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Payment gateway solutions in India

Monday, 25 Oct, 2021

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Rapid expansion is on the way for India's e-commerce market. There is still much room for improvement, from basic internet access to innovation in online payment methods, but both the government and e-commerce players are increasing investment in the industry's underlying infrastructure.

Following the trend, there are a variety of payment gateway solutions in India that are available to meet the needs of customers.

Payment Gateway Solutions in India

Payment Gateway Solutions in India

1. Online payment platforms in India

1.1. Market Overview

According to a RedSeer Consulting research report, digital payments in India are expected to grow more than triple to Rs 7,092 trillion (US$ 100.61 trillion) by 2025 as a result of government policies promoting financial inclusion and merchant digitisation. The country's digital payment market was worth approximately Rs 2,162 trillion (US$ 30.67 trillion) in 2019-20.

Mobile payments will account for approximately 3.5% of total digital payments of Rs 7,092 trillion (US$ 100.61 trillion) by fiscal year 2025, up from 1% currently. The total number of mobile payment users, which is currently around 162 million, would increase to around 800 million during this time period.

With the constant increase in both frequency and user base, it is expected that wallets will continue to be a major contributor to growth.

1.2. Payment Providers - Payment Gateway Solutions in India

According to Statista , between 2019 and 2023, online payments in India are expected to grow at a CAGR of more than 20%. It is expected that 660 million Indians will use online payment by the end of 2023.

However, as a result of the pandemic, online payment penetration has grown at an exponential rate. With a population of over 1.3 billion people, there are numerous opportunities available by using online payment.

Payment gateways are among the most important technologies ever developed. Previously, there was no reliable and secure method for transferring funds or making online payments. However, with the introduction of payment gateways, online financial transactions are now quick and secure. According to the Economic Times, the demand for online payment platforms in India among Indian customers has increased by 106 percent in the last nine months.

There are Payment Gateway Solutions in India

There are Payment Gateway Solutions in India

Top Payment Gateway Providers in India:

  • PayPal India
  • PayUmoney
  • Paytm
  • Razorpay
  • CCAvenue
  • Instamojo
  • PayCEC
  • Cashfree
  • EBS

Some online payment platforms in India.

Some online payment platforms in India.

1.3. Online Players in Online Payments

The following are the key players involved in online payments:

  • The Merchant:

This is the person who sells goods or services to customers.

  • The Customer:

A customer, also known as a cardholder, is someone who wants to buy products or services from merchants.

  • The issuing bank:

Is the customer's bank that issues the cardholder's credit and debit cards.

  • The purchaser:

The financial institution that maintains the merchant's bank account is known as the acquirer. It is also referred to as an acquiring bank.

2. Top payment processors in India

Finding a processor, especially payment processors in India, is the first step for startups and SME businesses that want to accept credit cards. The best credit card processing company is determined by the features that are most important to your company. NerdWallet considered factors such as:

  • Processing fees.
  • Setup time is quick.
  • Acceptance of payments in-person, online, or both.
  • The speed with which you receive funds.
  • Customer service vigour.

Here are the top payment processors in India recommendations:

  • Helcim
  • Square
  • Stax
  • Stripe
  • Paypal
  • Payment Depot

FYI: payment processors in India

FYI: payment processors in India

3. E-commerce Industry - Payment Gateway Solutions in India

In the last few years, the Indian payment space has grown dramatically. Because of affordable mobile internet and the increasing use of mobile apps, India has seen a rapid increase in internet and mobile users. Further payment digitization has gained traction and has enormous potential in this market.

Advantages

  • Growing Demand

E-commerce has changed the way people do business in India. The Indian e-commerce market is expected to grow from US$ 46.2 billion in 2020 to US$ 111.40 billion by 2025. An increase in internet and smartphone penetration has fueled much of the industry's growth. The number of internet connections in India increased significantly to 782.86 million by April 2021, thanks to the 'Digital India' program. Sixty-one percent of total internet connections were in urban areas, with 97 percent of wireless connections.

  • Attractive Opportunities

Despite the fact that consumer spending is down, the economy is slowing, and there is uncertainty as a result of the Covid, e-commerce players are expecting strong sales growth in 2021. Online grocery, e-pharmacy and social commerce are expected to see a bulk of the action in 2021.

  • Policy Support

According to the IBEF report, 100 percent FDI is permitted in B2B e-commerce. Furthermore, 100 percent FDI through the automatic route is permitted in the marketplace model of E-commerce.

