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Popular Digital Payments Methods in use in India
Popular Digital Payments Methods in use in India

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Digital payment methods in India have emerged to be a popular choice for consumers in India. Businesses, too, have upgraded their point-of-sale payment acceptance infrastructure to capture the changing sentiments in the country. Several initiatives by the government and the regulator to create awareness and develop robust infrastructure and security controls have strengthened customer trust in new technologies.

Digital payment modes are convenient and speedier and allow customers to make payments anywhere and at any time. While cash is still king in India, slowly, digital payments are also gaining mass popularity. As India evolves, adapts and meets the new consumer culture fuelled by digital payment methods, let us explore some of the popular digital payment methods in India.

QR Payments: The ‘scan and pay’ QR codes have become a preferred choice of transaction owing to the convenience they bring during the transaction process. No wonder QR codes are omnipresent! From a road stall vendor to a large-format retail store, you just can’t miss them. If they aren’t in the form of a printout, chances are the store is using a digital QR on the PoS terminal.

Mobile Payments: Mobile commerce in India is set to become the primary payment method for online shopping1. The pandemic, inexpensive internet plans and increasing mobile penetration have provided the impetus to adopt mobile payments. Some of the apps available in the market are truly digital as they can accept multiple modes of digital payments, including QR, UPI, net banking, debit and credit card payments.

A point-of-sale or PoS terminal: Today, the digital payment experience at most stores is accentuated using a PoS terminal. Gone are the days of cluttered checkout counters and waiting in queues. Now, businesses can leverage Android-powered intuitive and touchscreen PoS terminals that let you accept 100+ modes of digital payments and features IMEI/ barcode scanner along with NPS capture.

Online payment: As consumers now prefer to shop online, the need of the hour is to have a seamless online payment experience that simplifies the checkout experience and reduces cart abandonment. Enable a frictionless transaction with a suite of online payment products, which can be trusted and deployed with a speedier integration. It is a must for businesses moving to an online model or adopting an omnichannel approach!

These top digital payment methods are key to the success of most modern businesses.

 

 

 

 

https://www.jpmorgan.com/merchant-services/insights/reports/india


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