Contactless payment is not a new concept. Quite the opposite; it has been around for a while and was already gaining momentum even before the pandemic. But it wasn’t until the outbreak that everything changed, and all of a sudden, everyone was going cashless. That was the number one priority globally. India was no exception.
So far right now, here are some of the latest trends, developments, and transformations in contactless payment India.
- The first Android POS system: was launched by Paytm in August 2020. It came at an introductory POS machine price of INR 499 per month and a design like that of a phone.
- Titan Pay; the first contactless payment watch launched by Titan and SBI
- A significant increase in the online transactions
- The newly found appreciation for Cryptocurrency as a payment option and investment
- Increased online card transactions
- Increased QR code payments
- The increase in the limits for contactless card transactions from Rs 2000 – Rs 5000 as of 1/1/2021
According to statistics, contactless payment India recorded INR 35.6B as of Dec/2020 for the financial year 2021, from INR 20.7B in 2018. That’s approximately INR 15B in slightly less than 3-years and a remarkable growth considering that India is a cash-based nation. By the look of things, these numbers can only go up as more and more people continue to realize the benefits of contactless payment.
Why Join the Contactless Payment Movement?
Contactless payment has and still is a big part of minimizing Covid-19 infections to save more lives. Without it, the damage would have been much worse than it is right now. That’s the first and the most important reason why every business needs to embrace the cashless payment method. But there is more.
The benefits of using contactless payments go far beyond saving lives to saving businesses too in more ways than one. As for customers, life has become so much easier as they gain more flexibility and control over their payment options.
You can see why contactless payment India is becoming so popular right now, and it’s here to stay.
According to a recent survey, approximately 48% of Indian customers will continue using contactless payments even after Covid-19.
So, if you are looking for a solution to secure your business today and in the future, contactless payment is the way to go.
Other benefits include
Contactless Payments are Easy and Convenient
One thing to love about contactless payments is how they boost the customer experience.
Think about these two scenarios,
- Paying for your purchases using your mobile device, tap your card on a swipe machine, and so on
- Using cash or writing a cheque to pay
Which one would you prefer?
With contactless payments, you don’t have to queue or even wait for long to transact. They are fast, easy, and so convenient for both merchants and customers. The best part is that you can operate them from just about anywhere, and your money is safe.
On the other hand, cash and cheque payments are cumbersome, time-consuming, risky, and require your physical presence to complete.
Economic Growth
Because contactless payments are easy, convenient, and secure, they encourage customers to transact more online. That means more online payments, electronic transfers, and so on. As a result, there will be more online businesses and more money in circulation which will come in handy to grow the Indian economy.
Contactless Payments Are Safe and Easy to Track
As stated above, handling cash is cumbersome and strenuous. It’s also very risky.
With contactless payments, you don’t have to carry your money around. It stays online, where it’s safe, secure, and easily accessible to you.
Today, thanks to mobile wallets, net banking, and UPI, you can work with just your mobile device to send and receive payments.
Apart from that, most contactless payment systems do provide regular statements, notifications, and updates to help customers track their funds.
Conclusion
There are so many reasons why you should invest in contactless payments. These are just some of them. And with more and more people joining the movement, this is what you need to succeed.
Remember, the industry is growing so fast right now, make sure you keep up with the latest developments to maximize your benefits.
