Category: Application Based

mobile wallets

How Mobile Wallets Are Revolutionizing Payment Transactions

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Open banking has transformed the economy, reshaping how people interact with their money and facilitating the rise of digital payments. Open banking, which enables the secure sharing of financial information between financial institutions through APIs (application programming interfaces), has had a significant impact on the digital payments industry, making it easier for consumers and businesses, increasing competition, and improving financial services.

One of the most important effects of open banking on digital payments is the increased convenience it offers to users. Through open banking APIs, customers can seamlessly connect their bank accounts with third-party payment providers, such as mobile wallets and payment apps. This integration removes the need to manually enter payment information, simplifying invoicing and reducing the chances of error. Open banking gives customers multiple payment options, real-time viewing of their financial data, and greater control over their finances, all in one app.

Moreover, open banking has stimulated healthy competition in the digital payments sector. As traditional banks and fintech startups embrace open banking principles, new entrants can enter the market faster, sparking innovation and providing more user-centric payment solutions. This competition encourages companies to create user-friendly interfaces, enhance security measures, and offer attractive incentives, ultimately benefiting customers by providing reliable, efficient, and cost-effective options.

The security aspect of digital payments has also improved due to open banking. While the idea of ​​sharing financial data can raise concerns, open banking encourages strong security standards and encryption protocols, ensuring sensitive data remains safe during transactions. This increased security has boosted consumer confidence, especially among individuals initially hesitant about the technology.

Additionally, the impact of open banking in digital payments has spread across sectors. By integrating open banking APIs into their systems, companies can facilitate faster, safer, and more cost-effective payment processing. This has huge implications for e-commerce businesses, as streamlined digital payments enhance the overall shopping experience and reduce cart abandonment.

In conclusion, open banking has led to a paradigm shift in the digital payments ecosystem, redefining how transactions are made, financial information accessed and used through increased convenience, increased competition, enhanced security, and customized financial services It promises many more changes in the next few years.

P2P

P2P Payments And Digital Wallets

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Peer-to-peer (P2P) payments and digital wallets have changed the way we transact our finances in the digital age With technological advances and smartphone usage, these methods have gained popularity and changed the traditional payment environment. This article explores the concept of P2P payments and digital wallets, their benefits, and their impact on our daily lives.

P2P payments refer to the transfer of funds between two individuals, facilitated by an intermediary platform. These payments eliminate the need for physical cash or checks, providing a convenient and efficient way to send and receive money. One of the key players in the P2P payment space is digital wallets. A digital wallet is a virtual platform that allows users to securely store their payment information and transact online or on mobile devices.

There are many advantages to using P2P payments and digital wallets. First, they offer high levels of flexibility. With just a few taps on a smartphone, users can instantly send money to friends, family, or vendors. Gone are the days of writing checks or going to ATMs to withdraw cash. P2P payments and digital wallets have made financial transactions faster and hassle-free.

Security is another important aspect of P2P payments and digital wallets. These platforms use strong encryption techniques and multi-factor authentication to protect user data and prevent unauthorized access. The use of digital wallets eliminates the need for users to carry a physical wallet or lose money. Additionally, transaction histories and receipts are often stored in digital wallets, making it easier to track and manage expenses.

Moreover, P2P payments and digital wallets promote financial inclusion. In many developing countries, traditional banking services can be inaccessible to a large segment of the population. However, with the rise of mobile technology, people can now access financial transactions through their smartphones. P2P payments and digital wallets enable individuals without bank accounts to participate in the digital economy, opening up new opportunities for financial empowerment and economic growth.

P2P payments and digital wallets are changing the way businesses do business. Small retailers and entrepreneurs can now use these methods to accept customer payments, without the need for expensive point-of-sale systems. This has expanded services, enabling them to handle more customers and increase revenues. In addition, digital wallets often offer such features as loyalty programs and discounts, further encouraging customers to choose these options for their businesses.

In recent years, P2P payments and digital wallets have experienced tremendous growth and innovation. Large tech companies and financial institutions have developed their own digital wallet solutions, combining other features such as payments, online shopping, even investments, etc. with the integration of P2P payments and digital wallets among other services providing a seamless user experience.

