Evolving Scenario of Payment Gateways in India

The digital payment mode has taken a drastic sweep in India. More and more consumers prefer the cashless payment method. According to a recent survey, around 67% of people prefer to purchase things online rather than visiting a store. Plus with the worldwide pandemic, people are relying more on eCommerce stores.

With floor technologies like peer-to-peer digital money, real-time payouts, mobile wallets, and much more, cashless systems are rapidly expanding. Many payments technology companies are cooperating with financial institutions in the electronic era to meet the needs of today’s consumers and merchants.

Due to this, physical store owners are shifting towards online platforms, and they are looking for the best payment gateway in India. So, if you are someone looking for a payment gateway then visit this site

What is the Reason for Payment Gateway Popularity in India?

The main reason behind the popularity of payment gateway is the increase in demand of mobile users. Every second person is using smartphones, and with broadband connectivity or the internet, one can make anything possible. From buying groceries online to paying for school fees, everybody is using the cashless method. Not just this, various technological advancements have made the whole payment experience a walk in the park.

Why Choose the Best Payment Gateway in India?

Consumers of e-payment methods of all ages are increasingly turning to electronic peer-to-peer (P2P) apps because they are more enticing and versatile. In-app transactions take seconds to complete at the checkout and allow customers to pay whenever and wherever they want.

But somehow, consumers are worried about its security. There are many incidents of online fraud that have created doubt among both consumers and merchants. That’s why security becomes the primary concern of the online store owner. There are various payment gateways available in India and everybody claims to be the best. Still, if you want to double up your revenue, you need to go with the reliable option.

Below is the checklist for choosing the best payment gateway in India!

1. Security and Fraud policies

It is best to go with the payment gateway that employs fraud detection technology to prevent online fraud. With the help of this feature, merchants will know all about the suspicious activity going on in their store. Some users try to rob merchants by using hacked credit card details. The use of this feature will save merchants from all the troubles. So, before deciding on any payment gateway, first go through its fraud and security policies.

2. Transaction Frequency and Amount

There are various payment gateways available in India offering different benefits. But the thing which disappoints many users is the additional cost charged by some of those payment gateways for transaction frequency and amount. So, it is safe to go with the option that fits your requirement. After all, the last thing you want to do is pay more for the basic service!

3. Fees and Service Agreement

The fees and service are the deciding factors in selecting the best payment gateway in India. Mostly the fees of payment gateway depending on the type of business transaction and payment model. It is best to compare the price of different payment gateway before selecting the one that goes best with your business needs. Also, go with a service that is transparent about their charges.

4. Customer Support

It is one of the crucial aspects which many business owners overlook. Many payment gateways don’t offer any customer assistance. In case of any trouble, merchants have to manage things on their own. That’s why it is suitable to look for a payment gateway solution that offers 24*7 support to all their users.

Payment gateway is the most crucial element of any online store. Before jumping on to any solution, it is best to do some research. Always prefer a solution that fits your budget and requirements.