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Payments Form The Core of Digital India

Tag: payment gateway

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.

Payment Gateway Selection: 6 Factors to be Considered

Payment Gateway Selection: 6 Factors to be Considered

If you take a step back and look at the entire e-commerce ecosystem, you would realize that one of the key elements of an e-commerce portal is the effectiveness and efficiency of your Payment Gateway. As you are in the process of choosing a payment gateway, we are here to give you a ready reckoner on the factors to evaluate while considering a payment gateway.

  1. Security: In a world where cyber security risk has been growing by the day, it is critical for you to check the security parameters of the gateway. Look for a PCI-DSS certification apart from elements such as anti-fraud protection, 3D secure authentication for cards.
  2. Ease of Integration: There are multiple platforms, on which your e-commerce portal might have been built, be it Magento, Shopify, OpenCart, Woo Commerce, PrestaShop, etc. The payment gateway should be easy to integrate onto any of these shopping cart platforms. Whether it is Mobile SDK, Direct API, iFrame or Express Checkout, the method of integrating with your shopping cart should be hassle free with minimum documentation.
  3. Mobile Optimization: The penetration of mobile onto or lives has been wide reaching an m-commerce is at the forefront of the mobile revolution. Customers are shopping through the mobile like never before. As per latest data, over 2 Billion mobile and tablet consumers will engage in some form of mobile commerce transaction by the end of 2017*. The gateway you select should provide a seamless shopping experience for the customer, irrespective of the type of device.
  4. Merchant Support: Payment Gateway technology support is critical to the success of your e-commerce portal in today’s day and age. 24×7 dedicated support is an imperative for you. It is basic but very critical for you.
  5. Currencies and Alternative Payment Methods: The world has indeed become a small place and the consumer can be located anywhere. It is therefore a necessity in today’s global marketplace that a payment gateway has provisions for payments in multiple currencies and a plethora of alternative payment methods to enhance customer experience.
  6. Fees: The operative word in the realm of fees is transparency. Set up fees, transaction fees, net banking transaction fees, different transaction fees on different cards, annual maintenance fees, etc…. The entire gambit of fees can be burdening for an e-commerce entrepreneur. They key is to select a gateway, which has no hidden fees. All their fees need to be disclosed, before you sign on the dotted lines.

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Moreover, you can evaluate the features on PayTabs and should you be interested in a free demo, you can sign up here.

*Data Source: E-Marketer & E-Consultancy