However, despite its many advantages, there are many challenges with P2P payments and digital wallets. One concern is the risk of fraud and cyber-attacks. As these platforms have grown in popularity, hackers and scammers have also developed more sophisticated methods. It’s important for users to be vigilant and adopt good security practices, such as using strong passwords and regularly updating their software.

In conclusion, P2P payments and digital wallets have changed the way we handle financial transactions. They provide stability, security, and economic inclusion, benefiting both individuals and businesses. With continued advancements in technology, we can expect these platforms to continue to evolve, providing users with more features and opportunities in the future.

remittances

Mobile Wallets For Remittances

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Mobile Wallets For Remittances

Mobile wallets have revolutionized the way people send money around the world. People can now easily send money to their loved ones with a few taps on their phones thanks to technological advancements. Mobile wallets have grown in popularity in recent years and are now used to send money. Remittances are money that people working abroad send home to their families. Let’s talk about mobile wallets for money transfers and how they are changing the way people move money across borders in this article.

Customers can collect cash and make payments using their smartphone using a mobile wallet which is a digital wallet. These wallets can be linked to bank accounts, credit cards, or debit cards and used to pay for goods and services and transfer money to other users Mobile wallets have suddenly grown in popularity in recent years, especially in developing countries with limited banking systems.

Remittances are an important source of income for many households in developing countries. The World Bank estimates that by 2020, global remittances will reach $540 billion, with low- and middle-income countries receiving $462 billion expensive ones, with traditional methods like wire transfers and bank transfers costing exorbitant fees and taking days to process Sending a mobile wallet is an option and cheap and fast.

Mobile wallet remittances work by allowing customers to transfer funds from their mobile wallet to a cellular wallet or another bank account. The sender can add funds to their mobile wallet through a variety of methods, such as bank transfers, credit card payments, and deposits with agents, or the recipient can then receive funds on his mobile wallet or withdraw funds from agents or bank accounts.

Mobile wallets have many advantages over delivery methods. First of all, they are inexpensive. Mobile wallets are less expensive than remittance methods, making it easier for people to send money to their loved ones. Second, they are fast. A cellular wallet allows you to transfer money instantly, eliminating the need to wait days for a transaction to be processed. Third, it is very practical. Mobile wallets can be found everywhere, making it easier for people to send and receive money without going to a bank or an ATM.

Mobile wallets are also more secure than delivery methods. Because cell wallets are virtual, transactions are easily managed and monitored, reducing the risk of fraud and theft. Additionally, cell wallets use security features such as encryption to protect customer information and prevent unauthorized access.
Today, there are many mobile wallets available in the market. PayPal, Venmo, Paytm, and M-Pesa are a few examples. Each mobile wallet has its own features and benefits, and users should choose the one that best suits their needs.

PayPal is one of the most popular mobile wallets for sending. It allows customers to send money from over 200 countries and supports multiple currencies. PayPal charges a fee for its services, but the fees are lower than traditional shipping methods. PayPal also provides customer protection, ensuring transactions are secure and consistent.

Another popular cellular wallet for mail is Venmo. It is owned by PayPal and offers similar features to its figure trading enterprise. Venmo users can send money to other Venmo users or transfer funds to bank accounts. Venmo charges for its services, but the fees are lower than traditional delivery methods.

Paytm is the most used mobile wallet in India. It allows customers to send and receive money, make payments, and recharge mobile phones. Paytm charges fees for its services, but they are less expensive than the money transfer methods. Paytm also offers cashback and other incentives to customers who use its services.

M-Pesa is the most widely used mobile wallet in Africa. It was launched by Vodafone and allows users to send and receive money, make payments, and purchase goods and services. M-Pesa charges a fee for its services, but the fees are lower than conventional money transfer methods. M-Pesa also provides other financial services such as banking and credit to its users.

Conclusion:

Cellular wallets for remittances are changing the way people move money across borders. They offer a cheaper, faster, and more convenient alternative to other methods of transferring money, making it easier for people to send money to their loved ones Mobile wallet transfers are also safer than traditional methods, making it safer for people to transfer money. With the rise in popularity of mobile wallets, we are likely to see more innovation in this space in the coming years.

For More Information Click here.

