Following demonetization and the ensuing problems with cash payments, the government made digital payments in India a priority. The Indian government has taken several steps to promote and support digital payments systems in India. The government has set a goal for the ‘Digital India’ initiative to establish a ‘digitally empowered’ ecosystem: ‘ Faceless, Paperless, Cashless.’ 

What are Digital Payments? 

Digital payments are transactions made via online modes without any physical exchange of money. This means that both parties, the payer and the payee, use electronic mediums to exchange money.  

The fast adoption of mobile devices and the rise of e-commerce are not the only factors driving digital payment rise. The following factors also have encouraged the expansion of these payment systems: 

• Traditional payment procedures are much more streamlined today. 
• More new entrants and competitors. 
• Expectations and Preferences of consumers are constantly evolving. 
• Rules, Regulations, and Legal frameworks. 
• Innovations that are both competitive as well as collaborative. 
• Newer payment methods have emerged as a result of technological advances and the adoption of existing ones. 

Why are Digital Payments Important? 

Establishing financial parity always remains critical in a nation like India, where inequalities are sometimes fundamentally opposed. One of the main reasons our government started talking more and more about Cashless Economy and Digital India was to make financial resources more accessible to every citizen possible. 

Depending on the platform you choose, digital payments are done by transferring money from the user’s account to your corporate bank account via the internet secure bank network. When you receive payment, the money is immediately sent to your corporate account. This makes the overall online payment procedure very simple and trustworthy. The following factors justify the increasing need for digital payments:

• Cash has become almost obsolete, mainly following the COVID-19 pandemic. Thus, sellers and buyers are looking for secure and convenient payment options. 
• Any company or individual from anywhere in the world can use digital payment methods. 
• You can make online payments more quickly than cash. 
• Compared to the traditional payment methods, digital payments are safer, simpler to process, and far less costly in the long term. 

What are the Different Methods of Digital Payments? 

Here are some of the most common digital payment technologies in India that might help you save time and manage your money transfers: 

Banking Cards

Banking cards, like debit and credit cards, are the earliest digital payment methods available in India. It had a significant impact on the payment system. This change was necessary for the long run to allow for a cashless or digital economy.

Mobile Banking

Mobile banking refers to the use of e-banking services such as  NEFT, RTGS, IMPS transactions to transmit money around the world utilizing your online banking platform. Most leading banks are working on interactive internet banking platforms to make online banking transactions increasingly common than they are now.

Mobile Wallets

A payment wallet comes with a lot of digital payments software. This wallet is a digital wallet that holds your money instead of your bank account in an incredibly simple interface, allowing users to conduct financial transactions straight from the application wallet.

Unified Payments Interface (UPI)

UPI is among the most widely used digital payment systems currently. Numerous simple and user-friendly smartphone applications enable users to transact directly from their bank account in seconds using the KYC verification completed during their account setup process.

Unstructured Supplementary Service Data (USSD)

USSD is a digitized form of payment that does not need the internet. It is the most convenient as you can do it by calling a standard code immediately from a genuine and validated phone network.

What are the Benefits of Digital Payments? 

Users, businesses, governments, and global development entities all benefit from digital payments. The following are some of the advantages of turning digital: 

• To promote financial inclusion, increase access to various financial services, such as savings, credit, and insurance. 
• Inclusive growth enables a more optimal income movement by allowing the economically disadvantaged to contribute to the economy. 
• Higher effectiveness and responsiveness result in cost savings. 
• Women’s economic engagement has gone north on the charts by giving them more control over their finances and additional options. 
• Safety and Transparency is much better these days as increasing and rapid tracking and accountability reduces fraud and theft. 

PayU As Your Digital Payments Partner 

PayU gives users simple, safe, and secure payment solutions with no need for coding and downtime. It even gives you access to digital payments application descriptions and also full-time integration support for the same. It enables users, individuals, freelancers, businesses as well as organizations to: 

• Create their online presence. 
• Accept online payments on the website, mobile app, and more. 
• Collect payments via professional invoices, blogs, web pages, QR codes, excel sheets, among others. 
• Pay their vendors, employees, and customers even on bank holidays with real-time updates. 

Conclusion 

The days of people relying on traditional payment methods like cash and cheques are pretty much gone. Computers and mobile phones have transformed the way we live and work and manage our finances and transactions. The emergence of modern services, such as e-commerce, has resulted in a desire for faster payment methods due to the constantly changing and expanding technologies. 

The post How Are Digital Payments Revolutionizing Money In India? appeared first on PayU Blog.

According to stats, 68% of freelancers say that their life has improved since they started freelancing and much happier than before. And the numbers are just growing! Everybody is turning towards freelancing – 47% of freelancers are millennials!

However, unfortunately, freelancers often deal with the problem of late payments or even no payments. According to stats, 58% of freelancers report a consistent problem of receiving payments late. On average, freelancers are paid 18+ days after the payment due date.

So, what can freelancers do in such a situation? Check out different ways a freelancer can collect payments?

One way to get paid on time is by integrating a good payment gateway such as PayU on your website. PayU charges no set up fees and has zero annual maintenance charges. Also, it is highly safe and secure.

Just sign up on PayU as a merchant, and integrate the PayU payment gateway on your website, in no time!

https://youtu.be/KdMo9OFnVTU

How Freelancers can Integrate PayU Payment Gateway on their Website

The 3 main steps for integrating the PayU payment gateway on your website include:

1. Installing the PHP kit
2. Configuring the kit
3. Testing & going LIVE

Here’s a step-by-step guide to know how to do PayUmoney Payment Gateway Integration in PHP Website

How Freelancers Can Collect Payments Without Having a Website

Don’t worry, if you do not have a website. You can collect payments easily with PayU payment links. Creating PayU payment links does not require any technical knowledge or experience. You can do it in just these 4 simple steps:

1. Sign up on PayUmoney
2. Create PayU payment link
3. Share link with customers via WhatsApp, Facebook, Email or SMS

4. Get paid directly into your bank account

You can also create and send invoices to your clients with PayU Payment Links. Read here to know How to Accept Payments Online Using PayU Payment Links?

Freelancers Can Collect Payments On-the-Go with All-New PayU App

The all-new PayU app lets you create and send PayU payment links to your clients, request payments, track your business performance on the PayUmoney powerful dashboard and create a website, within minutes — all on the go.

Click here to download our new revamped PayU App.

Why Should Freelancers Choose PayU?

Besides the core features mentioned above, PayU offers the following to the freelancers:

1.International Payment Acceptance – With PayU, you will be able to accept payments in more than 100+ currencies. Know how to Accept International Payments with PayUmoney

2. Instant Settlements – Get money in your account the same day! Read this for more details: Introducing Same Day Settlements for PayUmoney Merchants

3. All payment Options Available – Give people all payment options – credit/debit cards, wallets, UPI, and others. Your customers will see a screen like below on clicking on the PayU payment link:

4. Subscriptions – You can offer subscription services to your clients. Click here for Subscription APIs and to know more benefits of Subscription-based payments.

5. PayU Buttons: You can also add a Payments Button on Website or Blog and start collecting payments in no time!

Conclusion

PayU makes for a good option for freelancers who want to request payments from clients. The processes in PayU are streamlined and you can collect even international payments hassle-free.

With PayU, you have control over your work, clients, and payments. It simplifies collecting payments on time for freelancers and helps them grow! Integrate with PayU and start collecting payments within minutes. For more details,

The post How Freelancers Can Collect Payments with PayU! appeared first on PayU Blog.