India is in the middle of an e-commerce revolution, with the market expected to grow from US $38.5 billion in 2017 to US $200 billion in 2026. The main drivers of this are increased internet and smartphone penetration, the roll-out of 4G networks, and a rise in consumer wealth, despite the temporary setback of the 2020 coronavirus pandemic.
India has long had a cultural attachment to cash, in part because 20% of the country’s population remain unbanked. However, increasingly merchants have turned to digital payments, which offer three primary benefits to consumers – convenience and availability, security, and easy traceability. Now Indian consumers, as never before, have a choice of payment methods available to them.
One sector of the economy that has been in the vanguard of embracing the new e-commerce methods is the gambling industry, with leading information portal casinobest.in an ideal example of a website that offers gamblers a list of safe, secure and reliable payment solutions for online transactions.
Paytm: Paytm is the largest digital and e-wallets payments solution in India, with more than 200 daily million users currently, and was one of the first e-commerce payment solutions in the country. By downloading the app, consumers can add money to their Paytm e-wallet from bank accounts, credit or debit cards with just a few simple clicks.
Then, from the resultant balance in their wallet, they can make online purchases seamlessly without the need to hold cash.
Google Pay: Developed by Google, Google Pay is a digital wallet and online payment system that combines two previously disparate services, Android Pay and Google wallet. Using NFC (near-field communication) to transmit card information to the retailer, it is similar to contactless payments which are used in many countries. By either taking a photo of their debit/credit card, or by entering card information manually, users can add payment cards to the service.
PhonePe: Accepted by over five million offline and online merchants across India and available in 11 local languages, PhonePe is an e-commerce and digital payment wallet that enables users to send and receive money. It is linked to the UPI platform, meaning that consumers can link the app to their bank account, and transfer money to it from their checking account.
BHIM: BHIM (Bharat Interface for Money) is a payment app that allows users to make simple, easy and quick online transactions via the United Payments Interface (UPI). Direct bank payments can be made to anybody over the UPI, either by using their unique UPI ID or by scanning their QR (Quick Response Code) using the BHIM app.
It has been pioneered and developed by the National Payments Corporation of India (NPCI) which is an umbrella organization promoted and supported by ten of India’s leading banks.
PayPal: One of the more established e-commerce payment systems on the market, PayPal, operates on a global basis supporting online money transfers. It operates as a payment processor for online vendors for which it charges a fee. It owes its pre-eminence in the market because of its security, flexibility, and relatively low cost.
Neteller: Neteller is an e-commerce money transfer service, used to transfer funds to and from merchants and online retailers. It has a long history as a platform for online sports betting and gambling companies. It offers a VIP service for high turnover members who can enjoy benefits like lower fees and points-based loyalty rewards.
Skrill: Formerly known as Moneybookers, and, now part of the same group as Neteller, Skrill is an e-commerce platform that allows payments and money transfers to be made via the Internet. Highly flexible, Skrill allows customers to open an account in one of 40 supported currencies, with the option to add more at a later date. Customers with a high turnover are offered premium membership which comes with added benefits such as multi-currency account, a security token, and a loyalty based points system.
