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Retail Sector is Acknowledging the Power of Digital Payments
Retail Sector is Acknowledging the Power of Digital Payments

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Despite cash being in mass use in the Indian economy, digital payment systems are gaining popularity owing to their speed, comfort, and convenience. The younger generation, especially Gen X and millennials have embraced digital payments in a big way and are increasingly paying digitally- via UPI, digital wallet, credit card/ debit card.

Retailers are using digital payment systems like modern day PoS terminals that are equipped to handle their evolving business needs. No extensive technical training is required to operate these electronic payment devices.

Why Indian retailers are keen on adopting digital payment systems as their primary in-store payment solution?

The consumer-side mass adoption of digital payments is one of the biggest reasons why offline store today cannot afford to do without digital payments integration at the point of sale. Irrespective of the size, scale and nature of their business, they realise the power of implementing digital payment integration at the checkout and that it can lead to:

More customers- A digital payment system is a must-have for offline retailers today because their customers are increasingly paying using digital payment modes. A PoS terminal facilitates contactless payments as well, which seems indispensable in this post-pandemic new normal. Besides, it reduces waiting time for the customers and simplifies transactions.

More freedom- Since customers want to pay digitally, more offline merchants are giving them the freedom to choose their digital payment options at the checkout. Give them the flexibility to pay anywhere, anytime and the way they want. Be it a UPI payment or a transaction that gets quickly converted into a Buy Now Pay Later (BNPL) one.

More loyal customers- Merchants can easily capture NPS using modern PoS terminals, which in turn is helping them understand their customers’ perception about their brand and the overall customer experience in-store. By making operational changes based on this feedback, retailers can improve the in-store shopping experience of their customers and make them brand advocates for life.

More productive employees and processes- Digital payment tools such as PoS terminals can easily furnish rich insights such as giving a sense of different payment processes, and help in operational things like inventory management, GST compliance, tracking receivables and payables. The payments and related processes are managed efficiently without deploying different software through an electronic payment system.

Digital Payments in India have taken off in a big way and Indian consumers are driving the adoption fueled by cutting-edge innovation outcomes by the fintech sector and pathbreaking regulatory reforms.


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