Contactless payments technology is advancing in the digital market
COVID-19 has accelerated digital payments India and all around the world. By offering preferred payment methods for a global audience, you can witness many opportunities for retailers that sell online.
The effects are seen in business and the future of in fields of industries such as retail might have a lot more changes during the pandemic. The crisis has expedited people in general further into the online – digital world; technology that experts predicted the industry would follow in five years is now on track to being accepted in months.
We see shoppers taking to online deals through websites instead of wandering aisles in malls and shopping markets. Digital payment methods are becoming popular as new consumer habits are taking over and preferences persist for a long time after the pandemic. By offering preferred payment methods, there is a possibility of new world of opportunities. The retailers are witnessing exponential growth by localizing their payments offering to serve a global audience.
The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated. Digital payments uses digital medium such as the internet, cell phones, and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money. The digital payments market covered in this report is segmented by mode of payment into point of sale, online sale. The digital payments market is also segmented by end-user industry into retail, banking and financial service, telecommunication, government, transportation, others.
Contactless payments technology is soaring up in the digital payments market. Many users are now opting for contactless payments technology such as mobile wallets, contactless cards, and others as there more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near field communication (NFC) for transmission of amount among users.
With a QR payment option in its product line, ePaisa plans to reach every business segment in the Retail industry, Local Transport Services, especially Small Merchants in tier II, III, IV cities, where still cash is the primary payment mode.