The payment solutions industry, especially in India, is one of the most rich ones. Do you know what’s the possible reason? Well, to begin with, while there are only a handful of digital payment methods, platforms that facilitate payment making and accepting are many.
Consequently, it becomes essential to have a common gateway for every top-tier business in the market.
Today, let’s understand why you need a payment gateway in India that makes payment acceptance easier for every customer.
Understanding the Evolution of India’s Payment-Making Methods
Over the past decade, drastic changes have been made in how payments are made in India. These upgrades have been largely pushed by technological advancements and the idea of going cashless. In fact, a report estimates the volume of digital payments to be over 100 billion. The proliferation of smartphones coupled with affordable internet access has been a crucial factor leading to a surge in digital payments.
In such a diverse and dynamic market, a payment gateway in India that caters to customers wishing to pay anyway becomes important. With several payment methods available for consumers, it becomes essential for top-tier businesses to stay competitive. The choices are abundant, from traditional credit and debit cards to UPI (Unified Payments Interface), mobile wallets, net banking, and even Buy Now, Pay Later (BNPL) options.
The Importance of Having Multiple Payment Gateways in India
India’s highly diverse population, both in terms of demographics and economic status. This diversity translates into varied preferences for payment gateways in India. For example, younger, tech-savvy customers might prefer using UPI or mobile wallets, while older customers may use traditional methods like net banking or debit cards. Here are a few benefits of leveraging a single gateway for multiple payment methods:
Enhancing Customer Experience
Nowadays, the market is focusing more on providing a seamless customer experience, and payment processing is a critical touchpoint in a customer’s journey. Any friction here can lead to lost sales, which is eventually why any business would want a reliable payment gateway to maintain its top position.
By adopting a reliable payment gateway in India, you can offer an impactful customer experience by allowing them to choose their preferred payment option. In addition, it offers an increased likelihood of repeat business.
Building Trust with Customers
When it comes to transacting online, trust is an essential element to establish. Customers are more likely to complete a purchase if they trust the payment process. By incorporating a payment gateway in India that supports multiple payment methods, businesses can offer familiar and secure payment options. For instance, a customer might feel more comfortable using a credit card online rather than entering their details for a mobile wallet.
Increasing Conversion Rates
As more well-established businesses shift from traditional off-site to online platforms, the conversion rate is the new key metric for their success. The more customers who complete their transactions using your payment gateway in India, the higher the revenue.
A common reason for cart abandonment is the need for preferred payment options. If a customer reaches the payment stage and finds that their preferred method is not supported, they are likely to abandon the purchase. A payment gateway in India that supports 100+ payment methods ensures that customers can always find an option that works for them.
Facilitating Cross-Border Transactions
Different countries have different preferred payment methods, and a payment gateway in India supporting only local options may not be sufficient. As more Indian businesses expand their operations globally, the need for an international payment-accepting gateway becomes crucial.
By supporting multiple payment methods, including international ones, businesses can easily facilitate cross-border transactions. This expands their customer base and increases revenue potential. This global approach is especially important for businesses looking to tap into the growing cross-border e-commerce market.
Simplifying Payment Reconciliation
For businesses, managing multiple payment methods can be a logistical challenge. However, a payment gateway in India can simplify the reconciliation process by helping you accept payments in different ways.
By centralising all transactions through a single gateway, it becomes easy to track and manage payments, regardless of the payment method used. This streamlined approach saves time and resources while reducing the reconciliation process errors.
The Future of Payment Gateways in India
A payment gateway in India that supports 100+ payment methods is not just a luxury but a necessity for businesses looking to thrive in today’s competitive market. As payment-accepting methods continue to develop, the importance of supporting multiple payment methods will only grow. To choose a payment gateway in India that can keep pace with these changes, you can go for a payment gateway solutions provider like Plural by Pine Labs.
Choosing their payment gateway in India can make all the difference in your ability to attract and retain customers. In a market as diverse and dynamic as India, get a payment method in India that is not just about convenience but security. Plural by Pine Labs offers payment gateway solutions with features like Third-party validation (TPV), and are backed by powerful technology.
Stay competitive and ready for the future with a top payment gateway today!
