Payment Gateways in Today’s time

In today’s time, Payment gateways successfully provide end-to-end solutions for seamless customer experience. They are the key medium to help merchants receive card payments in both the situations, i.e., card present and card non-present transactions. For increasing the value added services, payment gateways have integrated front-end services of newly available banking platforms.

Besides, Digital India Initiative has played a crucial role in making Payment Gateways become such an integral part of the society. With this initiative, several other related sectors like Machine Learning, AI, telecom, software industry are getting the push rapidly ever since demonetisation. Over a period, payment gateways have become extremely imperative for every e-commerce platform online. Since, in today’s time, e-commerce platforms are on the rise in India, payment gateways have become vital for the country.

According to a report in CNBC:

  • Digital payments are anticipated to reach 726 billion by 2020, says a study done by Capgemini and BNP Paribas.
  • Non-cash transactions rose 11.2 percent between 2014 and 2015, which was the highest growth of past decade.

Digital India Initiative and Other Related Sectors

Automation and Digital India are two terms going hand-in-hand ever since demonetisation. The aftermath of the same is an enhanced demand for automation as well, since it provides for the entire setup of payment gateways. Advancement in automation sector helps the e-payments to be more efficient and able to act and respond in a particular expected way.

Hence, for making Digital India a success, it is required for other related sectors to be growing in harmony with the e-payments’ sector. Government of India is making sure that digitalisation transforms businesses, society and governance alike in the most productive manner. This vision of Digital India is quite a wide one with all the decisions being based on an upliftment of the society, related sectors and governance as a whole. Hence, payment gateways are on the path to experience more innovation, and thus, advancement in the coming time.

The Scope for Future

It is believed that in future, as the ecosystem will progress, digitalised sectors will be triggered with further automation. This is sure to increase the speed and power of existing digital services, gadgets and everything related. Furthermore, there is an expected growth in the processing of huge volumes of data simultaneously.

Connecting it all is Internet of Things (IOT), which is also estimated to bring several more advantages by scaling up in the coming future. Coming to the rural areas in India, more and more is happening to bring massive broadband connectivity across these areas.

Besides, payment gateway platform will also experience a further shift in its efficiency with technological advancements, and thus, infliction of innovative changes. This is all going to bring umpteen profits to the economy. Consequently, the profits to the ecosystem will add on to crore of e-commerce platforms and jobs. Hence, both the demand for payment gateways by newly set up e-commerce platforms and purchasing power as well as knowledge/trust of masses is believed to go up in future.

Hence, it is positively going to make the future of payment gateways brighter than now and better with both business owners and buyers enjoying the benefits of a payment gateway. This implies that payment gateways also need to constantly and rapidly evolve in order to stay on par with the advancements.

There are some anticipations with regard to evolvement of payment gateways, which are going to make the same more efficient for society at large:

To enjoy the benefits that payment gateways can bring in the near future, digital payments’ industry will need to pick pace with regard to advancements. This is only possible with quick innovations and implementations of the same.

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25/06/2019