Pay10: The Best Digital Payment Solution for Businesses

Payment is no longer a simple transaction process where we hand in the cash and pay for a product or service. The technology driven payments industry is simple and hassle-free for the end-user but substantially complex for multiple stakeholders involved in securely processing the payment. Has technology complicated the payment process that it set out to simplify? The answer is just as complex and intricate, as several contributing factors created certain dependencies that we have currently set out to understand. Let us begin with a basic understanding of the Payments industry and how it impacts your business.

Payments- The shift in Customer Behaviour

Humanity experiences waves of innovation, with each century ushering in a revolutionary change that permanently alters human dependencies and behaviour. One such pivotal invention is the smart phone, it gradually transitioned from enabling basic text messaging feature to recording our heart rate, within a span of 3 short decades. The 30 years of permeative human dependency on an electronic device has led to integrating emerging technologies to the same. The Payments industry is no exception to the rule, as most innovations are centred around supporting digital payments via. Smart phone.

Payments- The Past, Present, and the Future

Money as we know it today is no longer limited to have a tangible presence. The evolution of money and trade in the form of coinage, paper money, promissory notes, cheques, etc. have yielded to the introduction of digital payments, with the 4th great human revolution- The Network Age. Payments are more sophisticated than it has ever been, with multiple payment modes made available with a single click.

The ease of access offered by new digital layer has led to financial inclusion in several previously underserved and underbanked markets on a global scale. The future of digital payments looks promising with a continuous upward trajectory as BHIM UPI (Unified Payments Interface) emerged as the preferred payment mode and recorded INR 12.98 lakh crore in January 2023.

Payments- Behind the Scenes

Digital Payment overcomes the shortcomings of the conventional structure based on cash transactions centred around banking institutions. The age of digital innovation in the payments industry is currently at the growth phase with digital payments infrastructure enabled to support several payment modes and securely process transactions. The digital payments ecosystem requires multiple stakeholders to function seamlessly to process the payment. Here is a comprehensive guide to understanding the function of Payment Aggregator.

Although Digital Payments might appear to be free-functioning, fast, and flexible compared to the traditional banking counterparts, they are still very much dependent on legacy institutions to ensure security and authentication. There are numerous RBI (Reserve Bank of India) issued mandates and regulations to safeguard the best interests of the end-users and the merchants irrespective of the size of operation.

Modern Payment Solutions for a Fast-Changing World

The unbridled pace of technological advancement in the past decade has impacted every industry, the FinTech sector is the answer to several challenges faced by legacy institutions. The fast-changing world needs modern payment solutions that aid in lesser day-to-day dependency on legacy institutions and function seamlessly and securely with

enhanced transparency. The digital payment solutions are diverse, easily accessible, and caters to all demographics, while addressing the specific challenges faced by them.

Why do Businesses Need to Adopt Digital Payment Solution?

As businesses in every sector face new challenge posed by the advancement in technology, adopting digital payment solution is more critical to subsistence than ever before. Here are 4 major advantages to Digitalizing payment acceptance and processing for a business:

1. Access to a large customer base

2. Quick and easy payment acceptance and processing

3. Streamlined payment tracking and reconciliation.

4. Economical and hassle-free maintenance

How to Choose the Right Digital Payment Solution?

Payment Service Providers are dozen a dime in the marketplace each with their own USPs.’ Choosing the right payment solution to specifically cater to your business is critical to success and growth of the business. There are several factors of significant importance that needs to be considered before making the right choice. Although it might look like an intimidating task, here is a handy checklist to make the process simple and easy for your business digital payment needs.

About Pay10

Pay10 strives to be the 360 degrees trusted payment service provider by creating strong partnerships and continuous commitment to our customers and our people across all geographies. We aim for optimally effective, safe, seamless, accessible, and socially efficient payment solutions where innovation and technology are an important element. Founded in 2017 with corporate office located in New Delhi, India, we have a robust pan-India client base. Visit www.pay10.com for more information.