The Future of Payment Gateways
Payment Gateways in Today’s time
In today’s time, As online payments are becoming more and more popular means of transactions, online payment gateways have become increasingly important.
Payment gateways successfully provide end-to-end solutions for a seamless customer experience. They are the key medium to help merchants receive card payments in both card-present and card-not-present transaction situations.
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 society.
With this initiative, several other related sectors like Machine Learning, AI, telecom, and the software industry are getting the push rapidly ever since demonetization.
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.
With the increase in demand for advanced technology, digital payments, etc, it is anticipated that the online payment gateway market is expected to grow near to 88Billion USD by 2027.
According to a recent study conducted by Research Nester, the global market for online payment gateway is expected to grow at a moderate CAGR of 16% during the forecast period 2018-2027.
According to a report in CNBC:
- Digital payments are anticipated to reach 726 billion by 2020, says a study was done by Capgemini and BNP Paribas.
- Non-cash transactions rose 11.2 percent between 2014 and 2015, which was the highest growth of the past decade.
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Digital India Initiative and Other Related Sectors
Automation and Digital India are two terms going hand-in-hand ever since demonetization. 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 the 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.
The government of India is making sure that digitalization 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 upliftment of the society, related sectors, and governance as a whole.
Hence, payment gateways are on the path to experiencing more innovation, and thus, advancement in the coming time.
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The Scope for Future
It is believed that in the future, as the ecosystem will progress, digitalized 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 the 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, the 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 to crores 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 the masses is believed to go up in the future.
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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 the evolvement of payment gateways, which are going to make the same more efficient for society at large:
1) Automated payments to suppliers at a pre-decides interval as well as receiving automated payments from distributors.
2) Linking of payment gateway with the individual’s credit card to automate payments for services like rented cab services.
3) Payment gateway equipped with the technology to validate payment with thumb or finger impression. This removes the need to enter details like CVVs, and credit limit since the impression can serve best as a password.
4) Bio-metric Authentication: The use of biometric technology is increasing day by day. It is done by analyzing fingerprints or facial features.
Gone are the days when the password or pattern needs to be remembered. More and more applications are using biometric authentication today.
Customers, as well as merchants, feel that this authentication is more secure as biometrics can not be duplicated easily.
It is faster and easy to use and understand making biometric authentication a comfortable mode.
5) Multiple Payment Gateways: Shopping online as of today is not only about adding the thing you want to the cart and paying for it online.
Customers want a more sophisticated and seamless process that can enhance their shopping experience.
And with time, using multiple payment gateways for enhanced payment processing is one of the emerging options.
Multiple payment gateways offer more security and convenient and easy payments along with offering customers a much better transaction experience.
6) Nano and micropayments are emerging as alternate methods of charging.
7) Another mainstream factor in today’s day and age is Bitcoin – a widely recognized cryptocurrency. There have been most advancements in the cryptocurrency area and still are.
Using cryptocurrency is more secure as transactions are less traceable. Blockchain also offers numerous benefits, reducing the risk of security breaches and increasing efficiency and reliability.
8) Another emerging technology and a trend is ‘voice commerce’ It has influenced customer behavior to a great extent. Custom online payment via voice commerce can be considered a glimpse of the future.
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To enjoy the benefits that payment gateways can bring in the near future, the 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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