During the festive season, online payments banks have noticed 60% of consumers used online payment methods to make purchases via e-commerce portals. So what are online or payments? 

What are Online Payments mean in India? 

Online payments involve transactions that occur digitally without using paper currency. Online payments facilitate hassle-free, fast, and secure payments through a secured network, from paying for online purchases to transferring money online to making investments. Online/digital transactions involve the collaboration of multiple parties, including the banks and the financial firms, along with several sectors within the economy. 

For making online payments, the sender and the receiver must have:   

• Bank account 
• Online banking facility  
• A medium through which the transmission can happen such as a bank or service provider 

Different Methods of Online Payments In India 

Presently, there are several online payment methods available in India. Online payment methods have been in operation for now, but they received traction during the pandemic lockdown. Let’s look at them in detail below: 

Banking Cards 

Banking Cards are one of the widely used payment systems in India. Cards are very convenient, portable, and have the benefit of security of payments. The two most common banking cards used for online payments are debit and credit cards. These cards are used extensively in both online and physical transactions. Some of the renowned payment networks are VISA, RuPay, and MasterCard, among others.

Aadhaar Enabled Payment System (AEPS)

As the name suggests, anyone holding Aadhaar can use AEPS to carry out online/digital transactions, provided the Aadhar number is linked with his bank account. An Aadhaar holder can use AEPS for balance queries, withdrawal, deposits, and Aadhar to Aadhar bank transfers. If your Aadhar number is registered with the bank where you hold an account, then you can use AEPS for your online payments. Instead of mentioning the bank details, one can send funds from one bank account to another through their Aadhaar numbers.  

For making an AEPS transaction, all you need to do is: 

• Visit a Micro-ATM or a business correspondent (could be even your local store owner with the necessary device, who will function as a “micro-ATM” and help conduct these instant transactions). 

• Provide Aadhaar details. 
• Authenticate it with your fingerprint or iris scan, and then continue with your transaction. 

Unified Payments Interface (UPI)

UPI is the most popular online payment system that brings in several bank accounts into one single app. Any individual holding a bank account can send or receive money through a UPI application. UPI is extremely user-friendly; any UPI transaction requires merely a few clicks on the phone. UPI also allows users to transfer money without the hassle of remembering the bank account number or IFSC code. All they need to know is the phone number or a Virtual Payment Address. Several UPI apps are available both for Android and iOS platforms. 

Mobile Wallets 

Mobile Wallets are essentially your virtual wallet. Usually, people link their bank accounts to this online/digital wallet for secure transactions. One can download a mobile wallet app, add money to these wallets and use them for their purchases. With services like sending and receiving money, merchants’ payments, and making online purchases, among others, mobile wallets broadly facilitate faceless and cardless payments. Even, several prominent banks have also launched their e-wallet services, such as ICICI Pockets, Axis Bank Lime, etc. 

Internet Banking 

Internet banking allows users of a particular bank to carry out financial activities online, including transferring money, applying for loans, credit cards, closing an account, and many more. Almost all Indian banks have internet banking or e-banking services. The internet banking system is a banking network that is open throughout the year. The broad scope of the banking facilities that internet banking provides makes it a trendy option among customers. Almost all online transactions can happen using internet banking. 

PoS Terminals 

PoS terminals or Point of Sale terminals are the locations where the sale happens. For a long time, PoS terminals were those machines on the counters in malls and stores where the payment was made using credit or debit cards. These are the same machines where the users swipe the card and enter the PIN. However, with the increasing popularity of other payment methods, new PoS terminals have come into place.  

Physical PoS terminals are available in shops and stores; Mobile PoS are accessible through a phone or a tablet; Virtual PoS, are simply accessible through web-based applications to make payments hassle-free.

Mobile Banking 

Mobile Banking helps you do all financial activities with your smartphone. It is an umbrella term encompassing several banking services that are accessible over mobile devices. With the rise of UPI and digital wallets, banking via mobile has been expanding. It is becoming a popular option due to its convenience and swiftness. Most banks have their mobile banking apps where all services, including investments, bank statements, bill payments, and many others, are available at the click of a button. 

PayU: Your Online Payments Partner in India 

PayU provides online merchants with innovative payment technology with a range of multi-faceted features. Basically, a no-brainer tool to transact digitally while catering to individual freelancers, startups, and business enterprises. 

