5 Preferred Payment Modes For Online Transactions In India

By Author: Amit K
Total Articles: 686
Comment this article

Cashless transactions are becoming increasingly common as a result of the advent of Digital India and the growing growth of E-commerce. Another explanation for this is demonetization, which has made seeking new money difficult. As a result, the government is urging people to make digital purchases and go cash-free.

These are the most common reasons that people seek out the best payment gateway in India. The positive news is that there are many online payment methods available on the market. Owners of e-commerce platforms and other retailers use an online payment portal to accept a variety of payment types. Let's take a look at the most common payment methods in India!

Popular Payment Modes and Online Payment Gateway

A few years ago, Indians were too afraid to use credit and debit cards online, let alone use net banking. When shopping online, cash on delivery was thought to be the cheapest and most secure option.
The biggest cause for this avoidance was a fear of being duped. People used to believe that their financial records would be used to commit theft and clear their bank accounts.

However, ...
... problems quickly deteriorated, and while solutions such as cash on arrival are available, consumers seldom use them. In reality, they find it extremely inconvenient, owing to the dependable payment gateway solutions in India.

By far one of the strongest payment solutions firms that has changed the way transactions are handled on a wide scale is online payment gateway. About every retailer nowadays has at least one online payment gateway in place.

For those that are unfamiliar, the best payment gateway in India is a payment mechanism that enables retailers to receive digital payments from a variety of payment methods. It serves as a go-between for the banks of the client and the retailer.

That is how today's retailers tend to receive payments. Let us now discuss the most common payment methods in India.

1. Credit and Debit Cards
In India, debit or credit cards, or simply banking cards, are among the most common payment methods. They are famous all over the world, not just in India. They give users more power, protection, and convenience. Banking cards provide a range of choices for customers to select from, including credit cards, debit cards, and prepaid cards. When it comes to digital purchases, they are unrivaled.

The great thing about using banking cards is that they have 2-factor protection, which increases the degree of protection when making internet transfers. Users can make purchases with both their OTP and their PIN. Rupay passport, Visa, and MasterCard are some of the most commonly used cards in India.

Customers can use these cards to make online purchases without fear of being scammed. They will make money deposits, buy merchandise, pay bills, and so on.

2. UPI (Unified Payments Interface)
UPI has grown in popularity over the last 2-3 years. This payment method is becoming so popular that it has surpassed banking cards in use. About every customer now uses UPI to make payments. Not only on eCommerce and other online platforms but UPIs are also applicable almost everywhere. Every little and big shop owner, as well as the customer, has their UPI ID which they use to make and accept payments.
The Unified Payments Interface (UPI) is a payment mechanism that aggregates multiple bank accounts on a single network, i.e. a basic smartphone application. UPI is a one-stop solution for anything from fund transfers to digital purchases to energy bill payment. In reality, almost every payment gateway solution in India provides their customers with the ability to “pay with UPI.”

3. Mobile Wallets
Mobile wallets, also known as e-wallets, are common payment methods in India. They allow users to keep their money in digital wallets. So, with cash in your safe digital wallet, you can go cash-free. Users must connect their bank accounts and credit cards to the mobile wallet program in order to use it. If completed, you will use this wallet in the same way as you would your actual wallet, for banking, exchanging money, and so on.

The appealing offerings that mobile wallets present to their users are one of the reasons for their growing popularity. E-wallets never hesitate to reward their customers, from cashback to fantastic sales and discounts. In reality, many online retailers work with these wallets to provide discounts to their customers.

4. Internet Banking
Internet banking, also known as virtual banking, is the second most used payment method among Indians. It is an electronic payment system that allows bank users or consumers to conduct purchases via a smartphone device or a website.

5. E-cards
Last but not least, there are electronic greeting cards. Users may get virtual cards and use them in the same manner as they would a hard or plastic card.

So, these are the most common payment methods in India. A company can use any of these methods to satisfy the payment needs of its consumers.

Visit https://sifipay.com - India's no. 1 Payment Gateway Solutions.