With the digital transformation happening rapidly in today's world, it has affected the way businesses work. No longer can they be satisfied by a pure brick and mortar system. Rather, their revenues increase manifold if they go online. And to support these business have emerged multiple online payment solutions. According to Business Insider, while the number of online shoppers has increased by nearly 20 million from 2015 to 2016 (224 million), these shoppers account for about $68 billion of total amount spent online in 2016 (an increase of 11.48%). The number of online transactions has also increased by 115 million in the same time span.
The increase in total spends means online payment solutions have to keep adapting themselves to provide the best services possible. They can simply not work with card payment gateways anymore while the market is moving towards mobile transactions and wallets. A well integrated system will not only provide options to the customers to pay through card payment gateways or net banking but also through a variety of other modes like wallets and UPI (recently launched in India). Businesses need to remember that a customer with more choices of his/her liking is always a happy customer.
Since there is a huge potential in the online transactional world, it becomes mandatory for the businesses to work alongside the payment solutions and provide the best results to the online shoppers. The era of card payment gateway is far gone. With the proportion of non cash transaction expected to cross the cash transactions by 2023, any person who does not avail the features of an online payment solution, will see his/her business move towards failure. Don't be a part of the declining industry. Accept the new market trends readily and see your business boom!