Technology

What Payment Methods are Available in India?

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Across the globe, increasing numbers of countries are beginning to accept forward-thinking payment methods. With the reality of a cashless future up in the air, the prospect has allowed alternative transaction types to come to the fore in India. Nowadays, there are more payment methods than ever before. Because of that, India has been proactive in its adoption of payment tech. 

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Online Industries Are Adapting to Accept New Transactions Types 

Following the rise of digitalization, numerous web-based industries in India have sought to embrace up-and-coming payment methods. A host of businesses in the South Asian country now accept Bitcoin payments. Purse, for example, is an online platform that sells electronic goods using Amazon’s database. As per the service’s official website, Purse is a crypto-only site that sees consumers earn discounts in exchange for completing their orders using Bitcoin and Bitcoin Cash. HighKart kick-started the crypto existence within the online retail industry in India back in 2014. 

While cryptocurrencies are all the rage within the 21st century because of their convenience and security, they’re not alone in being recently accepted payment methods in India. Away from the e-commerce market, online casinos are also seeking to broaden their horizons from a transaction standpoint. The Genesis online casino in India accepts numerous transaction methods, including bank transfer, debit card, ecoPayz, MuchBetter, Neteller, Skrill, and more. By using these payment types, prospective bettors can place deposits and then immerse themselves in the platform’s variety of available games. This sort of variety in adoption helps push the tech forwards.

Set for a Future of Digital Wallets 

It speaks volumes about the prospect of a cashless future in India that many of the accepted payment methods at Genesis Casino and other companies are eWallets. On the whole, there’s a widespread belief within the country that a cashless existence is pending, with 79 percent of local people believing that this move would positively impact the region, according to Tech Wire Asia. Because of that, there are now more digital payment methods available to consumers than ever before. Cashless India reports that aside from eWallets, consumers can also utilize Aadhaar Enabled Payment Systems. Through Aadhaar’s verification, the service ensures secure payments across various banks. 

Along with the above, Unified Payments Interface has also become popular in India over the last few years. Since being founded in April 2016, the system optimizes all bank accounts into one single application. Now, consumers have more control over their finances, with many preferring account-to-account transfers via UPI.

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There’s Now Plenty of Payment Variation 

According to the Economic Times, 78 percent of consumers in India embraced online shopping in 2020. Because of this, there’s a growing need to maximize the available payment methods, and the country is undoubtedly heading in the right direction. While there are no guarantees that a cashless future is on the horizon in India, it speaks volumes about the region’s progressive nature that digital payment methods are coming to the fore.

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