With the advent of Digital India and the increasing popularity of e-commerce, cashless transactions are becoming more and more popular. Another reason behind this is demonetisation due to which finding new currency has become a difficult task, the government is encouraging people to make digital payments and go cash free. This is the biggest reason why people are looking for online payment methods. The good news is that there are many types of online payment modes available in the market.
E-commerce platform owners as well as other merchants are using an online payment gateway which helps in accepting a wide range of payment methods.
Let us know about Online Payment Gateway and the most popular Payment Modes available in India!
Cashfree, one of the best payment solution companies ever, has changed the way transactions are processed in a big way. Today almost every merchant has included at least one online payment gateway in their business.
For those who do not know, online payment gateway is a payment system that allows merchants to accept digital payments from multiple payment modes. It acts as an intermediary between the banks of both the customer and the merchant.
Let's know about the most popular payment modes available in India;
Debit or credit cards or simply banking cards are among the most popular payment methods in India. And not only in India, they are popular all over the world. These provide more control, security and convenience to the users. These are the best when it comes to digital transactions. Banking cards present a variety of options for the users to choose from, such as credit cards, debit cards and prepaid cards etc.
The best part about using banking cards is that they offer 2-factor authentication which increases the level of security while making payments over the internet. Users have the power of their PIN along with the OTP to make the payment.
Some of the most common cards used in India include Rupay, Visa, and MasterCard. Using these cards, customers can make online payments without any worries. Users can transfer money whenever they want, buy goods, pay their bills, and much more with the ease of banking cards.
UPI has become more popular in the last 2-3 years. This payment mode is becoming so popular that it has even surpassed banking cards. Today almost every user is making payment through UPI. Not only on ecommerce and other online platforms but UPI is applicable almost everywhere. Every small and big shop owner as well as customer has their own UPI ID which they use to make and accept payments.
UPI is a payment system that links multiple bank accounts on a single platform i.e. a simple mobile application. From fund transfer to digital payments to utility bills, UPI is a one-stop solution. Nowadays almost every online payment gateway provides “Pay with UPI” option to its customers.
Mobile wallet or e-wallet is also one of the popular payment modes in India. E-Wallet allows users to carry their cash in a digital wallet. So, you can go cash-free with cash in your secure digital wallet. To use the mobile wallet, users need to link their bank accounts and credit cards with the mobile wallet application. Once setup, you can use this wallet for purchases, fund transfers, etc. just like your physical wallet.
One of the good reasons behind the growing popularity of mobile wallets is that they offer attractive offers to their users. From cashback to great deals and discounts, e-wallets never fail to reward their users. In fact, many online merchants collaborate with these wallets to offer deals to their customers.
The next preferred payment mode of Indians Internet banking, also known as online banking or e-banking or net banking, is a facility offered by banks and financial institutions to allow customers to access banking services over the Internet. gives. It is an electronic payment mode that helps the users or customers of the bank to transact using the mobile application or website. Customers need not visit the branch office of their bank to avail every little service.
Not all account holders get the facility of internet banking directly. If you wish to use Internet Banking services, you will need to register for the facility at the time of account opening or later. You will be required to use the registered Customer ID and Password to log in to your Internet Banking account.
Virtual cards or e-cards are also one of the more widely used online payment modes in India. Users can obtain and use these virtual cards in the same way as physical cards.
Virtual cards are similar to physical ones in that they include your debit card number, expiration date and CVV code. Your virtual debit card allows you to make purchases online or over the phone until you receive and activate your physical debit card.
These are the most popular payment modes available in India. A merchant can deploy any of these to meet the payment requirements of its customers. While options like cash on delivery still exist, customers are using it less and less. In fact, they even find it very inconvenient, thanks to all the reliable online payment modes.