Did you know that between 2021 and 2022, UPI payments facilitated the growth of e-commerce payments by 53%, reaching a value of $12 billion? As more businesses shift towards online sales, payment solutions have evolved beyond mere gateways, becoming a core component of e-commerce digital strategies. Businesses are keen on payment solutions for e-commerce sales that are fast, secure and convenient.
With the rise of digital payments, there has also been a consequent increase in the demand for secure and fast payment solutions in India. Payment solutions are sets of digital infrastructure that comprise payment gateways, card redeemers, and other components that help facilitate digital payments.
So, how can payment solutions boost e-commerce sales for your business? Let’s dig a little deeper.
How payment solutions catalyse e-commerce sales
Payment solutions for e-commerce sales are more than just payment gateways and OTP security. They can deliver good consumer experiences even at the final touchpoint.
Here are some ways that payment solutions can be beneficial for businesses:
The increase in digitalisation has also increased the volume and complexity of cyberattacks. Digital information is at risk of breach and theft, and customer payment data is sensitive. However, innovation has also developed highly secure encryptions and data transit safety measures that enable complete security in digital payments.
Leading fintech firms provide payment gateways that are PCI DSS compliant. One example is tokenising customers’ payment information to prevent data misuse and enabling faster checkout. This process replaces consumer credentials with randomised values, making the data useless to hackers even if intercepted.
Customers enjoy the shopping experience that resonates with their preferences and provides a seamless experience. Using modernised payment solutions for e-commerce sales, it is possible to deliver convenience to customers by reducing the steps they need to complete before making a purchase. For example, UPI offers customers a three-step journey to purchase, making checkout quicker for your customers.
Additionally, payment links allows customers to convert cash-on-delivery payments to online payments, making it super convenient and hassle-free.
Better customer experience
Customer experience has now become the driving factor for e-commerce sales today. If your business is grappling with cart abandonment, it may be because your consumers are unhappy with the experience.
Factors like website experience, availability of preferred payment methods, concerns about card detail security, etc., prevent customers from completing a purchase.
With the right payment solutions, it is possible to provide customers with:
- Multiple payment methods
- Added security
- Contextual experience in payments
- Other embedded finance products to enhance their experience with your brand.
Payment solutions can help drive e-commerce sales in this way.
One of the chief reasons that make robust payment solutions the key to enhancing e-commerce sales is the speed of transactions.
The customer gets antsier with each second that elapses between the payment and receipt of confirmation. The right payment solution should not take more than a few seconds to conclude a successful payment.
Modern fintech innovations that leverage technology like blockchain and quick encryptions make it possible to speed up the payment process significantly. It helps give peace of mind to the customers and enables them to make repeat purchases with your brand.
Context and customisation
Modernised payment solutions are designed to remember a repeat customer. This does not involve remembering their sensitive payment information; only personalisation aspects like what they shopped for, their payment method, their form auto-fill information, etc.
These payment solutions also remember if the customer redeemed coupons or vouchers or if they have loyalty benefits applicable at checkout. This contextual and customised payment experience helps keep customers loyal to your business by giving them highly attentive, quick and hassle-free services.
Benefits of payment gateways in enhancing e-commerce sales
Payment solutions for e-commerce sales use payment gateways that enable secure and quick transactions between customers and the business. There are several benefits of partnering with a reliable payment gateway provider:
Accept payments without a website
Customers can purchase from your business even if you don’t have a website or if you prefer to engage with them on their preferred platform. Setu’s DeepLinks and Plural’s UPI payment links are some payment solutions that can be shared directly with consumers to help them complete payments.
Seamless payment processes can take place using embedded payment details that can be shared on any channel- WhatsApp, SMS, email and more.
Support for web and app integrations
Several payment solutions provide easy integrations for web interfaces and mobile-based interfaces. It helps customers complete their purchases quickly from the comfort of their preferred channels, enabling higher satisfaction levels and repeat purchases.
Reach a global market
A good payment gateway supports international payments, enabling your customers worldwide to keep shopping with you without any problems.
When integrated with payment tracking and analytics solutions, the payment solutions can also provide insight into the source of your shopper traffic. This can help create contextual payment experiences for niche cohorts.
Payment solutions encompass an entire ecosystem of interactions between a business and the customer. Above all, delivering exemplary customer experiences at the point of sale is possible.
Payment providers like us provide an entire infrastructure of digital payment solutions that bolster the last touchpoint with revolutionary products like:
- Gateway: A robust payment gateway with high security, UPI intent flow, and more. Our payment gateway is EMVCo 3DS 2.0 compliant, meaning stronger authentication, higher security and faster checkout for your customers.
- Tokeniser: To provide faster checkouts, compliant with RBI regulations.
- Affordability suite: An industry-first solution so you can offer bank + brand + merchant offers, giving your customers the best price.
- Plural Links: Customisable payment links to share via any platform.
Plural makes it easy for your e-commerce enterprise to close more deals quicker and with enhanced safety through its products. Visit the website to learn more.
Plural payment gateway is EMVCo 3DS 2.0 compliant.
Plural by Pine Labs has received an in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator.
Setu has received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as an Account Aggregator.
Amrita Konaiagari is a Marketing Manager at Plural by Pine Labs and Editor of the Plural blog. She has over 10 years of marketing experience across Media & Tech industries and holds a Master’s degree in Communication and Journalism. She has a passion for home décor and is most definitely a dog person.