Articles
How online payments are changing the face of the Indian marketplace
by Brian Wallace Affiliate MarketingDance of the Numbers: Statistics and Growth
There has been a remarkable growth of online payments in India over the years. Last year, PIB India reported that the total number of digital payment transactions increased from 2.071 billion in financial year 2017-18 to 8.840 billion in 2021-22. Similarly, the value of digital transactions escalated to Rs.3,021 lakh crore by FY 2021-22. This trend portrays an enhanced use of different accessible and pocket friendly digital payment modes like BHIM-UPI, IMPS, NACH, AePS, NETC, debit and credit cards NEFT RTGS PPI etc. Digital payments developments have led to convenience for the citizens, financial inclusion and growth of businesses as well as country's economy in general.
Google Pay in the world of gambling
In India, Google Pay (GPay) completely revolutionized online casino industry. It has gained popularity among online gamblers due to its security, user-friendly underpinnings and wide coverage. In the country, it uses rupee as its currency and is also connected with Unified Payments Interface (UPI) to guarantee a
speedy and secure process of transactions.
Security measures are among the most significant advantages of using Google Pay for online casinos. It uses encryption and tokenization systems that make certain that user’s personal or financial information is well protected. This ensures that transaction details are private and safe from hacking. Additionally, Google Pay permits instant deposits that make gambling more hassle-free. Players need not go through complicated processes of inputting card details or banking information hence the game gets started very fast.
Mobile gaming is also conveniently served by Google Pay. It simplifies depositing and withdrawal process in mobile devices. There are some casinos where they have offers only for players who make payments using Gpay such as cash back or free spins. The casinoss.in website provides a good list of online casinos with Gpay.
Screen Flicker: Mobile Payments
India's online market is being changed by the advent of mobile payments, especially within the framework of the increasing e-commerce industry and a growing number of smartphone and internet users. There are various startup financial technologies which render trading services through mobile wallets and instantaneous transaction methods using Aadhaar/UPI. The government’s initiatives in digital payments such as BHIM UPI have been important in encouraging uptake. PhonePe, Google Pay, Amazon Pay, ICICI Bank Limited (ICICI Pockets) and PayTm Payments Bank Limited are among the top players in India's mobile payment market in 2023. These applications offer convenient, safe transactions that support shift to cashless societies and foster growth of a digital economy within the country.
Voice of Consumers: Feedback and Preferences
India, as seen by consumer feedback and online payment preferences, shows an increasing acceptance of digital payment modes mainly in e-commerce. The growth of mobile phones and the internet has had a big contribution towards this trend. A survey by PYMNTS showed that 55% of Indian consumers had used digital wallets to pay for their retail purchases while 82% of customers have already used or are
aware of this shopping feature on most merchants’ platforms.
In India, alternative forms of payment such as mobile and digital wallets control e-commerce with a market share of 58.1% in 2023. These methods have become widely consumed over the last five years by the customers where Amazon Pay, Google Pay and Paytm are among the leading brands. Credit and debit cards stand as the second most used payment options for ecommerce in India accounting for 25.7% market share in 2023. Moreover, it is also worth mentioning that cash payments which were dominant forms of making offline retail purchases show a significant drop in the proportion that accounts for only 6.2%.
Safety vs Convenience
Companies in the online payments industry in India have a problem of choosing between convenience and security. On one hand, customers prefer easy to use systems and are willing to compromise their personal data as long as the system provides a better user experience. A 2016 study by F5 showed that 68% of Indian consumers agree to share data while offering them with personalized experiences. On the other hand, increased app usage and data generation increases the risk of cyberattacks, with over 674,000 cybersecurity incidents recorded in India in the first half of last year.
Security measures need to be balanced against usability when designing effective information security systems that also provide a safe and convenient user experience. This includes conducting risk assessments to determine required level of security; selecting suitable security measures; educating users on how to understand and utilize these mechanisms; regularly monitoring user behavior for usability issues; and continuously updating security measures according to emerging technological trends and needs.
While maintaining an equilibrium among security measures on one side and usability on the other is essential for effective information security, it helps maintain a secure user-friendly environment.
Laws and Regulation: A Legal Framework
In India, online payments are governed by various laws and regulations enacted to guarantee secure and efficient digital transactions. In November 2022, the government released the Digital Personal Data Protection Bill 2022, which is currently under public consultation. As it still has not been introduced in Parliament, this Bill deals with protection of ‘digital’ personal data over previous versions of the Act that left out non-personal data references and further gives authorizations for cross-border data transfers to whitelist countries by Central Government. Also, in April 2022, the Reserve Bank of India (RBI) issued guidelines for credit and debit cards that outline actions and prohibitions for co-branded cards, including a ban on access to transaction information by co-branding partners. In September 2022, RBI also issued guidelines on digital lending requiring digital lending apps to collect data based on need and with prior explicit consent from borrowers.
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About Brian Wallace 
Affiliate Marketing
16 connections, 0 recommendations, 41 honor points.Joined APSense since, June 26th, 2019, From Bangalore, India.
Created on Jan 10th 2024 10:33. Viewed 223 times.
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