November 8th is a landmark day for digital payments in India when the Prime Minister Mr Narendra Modi announced the ban on Rs. 500 and Rs. 1000 currency notes. The move is welcomed by many and is considered to be a step towards reducing black money, ending fake currency note racket, proving an obstacle for terrorism, reducing corruption amongst other positives. The next few months will be a bit challenging for people used to making cash transactions as the exchange of new notes from the banks will take some time.
For Reena, grocery shopping had become quite easy since she started using a popular online grocery shopping portal. But Wednesday, 9th Nov 2016 proved to be a rather challenging day for her. She ordered for some grocery from the portal and chose the Cash On Delivery (COD) option. The delivery scheduled for the next day and all she had were some Rs.500 notes. Left with no choice, Reena decided to cancel her order. The grocery startup on the other hand had to face loss in business because of this. The grocery startups understood this problem and sent her the payments link over SMS from their Seller App. Upon clicking on the payment link, she completed the payment with options of Credit Card/Debit Card/Net banking, Wallet to choose from. Online payment was the savior here.
As an online business, have you started accepting payments online? Now that your customers are ready to try online payments although reluctantly, it is important that you don’t miss out on the opportunity. Stay relevant with the changing times and keep ahead of the curve by giving your customers the widest range of payment methods, seamless experience with the easiest technical integration.
You can also explore advanced payments stack with one tap payments, saved cards, marketplace payment solution, recurring payments, multi-currency processing booster, analytics and much more with a simple documentation and go-live process.