Topics In Demand
Notification
New

No notification found.

App-based mPoS solutions are empowering e-commerce retailers
App-based mPoS solutions are empowering e-commerce retailers

213

0


Listen to this article



Mobile payments have trumped card payments as the preferred mode of payment as more and more customers opt for them. Mobile payments are payments made via a tablet or smartphone using payment modes such as mobile wallet, netbanking, debit or credit card. Since they are secure, convenient, and speedier to process, they are gaining widespread acceptance in India. Be it a roadside tea-seller vendor, a kirana (grocery) store owner or a large-format retail store, mobile payments are omnipresent.

The 2020 RBI assessment of India’s financial model, ‘Cash is king. Digital is divine,’ emphasizes the Indian economy’s dependency on cash and the growing inclination towards digital payments. The digital payment ecosystem is flourishing with the continuous effort from fintech companies, regulators and the government and retail businesses.

Since the pandemic, the Indian digital payment space has witnessed unprecedented growth and some interesting use cases across sectors are emerging. The upward growth trajectory of mobile payments can be attributed to the confluence of cheap internet plans, affordable smartphones and the presence of an increasingly large number of young Indians who are pushing the adoption of mobile payments in the country. Of course, the 2020 nationwide lockdown acted as a catalyst for the adoption of mobile payments in India but thereafter consumers have taken on mobile payments in a big way.

Enter, app-based mPoS solutions

With the rise of same-day, you-blink-we-deliver delivery options, offering a seamless customer experience while keeping the costs down is the key to running a sustainable e-commerce venture and retaining customers in the long run. Often delivery executives are kept waiting while the customer arranges the exact cash.

While the retail industry benefits from the rising financial awareness and embraces the omnichannel approach to tap into the burgeoning e-commerce market, it is important to introduce speedier and more secure digital payment experiences during doorstep delivery.

To create a rewarding doorstep commerce payment experience, there is no better affordable solution than a mPoS that enables acceptance of a wide array of digital payment modes including tap and pay, UPI, net banking and credit and debit cards. A simple app-based mPoS solution is a game-changer as it enables delivery personnel to accept payments from their smartphones and these payments get credited directly to the registered account of the merchant. A great innovative product with the potential to empower more than 63 million MSMEs in India to accept digital payments anywhere and anytime using just an Android smartphone.

Such an app-based mPoS can work without the need for any additional hardware solution, using which solopreneurs, freelancers and budding entrepreneurs in addition to MSMEs can accept digital payments by sending a payment link to customers or showing them a QR on their smartphone that can be scanned by the customer. mPoS solutions like Pine Labs’ AllTap come equipped with the ability to accept ‘tap and pay’ card payments from customers.  Since there is no need for any additional hardware, app-based mPoS solutions have proved to be game changers for small businesses and retailers wanting to jump on the digital payments bandwagon.

 

 


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


Pine Labs is one of the leading merchant commerce platforms in Asia

© Copyright nasscom. All Rights Reserved.