rise globally in the coming years. Before then, you can set up your business for success by configuring your POS and ePOS to accept payments from different virtual wallets to provide customers with a faster and secure option. There are different ways to measure success in this regard but you can reach your objectives (or even go beyond them) with the help of the right tools. 

wallet

Digital Payment systems Market in India

Indian payments industry is to a great extent commanded with money based exchanges. The financial business in the nation was significantly branch-based till 2014. Afterward, there was an impressive development in the branch-less channels of banking, which has additionally investigated into digital payments in both rustic and urban areas. Indian digital payments industry is required to reach $700 billion by 2022 as far as estimation of exchanges.

It is normal that over 80% of the urban populace in India will receive digital payments as a piece of their everyday practice by 2022 and 70% of the retail chains will embrace the equivalent. The diminished transaction charges and the level of simplicity of money moves related with the electronic store moves and portable financial will further drive the development of digital payments frameworks in India. Additionally, the Indian Government is bringing positive strategy structure, for example, Goods and Services Tax (GST), budgetary incorporation, improving digital foundation, propelling payment frameworks, for example, aadhar empowered payments, UPI, and others which are supporting the digital payments industry. In 2016, Indian Government made a huge move, for example demonetization, to check dark cash course inside the nation and to increment digital payment infiltration. It is a sensational advance made by India towards improving cashless economy, bringing about sharp increment of a few digital payments diverts in the nation.

Analysis:

The “Digital Payment Systems Market in India” market will observe a CAGR of 58.90% during the estimate time frame FY2017–FY2023. The market is fragmented by digital payment framework types and areas. The digital payment framework types incorporate portable wallets, web banking, versatile banking, PoS, and others. The areas shrouded in the report are urban and provincial locales; right now, urban district fragment holds the significant piece of the overall industry pursued by country section.

Digital Payment System

Mobile Wallets; India’s portable wallet biological system is yet to be competitive, anyway real web based business and telecom organizations are fuelling this industry through business development. Likewise, a solid administrative help is yet to come into power for the exponential development of digital payments biological system in India.

The changing client conduct, expanding web entrance rate, and government strategies are energizing the business which is by implication bolstered by the developing interest for P2P payments, E- commerce platforms, service charge payments, and others. The improvement of advanced foundation in India emerges by giving a solid mechanical biological system to the digital payments industry.

Key players:

Some of the leading companies covered in the ‘Digital Payment Systems Market in India’ report are Paytm, MobiKwik, PayUmoney, Airtel Money, Vodafone Mpesa, Idea Money, Stank Bank Buddy, HDFC Bank PayZapp, ICICI Bank Pockets, Axis Bank LIME, Freecharge, PhonePe, Samsung Pay, and others

The report gives bits of knowledge about different methods of electronic reserve move – Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and others.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

UPI records 754.54 Mn transactions in June; BHIM continues to struggle

Unified Payments Interface (UPI) has recorded 754.54 million transactions worth Rs 1,46,566.35 crore in June. As compared to May, this is close to 3% increase in transaction volume and a 4% decrease in transaction value.

Till date, UPI has also recorded the second highest figure for transaction volume. In May, it crossed Rs 1.5 trillion worth transaction mark by clocking 733.54 million transactions.

While NPCI-owned entity has been able to maintain its mojo, government regulated BHIM has once again failed to fire. In May, BHIM has recorded 15.77 million transactions worth Rs 6,627.42 crore that slumped down to 15.49 million transactions amounting to Rs 6,202.49.

The reason behind BHIM’s flat show is the rapid growth of private players in this space such as Google Pay, Paytm and PhonePe.

In May, Google Pay had registered 240 million transactions amounting to Rs 55,000 crore and dethroned its arch-rivals to become the largest contributor of NPCI-owned unified payment railroad.

On the contrary, PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

The aforementioned private entities have not revealed their transaction figure for June.

NPCI-regulated inter-bank electronic funds transfer system (IMPS) has also recorded a slight downfall from 183.33 million transactions worth Rs 1,80,456.44 crore in May to 171.33 million transactions worth Rs 1,73,019.27 crore in June.

Meanwhile, RBI has proposed for waiving off charges that are applied on bank transfers carried out by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). To push digital transactions, the new payment fee structure will be applicable from today (01/07/2019).

There is no such announcement for IMPS

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source: https://entrackr.com/2019/07/upi-transaction-june/

The epoch of growing Fintech – How Makes & Accepts Payments?

Have you as of late halted and paused for a minute to acknowledge how you’re ready to pay for the chai you drink by basically examining a QR code? Have you pondered that it is so easy to make a payment at your local market utilizing Google Pay? No? Perhaps you should.

For quite a while, Indian residents have stayed doubtful about advancing alongside the pace that innovation has set. Is it true that it was the dread of investigating what’s going on? The dread of escaping the safe place;

Perhaps; Be that as it may, as of late, the nation has grasped change, and it has brought such a great amount of progression as far as how payments are disentangled. Gone are those days where you generally need to convey money in your wallet. Gone are those days where you have to squabble with sellers for not rendering change to you.

India has seen a gigantic ascent in fintech reception over the most recent couple of years with a developing interest for non-money exchanges. Remembering the interest, NASSCOM predicts the Indian fintech programming market alone to twofold itself and reach USD 2.4 billion by 2020.

