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The Rise And Growth Of Mobile Payments
Mobile-based payments and cards are the crown jewels of the FinTech sector, with digital payments and online payment gateway illuminating the Indian payment scene. The major reasons for causing a shift in the way individuals make payments include rapid technological innovation and adaptation, as well as the government's deliberate drive to make digital payments an everyday need.
With the debut of NPCI's Immediate Payment Service or IMPS, in 2010, Mobile Payments began the process of making our lives easier. The primary motivation for developing this service was the urgent requirement for an interface with interoperability, and IMPS was successful in showing its usefulness by establishing a staggering 2.76 trillion Indian rupees in transaction value as of November 2020. By far the finest and most convenient technical breakthrough in the FinTech field has been the implementation of UPI, or Unified Payments Interface, in 2016.
With the implementation of UPI or Unified Payments Interface, in 2016, India's digital payment environment expanded considerably. UPI is a real-time payment ...
... system that allows for inter-bank transfers without the need to enter beneficiary account information. UPI, which was designed to take payments 24 hours a day, 365 days a year, allows you to accept digital payments using a Unique Virtual ID or a QR Code.
According to NPCI, UPI had a phenomenal 2.21 billion transaction volume in November 2020, with some of the most popular mobile applications operating on the UPI platform including BHIM, Google Pay, Paytm, PhonePe, and WhatsApp Payments.
How does Mobile Payment Service function in the Indian landscape?
According to a recent KPMG research, non-cash transactions are expected to rise by 20% by 2023, with mobile accounting for the majority of this development. Following the government's cash crisis in 2016, which took all high-denomination notes out of circulation overnight and forced the masses to rely on digital payment methods through the best payment gateway India, the entire country learned a lot.
Nonetheless, mobile payment solutions such as UPI and IMPS have grown substantially. Rapid smartphone development, aided by telecom firms offering low-cost 4G pricing options, has also poured gasoline to the fire. This resulted in a tremendous increase in UPI usage in 2016, with estimates ranging from 103,000 transactions to 1.97 million in three months, which eventually expanded substantially and surpassed the 900-million milestone.
Digital Payments in 2021
While this is an exciting trend, the industry consensus still holds digital payments responsible for just 10 to 15% of all retail merchant transactions, with mobile payments behind credit and debit cards in terms of value. Only around a quarter of Indians have smartphones that can utilize mobile banking apps or other payment systems such as PayTM or Google Pay.
However, the main issue that the mobile payment service and online payment gateway confronts isn't only getting the services into the hands of customers. There is a critical need to build ‘super apps that give a portal for accessing numerous services, therefore improving the user experience that was before confined to the same. As quoted by KPMG’s Mr. Jain “There is a clear incentive for people to use super apps and there is a clear incentive for the ecosystem to adapt to them.”
Allow your company to enter the market and accept payments from consumers using mobile payment methods such as UPI, Scan and Pay, and links with SifiPay. SifiPay can meet all of your mobile payment acceptance demands at the most competitive prices in the market.
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