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Payments Form The Core of Digital India

Tag: international payments

Payments Form The Core of Digital India

Payments Form The Core of Digital India

The Indian e-commerce market is estimated to grow to $102.8 Billion by 2020. With a growing internet penetration and a plethora of private and government commercial services being offered through the web, that number doesn’t seem unrealistic.  India is by far, one among the top 3 markets for e-commerce globally. If you thought the $100 bn+ figure is staggering, hold your breath because leading research consulting firm Boston Consulting Group(BCG) estimates that the Indian Digital Payments Industry will grow to $500 Billion by 2020.

In recent times, the world has seen a FinTech revolution and India has been at the forefront of spearheading that revolution. The increase in adoption of digital and mobile payments has been staggering and as a testimony, 50% of India’s population is expected to be part of the digital payments industry 2020, according to the Boston Consulting Group.

The growth has been driven by a tremendous government push in digital payments arena fueled by the Digital India proposition.  Several government services at the federal and the state level have migrated in the digital space and encourage digital payments. The growth has been also aided by the fact that majority of the population has an Aadhar card number, which enabled reliable delivery of many essential services through authentic verification.

Having said that, the Indian digital payments scene is largely focused around domestic payments. There’s a large untapped market for international payments. We know that the regulations for international payments is not easy in India, but things are changing rapidly. There is tremendous scope for Indian exporters who are selling online, internationally to ramp up their operations. Not to mention, there’s enough room for exporters who aren’t online, to get their businesses online and sell to the world.

PayTabs is uniquely positioned as a key player in the Indian Payments space, specializing in International Payments. You can visit our website for more information and sign up for a demo if you would like to explore the power of our end to end international payments solution.

PayTabs: Not Just Any Payment Gateway

PayTabs: Not Just Any Payment Gateway

“People are the best show in the world. And you don’t even pay for the ticket.” – Charles Bukowski

There are two elements in that quote which resonates with the core business philosophy of PayTabs, i.e. People and Payments. PayTabs began as an idea with the sole mission to create a simple and secure platform for people and organizations to transact around the world.

At the heart of it, the mission seems simple enough, after all people are buying and selling in the new digital economy all the time. But the faultlines begin to appear once you deep dive into solving the problems of the payments processing industry, fuelled by the rapid e-commerce growth globally.

The problems are pretty striking when you look at it from a bird’s eye view:

  • Gap in the market in the context of multiple currencies being accepted as payments by an ecommerce platform.
  • End to end authorization, technology, infrastructure and services in the payments space being offered by a single solution provider: There aren’t that many players.
  • Security and Fraud Prevention is a major concern for the industry.
  • Not many alternative payments options available with majority of competitors in the industry.
  • Last but not the least, hidden charges by many competitors brings ambiguity to the minds of the merchants.

In the view of the above problems, PayTabs has created products which solve all of the above problems and thereby providing a breakthrough for the industry:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.
  • No hidden charges whatsoever, we are completely transparent in our pricing.

For further insights on how we can truly add value to your business, visit our site. Moreover, you have an option of signing up for a demo to experience the true power of our technology.

The World Has Shrunk!

The World Has Shrunk!

Dilshan is a handicraft and handloom merchant based out of Mysore, India. He has an online store, where he sells his products to customers across the world. Akbar is a handicraft collector and he lives in Dubai. He regularly buys from Dilshan and pays him online, either through his store or remits the amount to his bank account.

The distance between Mysore and Dubai is 2600+ kilometres/1400+ nautical miles, separated by the huge stretch of the Indian Western Ghats and the vast Arabian Sea. Yet the distance is irrelevant in the context of global e-commerce and international payments.

Owing to the rapid penetration of cross border e-commerce in recent times, the world has witnessed a surge in the need for robust and seamless payments. In fact, that’s exactly what has been happening in the payments space, the business needs of the industry has led to effective and efficient payment processing systems.

“The 2016 Pitney Bowes Global Online Shopping Study reveals how consumers’ buying habits are changing with the continued growth of cross-border e-commerce. Moreover, the number of global online shoppers will grow 50% by 2018.”

There is a clear need for more alternative payment modes and more currencies being accepted in the payment processor, as customers from across the world visit and purchase through an e-commerce site. Whether the business is a pure-play e-commerce site or a marketplace or platforms, it is imperative for the entity to choose a processor that is adaptive enough to enable universal accessibility and create new opportunities.

However, sceptics would still argue that security of online payments remain a concern among customers and businesses alike. What they seem to forget is the rapid strides made in fraud preventions and internal security compliance by all payment processors and gateways means that the security risk has been mitigated to a great extent.

Lastly, one would have been really living in a cave to not witness the e-commerce revolution across the world, which has indeed shrunk the world.

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We look forward to your comments and questions.