Requirement is the mother of discovery

India being a developing country, encourages innovation. The country sees growing customer demand for digital payments, but regulatory and operational complexities persist. Digital transactions are expected to surpass cash transactions by 2023. This demand has created the need for a new ecosystem for digital payments, banks, and fintech firms to join forces and innovate.

India being a creating nation empowers advancement. The nation sees developing client interest for digital payments, yet administrative and operational complexities endure. Digital transactions are required to outperform money exchanges by 2023. This interest has made the requirement for another environment for advanced payments, banks, and fintech firms to unite and improve.

UPI transactions

We as a whole use Google Pay, PhonePe, BHIM, and different applications consistently. Be that as it may, do we truly know what an effect these applications have made on the Indian payments scene?

In every one of these years, if we somehow happened to pick one fintech advancement that has totally changed how payments work, it must be UPI – a moment, ongoing paylment framework created by the National Payments Corporation of India (NPCI) that encourages between bank exchanges.

Everyone heartily invited UPI on the grounds that it gave a look at how simple and momentary payments can be. It saw a 7x development in 2018, while Google Pay turned into the ruler of UPI applications and ruled, deposing all other UPI applications.

From being a wallet executioner, UPI has likewise advanced toward take the piece of the pie from net banking. It has changed into a shipper first payment (P2M) stage, from being a P2Ppayment mode in 2017.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Targeting offline business, Paytm shifts cashback from P2P payments to merchant payments

Alibaba-backed digital payment firm Paytm has announced to shift its focus to offline merchant payments from incentive-led peer-to-peer (P2P ) UPI payments.

The payment firm will now invest money in offline merchant expansion, for which it claims to have high-frequency usage. It plans to partner over 20 million kirana stores enabling them to accept the digital mode of payments including UPI, wallets and cards.

The move is part of the next growth strategy, where Paytm eyes to reach out to smaller cities and villages.

By investing in real merchant payments even in the remotest part of our country, we will help expand the vision of Digital India to the grassroots.” said Deepak Abbot, senior vice president of Paytm in a press statement.

The Noida-based firm, by cutting cashback on P2P payments, believes that Paytm users, who have been using the app for long now do not need cashback push to keep transacting on the platform.  Instead, cashback will be given to those who are not yet part of digital payments, the company said.

The move will further also help weed out artificial transactions on the platform. Besides, it also plans to invest in lending and insurance to help merchants get better access to capital and provide more financial security.

In May, it claimed to clocked over 70 million of the estimated 120 million UPI-based merchant transactions. With about a 10% MoM growth in this segment, it has claimed to have 60% of UPI-based merchant payments market share.

In FY 19 Paytm clocked about 5.5 billion transactions. The payment major aims to cross over 12 billion transactions in the next 18 months.

In offline merchants base segment, PhonePe, which has about 1 million offline merchants, competes against Paytm. Google Pay has also piloted the offline payment service with kirana stores.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/paytm-cashback-from-p2p-payments-merchant-payments/

Rpay- TOP MOST PLATFORM FOR CUSTOMIZED DIGITAL WALLET SOLUTIONS -CIO REVIEW INDIA

As modern-day technological tools transform next to every action today, financial transactions have also undergone a sea change, from the way they are initiated to intermediate processes and eventual execution. Based out of Chennai, Roamsoft provides state of art business and technology platform for various startups across the world and also focused on fintech digital wallet solution. Roamsoft has best hand-picked tech talent having experience in working with great companies around the world and across time-zones.

In India, Phonepe, Paytm, Mobikwik, Google pay have the best technologies in this payment platform. If a startup needs to flourish in this industry they need to work on this technology development platform. As it needs more investment & time, Roamsoft filled the gap by developing ready to use product- R Pay. Roamsoft used that gap in contributing the product R Pay with mobile friendly features, well documented API s, and plug-ins that suits all major Ecommerce platforms. As Digital payment solution plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay – Wallet platform for business. It provides solutions like peer to peer (P2P), business to business (B2B) and business to customer (B2C).

digital payment platform

RPay, a wallet platform helps businesses grow and provide features like a hassle- free sign up, load & send money, withdraw cash, pay merchants, buy tickets, instant notification, and limited liability etc.

It helps merchants to create reward points, feeds, and loyalty programs etc. Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud. Though the product offered by Roamsoft is ready to use, upon special request Roamsoft does customization of the platform. The company provides free update to the software whenever necessary. Roamsoft fixes errors and works on further development when the client faces any issue in the product. “We also share our ideas and analytical support to our clients. We provide unlimited lifetime free support to our clients and hence we had real customers”, adds Mohan K, Founder, Roamsoft.

“Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud”

Mohan k, Founder of Roamsoft says

Roamsoft built a digital payment solution for a UAE startup which is the first platform to introduce QR code technology, Payment link, Payment Gateway in UAE. Within two months of its launch, the solution had three hundred thousand payment transactions. “We feel this is one of our successes in the payment solution Industry”,

As of now Roamsoft has 7 clients in their clientele from France, Ethiopia and Peru, with expansion plans underway to include clients from Nigeria, Ghana, Congo, Sweden, and Bangladesh. Roamsoft’s future innovation goal is to become leading digital payment solution provider in the next three years through developing new technologies, and features etc. This digital payment project is growing day by day and the company is working forward to become leading digital payment solution provider in the world

For wallet script demo : https://www.roamsofttech.com/digitalwallet-solution