How COVID-19 has Accelerated the Growth of Digital Business in India?

Last Updated on February 22, 2022 by Journal Fact

The necessity for contactless payment and social distancing concerns are the main reasons for the surge in digital payments. Traditional payments through cards and cash require changing hands, which is now considered unsafe and not an adaptable solution anymore. With over 45 crores of smartphone users in India, mobiles have become the new wallets. The ease of using digital business online payments has revolutionized business payment modes to go online in these troubling times.

In the current age, where businesses are almost driven to crisis due to the pandemic, digitization in online payments for running businesses and their internal operations not only rescued them but also gave them boosted sales.

A Surge in Digital Payments Worldwide

Even though there are different reactions by the world’s major banks about the usage of banknotes and cards, the Indian banking system has always encouraged digital payments which are safe and secure. Though the idea of digital payments has been in practice well before the pandemic, COVID-19 is the primary reason for creating history in digital payments forever. This scenario is seen not only in India but worldwide.

Customers turned to safer ways of making payments digitally, which supported the new rules of the pandemic. The worldwide statistics show that online payments increased about 53% within a year until December 2021 and are still rising. Many advanced nations, which are considerably ahead in using bank cards, reported a clear shift of transactions from cards and cash to digital online payments. This number is increasing every day and stresses the necessity for businesses to shift from traditional ways of payment to online systems.

How COVID-19 has Accelerated the Growth of Digital Business in India?

Surprisingly in India, Unified Payment Interface (UPI) payment volumes doubled over a year touching 2.73 billion in March 2021 compared to 1.25 billion a year ago. This clearly shows that most of the population’s unwillingness for physical contact made digital business payments to become the new change for business survival and growth. This is quite encouraging, and even small businesses are now looking for reliable digital payments’ implementation platforms. Being a one-stop solution for all your digital online payment needs, Zaakpay is one of the best payment gateways in India among the digital payment platforms, providing fast and hassle-free implementation. Today, online payments are the best business growth strategy and are becoming crucial for companies to adopt online sales by choosing proper payment gateways.

A steady rise of online buying and payments in sectors like eCommerce, Banking, Financial Services, Insurance, Non-Banking Financial Institutions, Government sectors, public payments, Technological sectors has created a demand for quick advancement of innovation and implementation of technology. This rapidly accelerated growth became a challenge for payment gateway companies to provide technologically advanced services to these sectors. Being the strongest player, Zaakpay stepped-up to industry requirements with astonishing advancements in providing new technology service interfaces to customers. Its excellent onsite implementation in record times, meeting customers’ requirements by creating a hassle-free shift from traditional card and cash payments to digital online payments, proved to be the best in the industry.

Payment Gateways for Small Businesses

Payment Gateways like Zaakpay plays a significant role in business by providing all-in-one payment solutions for large and small business enterprises with a PAN India network. With their help, you can transfer your funds anytime, anywhere instantly and secure payments from customers with safe transaction modes. It is beneficial for businesses to choose companies that provide the best services along with no set-up fee, no payment gateway charges, no maintenance charges, and easy onboarding support, which are very much offered in the market today for all your online payment needs. Choose gateways that have the best innovation techniques and easy integration into various interface environments, which will create a user-friendly experience for all your needs. Some key features small businesses should look for in payment gateways are:

Easy and hassle-free implementation
No set-up fees
No maintenance fees
Zero payment gateway charges
Supports Debit/Credit Cards, eWallets, Upi & Net Banking
Instant Onboarding
API-friendly integration
Account management support
Easy-to-use dashboard
Encrypted transactions
State-of-the-art security and safety protocols
Express payments and refunds
No hidden charges
PAN India network
Activation within 24 hours
24×7 customer care support
Email & Chat support

The best-suited payment gateway should be developer-friendly. It should also have at least 10+ pre-built plugins to make integration super quick and easy. It should offer more online payment modes to customers. This has to be 100% system uptime, reliable online payment solution with high connectivity, providing businesses with zero downtime. Payment gateways should accept payments from PAN India instantly from customers across the country within seconds. They should provide multiple payment options to boost your business with abundant online payment options, giving your customers the freedom to take their pick from major domestic Credit Cards, Debit Cards & prepaid modes. They should enable net banking from several banking partners and capitalize on the power of online payment solutions like UPI, Digital Wallets & Pay Later options to add to their advantage. The services should have state-of-the-art security. The collection of payments must be done using an ultra-secure payment gateway method with cutting-edge safety protocols in place. These are some of the desired features of the best payment gateways in India.

Benefits of Using Online Digital Payments

The problem of traditional card and cash use, which demands transactions through changing hands, is avoided.
Data regeneration for users is easy.
You get the money directly into your bank accounts, saving the time spent on trips to the bank to deposit money.
Retrieval of information and easy track of receivables and payables with accuracy. You can get control of cash flows in the business.
Expansion of business by reaching new markets
Boosted sales

Undeniably, it has become the necessity of every business entity to operate digitally for payments, as this is the immediate need of the hour to cope with the changing world. It is essential to reduce customers’ dependency on cards and cash. With the more significant percentage of people opting for greater financial transparency while spending their money, it is time for businesses to find the best available payment gateways and implement digital payments.