What makes merchants adopt digital payments?

Digital Payments structure the bedrock of more profound monetary incorporation for smaller scale ventures, which establishes 99% of India’s roughly 60 million-in number miniaturized scale, little and medium undertakings (MSMEs). More extensive money related administrations, for example, credit, protection and riches the executives, can be logically and cost-successfully gave in digitized and customized arranges over computerized exchange impressions. Such access to moderate account can mean monetary strength and development for entrepreneurs that are generally defenseless against income instability and experience the ill effects of obliged access to funding to develop. Also, this can profoundly affect work creation, monetary development and personal satisfaction for many millions.

Electronic Payments

There are eminent supply-side activities to promote electronic payments, for example, the setting up of open foundation stages like the India Stack. We currently have interoperable and effective payment frameworks, for example, Bhim-UPI (brought together payment interface), which are winding up progressively dependable as they develop. It is trusted that such exchanges will just end up more secure with the eagerly awaited client agree based components to administer business utilization of information.

In spite of these ambitious activities, be that as it may, last-mile hindrances are as yet writ extensive. Conduct factors, feeble financial matters and low item importance limit utilization on the ground. For business people and retailers who have imaginatively adapted to money for quite a long time, advanced cash represents a financial danger to their casual organizations and, eventually maybe, to their very survival. What’s more, advanced suggestions that give prompt, substantial esteem and satisfactory dimensions of trust to private ventures are basically tricky.

The fundamental divide lies between merchants with investments in fixed establishments versus the longer tail of home-based businesses, street and roving vendors, and individual service providers. The former tend to be formally registered, higher educated and operate at a larger scale. They are early adopters of digital payment solutions, with 42% having tried and 35% using popular solutions like wallets and internet banking. In contrast, the latter categories of merchants are largely informal, illiterate, and operate on a smaller scale, showing 2-7% adoption rates. They also have much lower access to banking, smart phones and the internet, and have little awareness and understanding of digital payment solutions, as well as lower overall business confidence. Interestingly though, these businesses have significant cash footprint and demonstrate pain points around customer collections, need for working capital and the inability to save in large amounts, all of which can be addressed through appropriate digital financial solutions.

Indeed, even inside these general classifications, there is variety in business and social setting. Organizations with higher exchange size and turnover show more noteworthy propensity to receive. A few organizations—for instance, discount, comfort or claim to fame retail shops—additionally will in general have diverse exchange settings and client profiles. Illustratively, in our example, just 13% of the dairy corner traders had received digital payments versus 53% of the attire and footwear vendors.

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Google Pay accounts for 54% of merchant transactions on Razorpay

Google Pay seems to have emerged as the most popular digital payments platform in India. Along with witnessing a constant rise in its user base, Google Pay has also become merchant favourite across platforms.

On converged payments solution firm Razorpay, Google Pay accounted for 54 per cent of merchant transactions. Razorpay in its report ‘Era of Rising Fintech’ said Paytm and PhonePe were way behind with 9.7 per cent and 11.9 per cent respectively merchant transactions on the platform. BHIM merely managed 4 per cent of those transactions, ETquoted the report.

In the past six months, Google UPI app has grabbed more market share than any of its competitors in the country. In this period, it saw its monthly active users reaching 45 million alongside Paytm and PhonePe.

In February, PhonePe and Google Pay were reportedly doing around 220 million transactions each while Paytm was leading the pack with 225 million transactions.

Last month, UPI recorded around 800 million transactions worth Rs 1,33,460.72 crore. Out of this, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March.

Whereas its rivals PhonePe and Paytm did 10K-15K crore less transaction in compare to Google pay.

Annually, Google claimed to hit $81 billion (or Rs 5.7 lakh crore) transaction run-rate in March. The tech behemoth is reportedly spending over $10-$15 million every month to draw more users on its platform.

Last month, Google Pay also partnered with Pine Labs to accelerate its offline transactions. The collaboration will give Google Pay access to over 3,30,000 point-of-sale terminals in over 3000 towns in India.

Meanwhile, the report hailed cards payment as a most preferred mode of transactions with 57 per cent of digital transactions. UPI accounted for 17 per cent while mobile wallets were at less than 2 per cent.

Among the multiple sectors where Razorpay is used, 42 per cent alone belonged to travel. Within three years of its operations, Razorpay claimed to have hit a run rate of $1 billion worth of transactions.

The report further outlined merchant demand for digital payments has seen a 70 per cent Year-on-Year (YoY) growth. Non-cash transactions are likely to overtake cash transactions in the country by 2023, it added.

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Source : https://entrackr.com/2019/04/google-pay-transactions-razorpay/

Building up a digital wallet that would be cherished by all individuals

Transactions dependably give you the following dimension of rivalry for flawlessness. Purchasers are getting increasingly more depended on the savvy gadgets. Driving the race of savvy gadgets, advanced cells have made a flawless space in the lives of individuals.

The excitement fragment, as well as individuals is overwhelmingly utilizing the innovation to purchase and offer everything extending from basic need to booking tickets for their weekend.

What exactly a mobile wallet?

A portable wallet is a monetary instrument that enables organizations and people to get and send cash by means of smart phones.

mobile-wallet

It is a kind of web based business model that is created with cell phones inferable from their accommodation and simple access. A mobile wallet is additionally called portable cash or a versatile cash exchange.

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Trending digital payment methods

Mobile In-Store Payments & Apps

The improvement and utilization of portable POS alternatives will increment exponentially as the interest and use of cell phones develops. A couple of certainties about smart phone use:

Almost 90 percent of twenty to thirty year olds today claim and are in close contact with their cell phones for the duration of the day.