  • Increasing Investment

The Indian e-commerce industry has been expanding at a rapid pace. The Indian e-commerce market is expected to be valued over $55 billion in Gross Merchandise Value in 2021, following a boom in digital adoption during COVID-19. Furthermore, the online retail sector is predicted to account for 25% of the entire organized retail market by 2030, rising to 37% by 2030. It is predicted to reach a gross merchandise value of $350 billion by 2030.

Do you know payment gateway cost in india ?

Do you know payment gateway cost in india?

4. The impact of consumer behavior on the future of commerce

4.1. Digital experience

While the pandemic compelled people to spend money online, young and middle-aged consumers were the first to do so. E-commerce has made shopping more convenient while also raising consumers' expectations of brands. They want shopping experiences that are simple, intuitive, and quick. According to the Shopify Future of Commerce Report (India), during the pandemic, 85 percent of young consumers (18-34 years) and 90 percent of middle-aged consumers (36-54 years) switched to online shopping. Brands will have to concentrate on UX design from web browser interface to mobile application journey.

With a huge shift to digitalization, the Indian e-commerce market witnessed a massive amount of companies build their new website, mobile apps and advertise vass communication channels. How can brands quickly compete with their rivals? It is probably that they have to meet the demand of consumers in terms of digital experience from UX/UI to customer service and after sales.

Customers on e-commerce also prefer the values of look and feel, as a result, Brands also need to invest in graphic design and visual assets to attract customer’s attention.

4.2. Checkout experience

One important feature in online shopping is that customers really care about security in online payment and frictionless transactions. Your company website will lose marks or hard persuade customers to make a second purchase due to the first bad impression with the checkout page.

Modern Indian shoppers expect a reputable payment follow from the best payment providers in India. Trust is a key ingredient in online payment, therefore online companies should collaborate with reliable partners who provide payment gateway solutions in India. The best online payment platforms in India need to meet all requirements from the local government as well as international security regulations.

Moreover, online businesses in India now have more opportunities to reach global scale, not only Indian domestic market. E-commerce firms should choose international payment processors in India who can support multiple payment methods to facilitate any preferred method of global online customers. This leads to reducing the abandonment of shopping carts and improving the conversion rate.

Last but not least is the 3D checkout. E-commerce sites may earn more trust from online customers with strong customer authentication. This helps enhance security payment and mitigate the rates of chargeback which cost online companies arms and legs. That is why online businesses should partner with 3D payment providers in India.

Considering what are the best payment providers in india?

Considering what are the best payment providers in india?

4.3. Authenticity of the online business organizations

Running an online business means your company's presence is in the digital environment and less appears in brick and mortar offices. Because customers can recognise and trust products and services when they interact with brands in daily activities and they know clearly about physical facilities, people, locations and branches, etc. It is more difficult to earn trust from online customers when it comes to digital commerce. However, we can tackle this problem by applying e-reputation and digital marketing strategies.

Due to the buying behavior of online shoppers, we can leverage the digital presence to help brands approach clients easier. Customers usually do some research about the reviews, feedback and writings or social videos from third parties talking about the brands that they are looking for before making a purchase.

In addition, real people are able to convince customers in an effective way. Your company communication strategies should contain images of the company leaders, employees and real work places. It would be better if a brand has a spokesperson to the public in PR materials, interactive webinars or conferences.

Although AI (Artificial intelligence) plays a crucial role in online business from marketing to customer service, we can deny the importance of human interaction. When talking to your clients online during the sale journey and after sale, it is necessary to have your employees discuss and support customers with their name. This helps to make your customers know the person they are interacting with and easily work in later support.

4.4. Try the model of Omni-channel

Many companies that gained success in traditional models and are transforming to digital business can mix the two strategies together with Omni-channel. Investing in omni-channel strategies and pivoting company strategies to provide relevant and timely solutions will help offset lost in-store income while also ensuring a strong pipeline for the future. By offering flexibility in customer service, firms can win the competition in all aspects and avoid missing sale opportunities. To make it possible, online merchants might find payment gateway solutions in India to adopt more quickly in the transformation.

5. Payment gateway cost in India

Pricing from payment providers in India varies depending on the service we apply. Many clients assume the misconception that local payment gateway costs in India offer cheaper prices than international payment platforms in India. Infact, service prices between these payment gateway solutions in India are similar. You can get up to date more information regarding Payment gateway cost in India here!

Fees and charges are subject to change from time to time.

How’s payment gateway cost in india?

How’s payment gateway cost in india?

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About us

PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.

PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.

We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.

PayCEC Team

How Can We Help?

How Can We Help?All information entered on this form will be kept strictly confidential and subject to our privacy policy once received by us. Your transaction will be secured using SSL/TLS encryption.

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who we are

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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