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By Vinisha Kataria | May 19, 2021
Vinisha is the Digital Content Manager at Pine Labs and brings with her, more than 10 years of professional experience.
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The COVID-19 pandemic continues to create a paradigm shift in the payment ecosystem in India. While the focus at the business end has been to protect existing revenue streams and creating an end-to-end digitized customer experience, the customers are also responding positively towards digital payments in India. We all know that digital payments are safer, more convenient, and offer customers the flexibility to make payments anywhere and anytime. For merchants, they reduce the transaction time at the point of sale and offer them the ease to accept all types of payments. A win-win for all, especially in today's time when contactless payments are the need of the hour.
One of our internal surveys conducted post the national lockdown in 2020 also revealed that contactless payment adoption is a top priority for merchants across diverse categories in Retail.
There is no doubt that the Digital India initiative of the incumbent government accelerated the journey towards a cashless economy. Today, some of the popular modes of digital payments in India are UPI, internet banking, payment apps, mobile banking, mobile wallets, debit and credit cards.
A recent report by ACI Worldwide suggests that digital payments in India are set to make 71.7 per cent of the total payment volume by 20251. While the pandemic has accelerated the adoption of digital payments especially among first-time users and merchants, the Government of India's Digital India campaign and RBI's move of enhancing the limit for contactless card payments to up to Rs. 5,000 has also contributed to the massive uptick.
Digital payments are much safer and easier to accept. You reduce the transaction time at the checkout counter and risk of handling cash significantly. Moreover, you offer your customers the flexibility of paying with their preferred option. The customers don't have to look for ATMs to carry cash, and they can enjoy a faster payment experience at your store. Digital payments are regulated by stringent security requirement and, thus, are a safer option to transact.
Apart from being convenient, one of the significant benefits of having a digital payment option at your store is That the digital record helps you and your customers to keep track of transactions.
When it comes to contactless payment solutions, we are always at the forefront of supporting our merchant partners.
Our Android PoS machine, Plutus Smart, can help you extend the contactless payment option at your store. It accepts over 100 payment modes ranging from UPI, mobile wallets, reward points, debit cards to credit cards. Plutus Smart is a Contactless Payments ready interface.
If you want Plutus Smart for your store or have any queries about our Android PoS, please feel free to reach out to firstname.lastname@example.org
AllTap is a feature-rich app that turns your NFC-enabled smartphone into a card machine. This simple yet cutting-edge digital payments acceptance solution can accept more than 100 digital payment modes, including UPI, QR, payment wallets. Not only this, but the app also enables you to accept Tap and Pay debit and credit card payments during door-step delivery. Having a payment app like Pine Labs AllTap can help you scale big, scale fast.
Download the Pine Labs AllTap app now for FREE! It is certified by PCI Security Standards Council (PCI SSC) and major networks like Visa, RuPay, Amex and Mastercard. With minimum documentation, a fully digital onboarding and a quick and easy reconciliation process, AllTap can help you embark on the journey of digital payments adoption, boosting your revenue and sales in the process.
Give your customers a seamless contactless payment experience with Pine Labs Plutus QR. It seamlessly integrates with your existing Pine Labs PoS device and simplifies the reconciliation process. Even if you have multiple checkout counters at your store, you can view all transactions on the single PoS terminal. Each Plutus QR comes with a unique identifier, making it easier for you to reconcile transactions.
E-mail us at email@example.com if you have any query or want to know more about our Plutus QR offering.
By Soumiya Awasthi | on August 07, 2020