Gone are the days when cash was considered as the only mode of transaction in the world. Slowly but gradually, plastic cards (debit and credit) and online payment gateway; have successfully managed to replace cash transactions up to a certain extent.
The payment industry has evolved tremendously, making the shift to digital in the last few years.
Enhanced security measures on payment gateways to reduce fraud, are shaping the future of online payment transactions.
Here are few payment-related trends that are sure to dominate the future of payments in the coming decade, as well.
Bharat QR Code
The current Government, since taking power has always stressed on the importance of digital payments. The BJP Govt. a few months back also launched the BHIM App to encourage digital payments via mobile apps.
One such initiative is the Bharat QR Code which has facilitated smoother cashless payments. Bharat QR code makes use of QR codes for payment across merchant outlets. All consumers need to do is scan the QR code through a mobile phone to transfer money instantly from one account to another. The payments are then directly transferred through bank accounts.
The Bharat QR code aims to standardize the QR code payment method across the country. Hence, the Bharat QR code aims to help those who prefer mobile banking but do not wish to use debit or credit cards. Moreover, Bharat QR code does not entail any costs for physical point of machines and offer greater security as users do not have to divulge credit card or debit card details.
POS and mPOS
Mobile points of sale devices or mPos terminals are becoming quite common these days. mPOS payments have been well received by both, sellers as well as buyers. mPos systems are mobile backed payment systems which free up space otherwise required for physical Point of Sale countertops. Retailers, overseas, prefer mPOS machines owing to the convenience factor.
A POS system on the other hand are traditional Point of Sales system which come with advanced features such as customer analytics, purchase orders and inventory management. However, a POS system countertop takes up a lot of space.
Chip technology is an evolution in payment system that allows enhanced security and reduction in card related frauds. Chip enabled cards are standard cards that come with a micro-computer chip and require a PIN instead of signatures for transaction.
EMV chip technology protects sensitive payment data is beneficial in combating the menace of fraud cards with dynamic authentication capabilities when verified by POS devices.
One thing is quite obvious and common across different payment mediums; these modern payment modes have been duly accepted only because of secure and safe payment gateway platforms. They have enabled more merchants across the country to switch to online mode of payments thus transferring the benefits to the customers.
A secure transaction platform not only prevents frauds but also brings greater credibility which eventually brings in more customers. It is to be seen if cash transactions will be completely replaced by digital transactions in the coming years.