The Indian payments landscape has been witnessing a rapid digital revolution, with consumers increasingly embracing digital modes of payments like UPI, cards, wallets and more. The same can be said for countries around the world as well.
While India has UPI, South Africa has PayShap and UAE has Aani. India’s homegrown UPI is also making its way around the world as more and more consumers begin to pay digitally. This shift in consumer preferences offers businesses immense opportunities to not only adapt, but also propel their revenue growth significantly. Let’s explore how.
Operational excellence and cost savings
Digital payments hold the potential to help streamline business operations, leading to tangible cost reductions and enhanced profitability.
- Lower transaction fees: Cash and other physical payment methods come with their fair share of handling costs. Digital payments like UPI and cards, on the other hand, have minimal to negligible costs associated with them. This can translate into significant savings for businesses, especially those with high sales volumes
- Streamlined processes: Digital payments eliminate the need for manual cash handling and reconciliation processes. This frees up valuable employee time, reduces accounting errors and enhances efficiency across departments within the business
- Data-driven insights: Digital payments generate a clear trail of transactions, providing businesses with valuable insights into customer spending patterns. This data can be used to improve inventory management, optimize pricing, run marketing and sales campaigns and make more such informed business decisions
Reaching a wider audience
Digital payments allow businesses to transcend geographical limitations and boost their market reach.
- Power of e-commerce: Businesses can integrate digital payments like UPI, cards and netbankinginto their e-commerce storefronts, tapping into the explosive growth of online shopping in India. This opens up a massive customer base beyond their immediate geographical location since the reliance of cash is eliminated
- Serving the underbanked: Digital wallets and UPI have significantly contributed to financial inclusion, allowing Indian businesses to cater to the underbanked and unbanked populations who are increasingly participating in the digital economy
Unmatched customer experience and loyalty
Digital payments put the consumer at the center, fostering an exceptional payment experience that builds brand loyalty.
- Lightning-fast transactions: UPI and mobile wallets offer near-instant transactions, eliminating long queues and wait times at checkout counters. Tap-and-pay using WiFi-enabled POS machines also offer the same convenience and speed. This leads to higher customer satisfaction, encouraging repeat purchases
- Enhanced security: Robust security measures built into digital payment systems give customers confidence when making online or in-store transactions. This trust is crucial for long-term business relationships
- Personalized rewards: Digital payments can be integrated with loyalty programs and reward schemes, allowing businesses to offer personalized discounts, cashback, and other incentives to their customers and make them come back for more
Driving innovation and new revenue streams
Businesses can leverage digital payments as a springboard for innovation and exploration of additional revenue channels.
- Recurring payments: Subscription-based models are gaining popularity across India. Digital payments enable automatic and recurring deductions for services like OTT subscriptions, utility bills and memberships, creating a predictable and consistent revenue source for businesses
- Dynamic QR: QR codes enable micro-merchants and small businesses to accept payments in a frictionless and cost-effective manner, especially store owners who don’t have a big staff. These codes also open up new markets for larger businesses that can partner with these networks
- Social commerce: The integration of digital payments within social media platforms is facilitating a new wave of social commerce in India. Businesses can sell directly to customers through platforms like WhatsApp and Instagram, unlocking additional sales avenues
Navigating the implementation of digital payments
These are some of the ways how accepting digital payments can help build revenue streams and grow the business. But to implement digital payments, businesses need to ensure that they partner with reliable providers.
Banks can aid businesses here by partnering with FSS and providing our payment gateway. FSS Payment Gateway is powered by FSS BLAZE, a cutting-edge payment technology platform. BLAZE offers a microservices infrastructure, uninterrupted performance and effortless integration. BLAZE is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security.
Using the BLAZE architecture, FSS Payment Gateway can handle more than 5,000 transactions per second, which is further scalable on demand. FSS Payment Gateway also provides support for scheduled and recurring payments for all types of merchants. Merchants can accept payments through EMIs, standing instructions (SI) and AutoPay.
Overall, FSS Payment Gateway is a reliable and scalable payment gateway that comes with a range of features and easy integration processes for businesses of all sizes.
Inspired to onboard FSS Payment Gateway? Learn more here.
