Economy is a major sector in all the countries today and its development or fall depends on the government and its economic system. In higher steps taken to develop economy, here comes what we call a cashless economy. I must say that a country can never be entirely cashless but the percentage can increase especially in the developed countries like Australia, Japan, Austria and Germany and developing countries like Singapore, Indonesia and Brazil.
We have seen countries like India in 2016 step up to develop the economy and fight corruption through what started as demonetization. One of the major reasons behind this is making India a cashless economy and I believe it’s not a bad move if the right action is taken without segregation.
What are payment gateways?
Cooperation is a biggest weapon for success and when it comes to the public service providers the level goes high. Unless we work together to accomplish a task we shall never realize our tasks and goals. To make India cashless, better payment gateways have to be created more than they had been to promote safety and eradicate cash mismanagement.
Payment gateway is where payment transactions are carried out on the business sites of the service providers. In this case, an individual does not need to carry cash wherever he or she goes. The payment is processed online and the information about the service and its cost is received by both the service provider and the client. The cash is deducted from the credit cards.
Many businesses are realizing the need for payment gateways and so they are providing them to their clients on their different business sites. Some of the best payment gateways include EBS, payumoney, instamojo and CCavenue
When it comes to the importance of payment gateways and why we need them for our businesses there are many benefits and they can be explained as below;
• Promotion of a cashless economy. Payment gateways do not only help businesses but also the country at large. This reduces cash at people’s disposal hence eliminating mismanagement of cash.
• Safety of cash. Open cash leads to high crime rate but payment gateways reduce the rate of open cash in the country
• Promotes international business. With payment gateways you can conduct transactions anywhere you can be as long as connected to the internet.
• Increases the growth of e-commerce which boosts the economy locally and at international levels.
• Prevents you from handling large sums of cash that may put your life in danger. These payments help you move freely since they are done at home or in your office
• Boosts sales for the service providers. In this system, a client can pay in advance and acquire the service in the near future without bothering over cash.
Best payment gateways are provided in India that come along with some deductions or favors in a given period of time depending on the type of payment gateway in India. There is still room for every business to connect their clients to this move in e-commerce and it will be convenient for both the clients and the business owners