Top 5 Digital Payments Trends Indian Businesses Should Know:- www.deekpay.com

You've witnessed how digital transformation has revolutionised almost every industry and digital payments are no exception. It offers contactless in-store payments and flexible online payment options. People now expect the top payment gateways to provide a seamless experience when transacting or checking out. Consumers favour flexibility and innovation over traditional methods. Over the past few years, you can see many sectors undergoing major changes, from education and healthcare to logistics and retail. Payments technology is connected to all these key business sectors. the growth rate of digital payments in India has increased to 531 TP3T in 2022 from 381 TP3T in 2021, as merchants look to expand their digital payment options to meet the growing consumer demand.

Digital transactions have triggered a number of payment trends that are expected to impact both businesses and consumers. In this article, we will highlight the top five payment trends that businesses should be looking out for in 2022.

Enterprise Payments Trends 2022: Five Trends to Watch

Now that we have learnt about the importance of payment solutions and how they are evolving in India, let's now take a look at the top five prevailing payment trends for CEOs, CFOs, Entrepreneurs, e-commerce giants, freelancers, online merchants, SMEs and web developers, among others:

Artificial Intelligence (AI) and Machine Learning (ML)

AI is proving to be a game changer in the payments industry. It offers the opportunity to use the technology in innovative ways, such as voice-activated payments and chatbots that provide users with reports, balance notifications and 24/7 customer service. AI and ML-based platforms help reduce payment fraud, help interpret insights, and scale to customer needs.

AI plays an important role in RegTech. Machine learning based AI applications process large amounts of data to optimise payment processes and provide payment security for banks and financial institutions. The AI and ML industry is projected to be worth $17.44 billion by 2027, growing at a CAGR of 17.91 TP3T.

biometric authentication

Biometric verification provides two-factor payment authentication. It includes methods such as fingerprint scanning, facial recognition and iris recognition to make payments. Integrating this technology into your payment stack reduces fraud and makes the payment gateway safer and more secure for both businesses and customers.

Its unique way of ensuring safety and security in digital payment systems helps build trust and loyalty among customers. With the increase in identity theft and payment frauds, biometric authentication has reduced these risks to a great extent and ensures reliability of all online payment gateways in India.

Buy Now Pay Later (BNPL)

Businesses have been integrating Buy Now Pay Later (BNPL) options into their payment solutions, a trend that is growing due to its practicality. With the BNPL option, consumers can pay for a product or service in instalments so they can afford more items.

31% Consumers consider BNPL a viable alternative to credit cards. Because of its versatility, BNPL has been used in industries such as automotive, gaming, healthcare and hospitality. Auto dealers use BNPL options to reduce financing friction and enable buyers to choose high-end models, while healthcare providers use BNPL to provide patients with flexible payment options for their medicines and medical services.

digital wallet

Digital wallets allow you to perform everyday transactions while storing users' payment information, such as credit and debit card numbers and bank account details, for easy access at the time of payment. Digital wallets support the popular Near Field Communication (NFC) technology, allowing nearby devices to communicate with each other and share data.

The use of digital wallets will be fuelled in the coming years as the acceptance of digital transactions increases. By 2023, 4.4 billion global consumers are expected to use digital wallets to make payments, accounting for 52% of e-commerce payments and 30% of POS payments.By 2025, the number of unique digital wallet users will exceed 4.4 billion, the study shows.

Wearable payment devices

Wearable touch-based technology integrated into a smartwatch, bracelet or ring is a secure and error-free method for customers to purchase products and services. Social distance norms will drive the wearable technology trend in organisations due to the ongoing epidemic. Private banks have also been rolling out wearables and contact payment devices.

The wearable technology market is expected to reach $1.37 trillion by 2027, while the global contactless payments segment is expected to reach $18 billion by 2025, according to a comprehensive study.

The trend continues...

Digital transactions are the future of payments. The aforementioned top five payment trends for businesses in 2022 will play a major role in India's vision of a cashless economy, growing at an unprecedented rate. By 2026, the digital payments industry is expected to grow to $1 trillion.

PayU India is one such payment solution provider that enables businesses to collect online and offline payments. It has a wide reach, supports more than 150 payment methods and serves the needs of more than 500,000 businesses in India. It is known for its seamless checkout experience and code-free, omni-channel payment solutions. For hassle-free digital transactions, sign up with PayU India today!

common problems

What is PayU India?PayU is a simple and secure online payment tool and a leading financial services provider in the global market.Does PayU India accept international payments? Yes, the PayU India platform supports international and multi-currency payments, subject to banking partner regulations. Which countries support PayU India?The countries that support PayU India are Argentina, Brazil, Chile, Colombia, Czech Republic, Hungary, Mexico, Nigeria, Panama, Peru, Poland, Romania, Russia, South Africa, and Turkey.What are the fees charged by PayU?PayU is a payment gateway that charges only 2%+ per transaction. GST transaction fee. Why is cybersecurity an emerging trend in the payments industry?Technologies such as AI, ML, cloud computing and data analytics have triggered cybersecurity to prevent debit and credit card fraud.