New Payment Solutions In India For Customers, Businesses, And Every Person
21 October 2019- Since every person is now preferring to go cashless, there are new techniques that become popular in the year 2019. By the end of 2022, we will see a new digital India where retail chains will also start taking the full advantage of easier digitalization. Constant growth, easier tracking process, better convenience, higher security, and lower risk are some of the factors that result in the growth of the digital payment industry in India. Alongside other parameters, the online casino also stimulates digital payment market growth.
Most of the online casinos are now accepting cryptocurrencies and innovative banking solutions for online payments. Hence, it is sure that the online banking industry will witness significant growth in the future mainly due to the increasing demand from iGaming and online gambling world.
Growth Of Payment Industry In India
According to the study report, India’s contribution to the worldwide transaction value of digital payment has increased with a great difference in the last few years. It is estimated that it will increase from 1.56% to 2.02% by 2023. Technology has opened the door for a variety of online payment solutions in India for providing faster and low-cost/free transactions with improved security.
Here are the top 4 new payment methods that online customers, business owners, freelancers, and other people can use in India.
Paytm
Launched in 2010, Paytm support all international payment solutions and credit cards such as Maestro, Diners, Visa, etc. It is one of the most used e-wallets in India that offer a hassle-free documentation process. Payments made through this method in India are accepted everywhere around the country. You can use Paytm for shopping, transfer money, travel, and make all transactions.
PayPal
This is another well-known global payment platform used in over 200 nations across the world. It is the most preferred payment gateways that charge 0 setup fee and an annual maintenance fee. This payment method charges 2.5% plus Rs.3 for Net Banking, Indian Wallets, Credit/Debit Cards, and UPI.
Skrill
Previously known as Moneybookers, Skrill is one of the most popular alternatives to PayPal. Plenty of features such as low transaction fees, instant deposits and withdrawals, millions of customers, and acceptance of around 40 currencies are making Skrill the preferred option for online payment. It can be used to make transactions at gambling sites such as Royal Panda, or other bank accounts directly with no transfer fee. To open a Skrill account, you just need an email address and a bank account or a credit card. After that, you can simply use your Skrill wallet to send and receive funds using your relevant email address.
PayUMoney
Consumer brand of PayU India, PayUMoney is an easier way to collect payments with world-class security and zero annual maintenance fee. You can easily sign-up on the PayUMoney account and simply upload the documents straight on the site for hassle-free verification. A transaction fee is 2% plus GST per transaction for Indian Net Banking, Indian Wallets, Credit and Debit Cards, and UPI.