Shoppers are as of now making over $4 billion worth of buys from their cell phones. Analysts foresee that the numbers will reach $34 billion in only a couple of years.

In an ongoing report, 56 percent of buyers said they would utilize their cell phones as a payment method in the event that it was a simple alternative.

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Xiaomi launches UPI-powered Mi Pay in beta

Unified Payment Interface

Unified Payment Interface (UPI) has turned out to be a battleground for global and local heavyweights. Besides Paytm, Google, PhonePe, TrueCaller and MobiKwik, likes of WhatsApp, Jio, Amazon among several others want a slice of fledgling digital payments market that set to grow to $1 trillion by 2023.

Xiaomi (Mi)

Xiaomi is no exception. Joining the league of aforementioned firms, smartphone brand Xiaomi is also tapping into consumer payment space in India with UPI. The company is getting closer to launch Mi Pay for masses as it received approval from NPCI.

Currently, Xiaomi is testing Mi Pay in beta (link) with ICICI and PayU. “NPCI has cleared Mi Pay for large group usage, due to which its beta testing is going live, and soon it will be available for all MIUI users,” mentioned a community post in Mi forum.

National Payments Corporation of India (NPCI)

Unlike WhatsApp (restricted to one million users), NPCI has given nod to Xiaomi for large group usage. Mi Pay will let users transfer fund, execute payments for several use cases including bill/recharge, water, and electricity bill using UPI framework.

It’s worth noting that Xiaomi is also planning to launch NBFC ‘Xiaomi Financial Services India’ and seeking RBI licence for it. The company also leveraged its investee KrazyBee to launch micro-lending platform – CreditBee.

UPI has been growing at a fast pace ever since its launch in November 2016. Last month, NPCI-owned digital payments railroad had crossed 500 million transactionmark.

At present, Paytm dominates the UPI ecosystem followed by PhonePe and Google Pay. In October, the SoftBank-backed firm had claimed 37 per cent of overall UPI transaction.

Meanwhile, Jio is also awaiting approval from NPCI for UPI service. Its entry along with WhatsApp will heat up competition in the segment.

With several behemoths have been competing in UPI ecosystem while some are awaiting regulator clearance, the road for Mi Pay won’t be smooth. Going forward, it would be interesting to watch how stalwarts fight for supremacy in the digital payments landscape.

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Source : https://entrackr.com/2018/12/xiaomi-upi-mi-pay/

Favorable circumstances of a Cashless Society

A cashless society is a monetary state where budgetary exchanges are not directed with money or physical cash. In less demanding words, we can state that a cashless society is where no banknotes and coins are utilized for a budgetary or monetary exchange or buy. The exchanges and buy are somewhat done carefully between the gatherings, or, in other words portrayal of cash.

Cashless society is definitely not another idea and it existed some time before the idea of cash, and it was known as trade framework, where products and enterprises were given in return for merchandise and ventures. Advanced exchanges are somewhat like that to deal framework as in both the cases there is no exchange of physical cash. Cashless exchanges have turned out to be conceivable with the utilization of charge cards, Mastercards, and mobile wallets like Google pay, Phone pay, Paytm, online financial balance exchange and furthermore through computerized monetary standards, for example, bitcoin. Be that as it may, all these have made the procedure very simple and agreeable for the general population.

As now there is no compelling reason to stress over money and going banks and ATM oftentimes. Yet, there is significantly more to consider than the straightforwardness and comfort. There are a few concerns identified with protection and control as each buy and exchange are currently recorded some place and checked by somebody. While a greater part of individuals wouldn’t fret this, a few people need their exchanges and buys to stay private for numerous reasons.

Favorable circumstances of a Cashless Society

Effective and Convenient

Going cashless decreases the issue of illustration money and liberates from the strain that whether trade out hand is adequate to make a payment or not. With cashless and digitized payment framework it has turned out to be more productive and helpful for the majority. This likewise accelerates the procedure of the budgetary transaction.

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The History of PayPal – Online Payment System

Back in the early 90’s, sending and receiving payments online between individuals was not an easy process. People didn’t even imagine the possibility of such transactions, even though banks and other financial institutions had the means of conducting them. Now everyone knows about and uses the world’s largest and most famous online payment system, PayPal.

Bold statement, you say? Check out the facts assembled by the folk at PLAY-N-PLAY and think again.

Currently, PayPal operates in 202 countries worldwide, with 203 million active users and 16 million merchant accounts. Since its inception, it has recorded 1,7 billion transactions with 32 payment transactions per active account. 768.745 websites worldwide use PayPal. And PayPal’s website itself, PayPal.com, ranks 73 worldwide by traffic. Impressive, right?

Now, let’s dig into the history of PayPal and learn about its journey to success. You won’t regret it, as it is a phenomenal one.

How did it all start?

Well, it goes back to Confinity Inc. founded by Ken Howery, Luke Nosek, Max Levchin and Peter Thiel in 1998. The company aimed to provide secure software for financial transactions on individually owned devices. In 2000, Elon Musk, initiated a merge between Confinity and X.com, his own online banking company. After realizing that Confinity’s operations were more profitable than X.com’s, Musk continued to focus only on Confinity’s operations of transferring money. PayPal, as we know it, kicked off in October of 2000.

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Key points to keep in mind while developing mobile wallet app solutions – RpayWallet

Function prioritizing

A mobile wallet application is essentially a set of different functions and highlights. You should be cautious while integrating these functions and features, as they’ll be eventually making your digital payment app booming.

Do an exhaustive statistical surveying, learn client desires, requests, and the market slant winning. According to these, prioritize the functions in your mobile wallet application.

Security

Your digital wallet can only be effective if the customers can rely on its security structure. The e-wallets require customers to store their card information or enter their passwords.

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