New Digital Payments Modes Every Retailer should start in practice now

In the past two years, retailers in India have understood the need, friendliness, security, and accessibility of the digital payments in their overall retail sales process. To name a few of the options are Paytm, PhonePe, Google pay, Bhim UPI app, Venmo, etc.

According to KPMG digital payments growing in India at 12.7% CAGR, one of the key factors which played a transformation role and liberate mobile payments in India was the role played by wallet players.

The ease of payments, accessibility, and convenience were the factors that have led to the extensive acceptance of wallets at point of sales. The mobile wallet market is expected to continue its expansion at a CAGR of nearly 52.2 percent by volume during 2019-23, it added.

The use of digital payments is evolving day by day and becomes a critical handy tech tool after COVID-19 as Customers visiting stores looking to have minimum physical contact to pay their bills.

Apart from regular Digi payments and mobile wallets, there are few New and lesser-known Digital Payment Options retailers can start using and deploying on priority are:


Growing Demand for “Mobile Point of Sale” (mPOS)

A mPOS are devices works on Android, iOS or Windows OS convenient (tablets/iPads or smartphone) and manage all the transactions just as similar as any other point-of-sale system, the only change is staffs/employees can practice it from anywhere as it requires just internet to function. To name a few major mPOS operators in India are Pine Labs, swipe, Paynear One, Ezetap, Bijlipay, ePaisa, etc. The rates and trade terms can be on their websites.

Razorpay Payments

Razorpay is the only payment solution in India that allows businesses to accept, process, and disburse payments with its product suite. It gives you a reach to all kinds of digital payment modes like a credit card, debit card, net banking, UPI, and trending digital wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.

How Razorpay Works?

  • The cardholder inputs their bank account/card details on the Razorpay checkout form to pay for a product/service.
  • After successful authentication via OTP/ 3D secure, the money is debited from the cardholder’s account and a confirmation is sent to the cardholder.
  • The transaction amount is routed via the card networks to Razorpay’s acquiring banking partners.
  • Once Razorpay receives the amount, it is settled to your bank account after fees deduction. – Razorpay Support

Zeta App (Sodexo)

Another very important digital payment option for a retailer. This payment model allows a customer to spend grants issued by their employers for various tax-saving benefits, like medical reimbursements, Sodexo meal plan. Balance get transfer in the same Zeta account/Card which accepted at major and nearby decent store/shop. This is a ready-money customer looking to spend and retailers should look forward to catering them well especially in IT surrounded catchments.


EMV Enabled Smart Cards Payment – “Tap & Pay”

Now if we see the above image and can easily recognize the same from our own latest debit or credit card. This is called EMV enabled card which means universal contactless smart card and every retailer should have the idea in as post COVID, consumers will prefer the contactless payment methods and EDC machines in a shop should accept EMV enabled credit/Debit cards for better and smooth CX.

SMS Based Payment

One of the types of mobile payment mode getting in trend is SMS payments where a customer pays for merchandise or services via an SMS link sent by the merchant. The trend of SMS based payments is more likely in the sectors like dining resto and spa who prefer advance payments for booking. Though it is less preferred payment mode among all but scope remains high in the service segment.


Why Digital Payments?

1 – Digital payments are the safest mode of transactions as involve with minimum physical contact process or almost contactless.

2 – Quick accessibility and ease of payment collection without worrying about giving the change in return.

3 – Time-saving and quick cash counter billing at Point of sale

4 -Very secure mode of payments with almost minimum fraud rate with insurance available if any and easy to track.

5 – Retailer can track their CRM activities via more

6 Hassle-free banking as most of the sales collection credited to your account asap.



Segments expected to get a lift in digital Payment Modes onwards to post COVID- 19:

Small neighborhood grocery stores, Dairy shops, General stores etc.

OTT (over-the-top) Platform such as Amazon Prime, Hotstar, Netflix, Zee5, etc

Fashion Stores/ MFS shops

Online education sites/ School Fees payments

Broadband usage payments

Online money transfer

Petrol Pumps


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