How Payment Gateways have evolved over a Period:

 

 

Over a period, payment gateways have gained immense popularity amongst the masses as they provide basic ease, convenience and security with transactions. Lately, so much is happening in favour of the online payments that people are embracing payment gateway like never before:

Number 1, majorly, it is the favourable regulatory environment, which has played an integral role. After having observed the elevating status of online payments, authoritative bodies/government have inflicted several factors to keep up with the pacing technology and dynamic customer outlook. To do justice to the dynamism of the online payments’ industry, the concerned bodies keep introducing new decisions. Policies like KYC relaxation for small transactions, elimination of 2 factor authentications, and promotion of cashless transactions have provided a further nudge to the digital payments.

Number 2, Enhanced customer experience leads to more satisfied customers, and hence, makes the customers inclined to the same in particular. Ever since the e-commerce platforms have become popular in India, people have significantly become frequent online shoppers. In making online shopping popular, exceptional customer experience undoubtedly receives a major chunk of the credit. There is whole lot of convenience in placing the order online, receiving it while sitting at home, and getting it exchanged/returned. Payment gateways, have only added on to the advantages with seamless transaction flow, exceptional security and hassle-free payments. Hence, enhanced customer satisfaction/experience is another important factor for enhanced functioning of payment gateway.

Number 3, Growth in the ecommerce segment lately has picked payment gateway’s growth parallel to its own. Since ecommerce platforms make use of payment gateway for providing their customers with a method of making payments that is quick, convenient and safe, they play an imperative role.

According to the Future Market Insights (FMI) report, the global online payment gateway market is expected to witness a CAGR of 10.3% from 2018 to 2028. The market is expected to reach a valuation of US$ 191.7 Billion by the end of the forecast period rising from a valuation of $ 65.5 Billion in 2017.

 

Lyra’s Payment Gateway:

Lyra Payment Gateway, the online solution powered by Lyra, is devised for making the customers’ online payments’ path uniform with each transaction. Featuring an innovative payment platform, Lyra’s payment gateway provides high level of security. It offers several features namely, hassle-free, secure, convenient and smooth flow of transactions. Committing an enhanced success rate to the merchants, it widens the arena of selling as well as comfort. Besides, it has the backing of French technical support, which ensures payment methods like wallet payments, multi-card payments and split payments. Supplementing the provisions are the zero set up fee and no maintenance fee so as to aid the merchants with cost-effective solution.

Payment Methods:

  • Manual Payment
  • Payment via e-mail and SMS
  • EMI Payment Options
  • Split Payment
  • 1-Click-check-out
  • Multi-card payments
  • Debit, Credit card and Net banking options
  • Wallet payments

Features of Lyra Payment Gateway:

  • Certified with Visa and MasterCard, Amex, Diners.
  • Provides proven real-time Card authentication solution.
  • Renders simple merchant integration.
  • Offers multi-platform support.
  • Enables the bank to view 3DS related communication real-time using Lyra web portal.
  • Provides the issuer ACS URL immediately on the portal whenever ACS is down.

Benefits of Lyra Payment Gateway:

  • Higher success rate and conversion rate
  • Maximum security with 3DS transactions
  • Seamless integration
  • Fraud and Chargeback minimisation
  • Maintains transaction integrity

 

How is the advanced Payment Gateway Accessible to End-Users and Efficient for Merchants:

As dynamism progresses advancement of online payments’ sector, it is but obvious that its accessibility to the end-users and efficiency for merchants have both gone up. Take a look below how the strong growth trajectory has turned it all for better:

For end-users,

Apart from the evolving (and progressing) nature of payment gateways, end-users are enjoying the benefits in several other ways like:

  • With an increased ease of doing payments
  • Access to user-friendly interface and navigation
  • Enabling of tracker for all payments
  • Much more ease with the quicker refunds on cancellation of order/purchase

Now, let’s see how the aforementioned benefits are helping how many from the population approximately-

 

For merchants,

Since payment gateways are progressing majorly to provide added benefits to the merchants, below are the main areas which have developed to increase the efficiency:

  • Increased security with transactions

With PCI-DSS compliant servers, the transactions of the merchants are successfully compliant with the security that a bank can deliver to the masses. Furthermore, Lyra Payment gateway recently achieved title for being EMV 3D S 2.1. These security measures have, consequently, increased payment gateways’ efficiency considerably.

  • Less time & efforts spent

Bringing down the tedious tasks of preparing payments and managing payment issues, payment gateways have significantly brought down the level of time & efforts taken earlier. A payment gateway does not require anything since it is equipped with by-default setting. This setting helps with the processing of continuous payments and reduces the cost alongside.

  • Quicker and smoother transactions

Any advancement or progress in the technology happens to make the circumstances better than before. Now, the provisions, like KYC, one-click payments, wallets, quick on boarding, and so many other features have combined to make transactions even quicker for merchants. Their automated ways and systematically designed platforms lead to an increase in the conversion rates for furthering the sales.

 

India is becoming digital:

Recent progress of the country in terms of shifting to the digital methods of payment, has led to an increase in the demand for better opportunities consequently. In terms of mobile subscriptions, India has come out ranking second with around 1 billion mobile subscriptions. Around 240 million use smartphones and it is predicted that it will rise to around 520 million by 2020. Similarly, as 3G 4G penetration has increased considerably, the number of internet users is also predicted to double to 650 million by 2020.

As the demands of the country are increasing for the digital payments, it is but obvious that the regulatory bodies and concerned industries will go on to rapidly meet the concerns similarly.