Digital payments are an extensive set-out. They are the driving force for businesses and changing the shape of consumers’ behavior across the globe. Digital payments are part of big pictures, and the shift towards digitization is real and UPI is a major driver towards this shift.
In several ways, we see digital payments, international or cross-border transactions making significant progress. They have become an integral part of our lives that connect the globe — shopping, making payments, sending money to friends and family, etc., are no more a big deal. They can be done in a fraction of seconds — instant, secure and easy.
The Latest Trend: UPI Apps and QR Codes
Consumers have made a move to the digital world. Contactless payments, digital friends, and QR codes are all on one platform now.
Europe and Africa have their individual payment schemes designed for consumers. While the pandemic gave a boost to the digital payment methods, the real world started embracing them. As a result, we have QR codes that were extended to every business, be it small or large. It is a simple way for consumers to make online transactions by just scanning the QR code available at the store. As consumers are looking for online transactions, and hence, merchants are implementing what they want.
Contactless technology-enabled QR code-based payments and that is the biggest accomplishment for every physical retail store. Consumers can instantly do a checkout by scanning a code and making a payment. Digital payments are seamless, flexible, and transparent. In fact, there are a good number of rewards for every payment we make using digital payments platforms. Google Pay, for instance, offers immense advantages. It also has a customer-friendly interface with a quick QR code-based payment system.
Most UPIapps help individuals to pay utility bills, make credit card payments, buy gold, invest in funds, and a lot more. These UPI apps are trustworthy, and they account for a large number of merchant transactions.
On the other hand, these mobile payment applications also allow users to pay for their daily travel, entertainment, stores, make online orders, recharge games, etc. In a few countries, these payment platforms are also integrated for public transportation payments. As a result, they are making it easier for people to purchase Metro cards instantly.
The Growing Scope for B2B
Business-to-consumer (B2C) payments have advanced in various ways. Cross-border and domestic spaces are the fastest growing areas across the globe. In the business-to-business space, there is already a huge market. Its increasing popularity is indeed an excellent opportunity for next-gen businesses.
There is exponential growth, excitement, and experiments going on in the B2B space. And among the online and offline payment methods, the online payment method worked well, initially for e-commerce and then expanded to almost every corner of the world.
The dark age of SWIFT is gone, and B2B payments are just trying to come out of it. Cards-based transactions, bank payments, cheques are all gone with the time. Now, everything is digital — look at the glow of it!
Digital payments have led to various payment methods and built an exclusively digital ecosystem for both B2B and B2C. The QR code-based digital wallets and real-time payments have set out a unique space to fulfill customer needs. It is quite a fascinating market.
Simple, frictionless, secure, transparent, and traceable payments are all we want — it will be no surprise that we might see no physical cash but the only digital movement of cash!