Integrating PayU payment network with business has several advantages, including:

• The high transaction success rate. 
• The ready-to-use payment network to set up with no coding skills. 
• PayU has developer-friendly APIs, plugins that facilitate easy integration with merchant websites. 
• Once your account is set up, you can start accepting payments easily. All you need is to complete the onboarding process. The entire process is online and hassle-free. 
• The PayU team helps merchants operate seamlessly and securely without any downtime. 

Final Words 

The Government of India has taken several steps to push people to use these online payment methods using their “Digital India” campaign. This campaign aims to create a cashless economy. Online payments help you keep “your money under your control”. At PayU, we help people facilitate online transactions seamlessly. To know more about us, visit PayU now. 

The post How Do Online Payments In India Work? appeared first on PayU Blog.

Need of the Hour: Contactless Payments Acceptance via PayU ePOS

As people practice social distancing, they have started opting for digital modes for transactions such as UPI or QR, limiting the use of cash. The PayU ePOS will enable you to accept contactless payments via multiple modes. Therefore, whether your business is online or offline, big or small, you can accept customer payments easily with the PayU ePOS.  

We understand that during such an unprecedented crisis, every business owner is constantly looking for opportunities to increase sales, improve cash flow, and save some money.  This is where the role of a product like PayU ePOS comes into play.  

How can you Collect Payments Instantly using PayU ePOS?

There are two ways through which you can collect online payments via PayU ePOS: 

1. Create Your unique QR, share it with your customers or let them scan and make instant payments 
2. Create & share payment links with your customers via email, SMS, or WhatsApp and get paid in minutes. Your customers can pay you at ease from the comfort of their home 

Now, let’s have a look at some of the other benefits of using PayU ePOS.    

Why you Need PayU ePOS for your Business!

1. 100% contactless, convenient, and secure for your in-store purchases and doorstep deliveries – These are all that your customers look for when they purchase your service or product. As mentioned above, as more and more people practice social distancing, PayU ePOS enables merchants to collect payments through multiple contactless modes. Also, many are often concerned about the security of their data. PayU is PCI-DSS compliant and your customer’s data is safe with us. Therefore, PayU EPOS will help you retain the trust of your customers    
2. 100+ payment options – Today’s customer value convenience and with PayU ePOS, customers can pay the way they want. The online payment modes include Credit/Debit Cards, UPI, e-wallets and more 
3. Offer EMI to your Customers- Another feature that can provide convenience to your customers is giving them the flexibility to pay over time. With PayU ePOS, you will be able to offer the option of paying via EMIs to your customers  
4. Get money directly in your bank account – The payments made via ePOS will be directly transferred to your bank account, helping you save time and increase efficiency
5. Powerful dashboard – You can track your business performance on-the-go and make smarter decisions
6. Zero Setup Charges & No Annual Maintenance Charges – Unlike your physical POS machines which have fixed annual changes, PayU ePOS is totally free 

Use cases of PayU ePOS:

1. Retailers – Whether you own a general store, electronic store, or any other retail outlet, you can provide your customer with seamless and contactless payment experience with PayU ePOS. You can share the QR code or payment links with your customers and they can make the payment via their preferred mode – all in a matter of seconds. Also, if you are offering delivery services, you can accept payments on your customers’ doorstep too
2. Freelancers – Freelancing, these days, is a great way to earn big while working from the comfort of your home. However, unfortunately, freelancers often deal with the problem of late payments or even no payments. With PayU ePOS, you can collect payments easily. Creating PayU payment links does not require any technical knowledge or experience. You can do it in a few steps 
3. Home Entrepreneurs – There has been a rise in home entrepreneurs in the last few years. You must have seen people selling their products/services on social media platforms or via WhatsApp groups. If you are too a home entrepreneur, you can use PayU ePOS to increase your sales. You can send payment links to your customers along with the product and they can click and proceed to pay if they like it
4. Tutors/CAs – There are a lot of teachers who either take online classes or provide home tuitions. Similarly, there are CAs that provide services to people. They can easily collect payments through PayU ePOS by sharing payment links with their guardians/students and clients respectively

Conclusion  

Whether your business is online or not, we know that a lot of energy is invested in getting customers to the point of payment. Therefore, we keep trying and innovating products to simplify the process of accepting payments for you! 

PayU ePOS can be invaluable for your business as you and your customers will be able to process transactions quickly and easily. Want to get started?  

The post PayU ePOS: The Smartest Way to Accept Customer Payments from your Smartphone appeared first on PayU Blog.