WhatsApp Payments

Whatsapp Payment Business On Hault

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WhatsApp has been testing a peer-to-peer payment service in India for more than a year, its largest user market, but the official launch has been delayed by local data storage standards. After a hacking incident involving Israeli spyware Pegasus, Supreme Court gave the central bank six weeks to report on WhatsApp’s compliance with data localization standards as Facebook-owned messenger gears to launch a payment service in the country, a person involved in the case said. The Reserve Bank of India (RBI) told the Supreme Court that the WhatsApp messaging platform does not comply with data localization requirements.

The apex bank ordered the Indian National Payments Corporation (NPCI) not to permit the Facebook-owned company to introduce the full-scale payment service in India.

WhatsApp faced an additional challenge as a think-tank based in Delhi, the Center for Accountability And Systemic Change, claimed in a petition to the Supreme Court last year that the company did not comply with the rules on data localization payments.

NPCI operates the Unified Payments Interface (UPI), which last month clocked more than one billion transactions. PhonePe and Google Pay are the leading UPI players followed by Paytm and Amazon Pay.

WhatsApp Payments, based on UPI, has been in beta for a year or so. In 2017, through an invite-only model, the company started testing the payment service in India.  The payment service in India, however, is yet to be officially launched.

The development comes as RBI had recently been asked by the Supreme Court to update it in August on the data location status of WhatsApp.

The RBI has reviewed the above reports (by NPCI) and NPCI’s responses and is of the view that WhatsApp stores the following payment information elements outside India beyond the timelines stated in the circular and frequently asked questions (FAQs) on storage of payment system data provided by RBI on June 26, 2019, “RBI said, as quoted by Times of India.

Also, RBI has advised NPCI not to allow WhatsApp to go live on the UPI payment system for full-scale operations until it is fully compliant, it added. WhatsApp payments system stores various payment information outside India, including transaction ID, collection demand expiry, and reference numbers for retrieval among other data elements say RBI. WhatsApp has more than 1.5 billion users worldwide, including 400 million users in India alone

 

POS-MOBILE

Advantages of Mobile POS

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A mobile POS system consists of POS applications that can be installed on Windows or iPad devices, allowing workers to communicate with customers wherever they are in your shop.

In a recent survey, 52.8 percent of shoppers said they’re searching for tablet-carrying retail staff; meaning they want the best technology for their squad.

So, what market advantages can these mobile point selling systems bring to your company?

Minimise walkouts and showrooming

As soon as your customer walks into your store, they are looking to confirm that the product meeting their requirement is readily available in stock, know the cost of the product, and answer some relevant questions to help them decide whether they want to purchase.

Shoppers frequently feel reluctant to reach the counter to ask a question. Most will simply go out (often engaging in showrooming) if you don’t quickly present to them this key decision-making information as they browse your store.

You can intercept the process with a Mobile POS solution and proactively engage the customer, armed with all the information in your POS system to make the sale easier.

The integrated mobile point-of-sale program empowers the employees to quickly find specific items and to provide real-time inventory availability, pricing, and a host of other product information. It will use Google-like fuzzy matching so that workers are assured that their searches will return specific products or provide the closest match to offer a selection of alternatives, increasing the likelihood of winning the deal.

When providing a great shopping experience, the ability to quickly pull up product information and pricing specifics when engaging with the consumer is crucial.

It also allows the employees to close the sale with enticing deals that will not weaken the bottom line.

Where there is no inventory of appropriate items in store, the workers can see what is available in other locations in real-time and arrange automatic stock transfers for home delivery and pick-up from other outlets.

You can even integrate in-store display browsing with all the stock in your store network so that the customer can search and make quick purchases.

To know more about how to engage customers click here.

Cross-sell and Upsell to maximize the basket size:

An innovative Mobile Point Sale platform allows the employees to engage consumers in the shop they are interested in, and then quickly identify and offer them a selection of up-selling and cross-selling items to increase basket size. Staff can easily identify what items to choose for up-sell / cross-sell that are specific to each situation/customer. This takes into account the old stock, the items labeled, and the inventory available at other locations or outlets.

Drive named sales and reward loyal customers

Capturing customer information is easy and reliable to see your phone screen and correct any possible errors on your mobile POS display.

You can encourage the customer to provide these details using built-in loyalty programs. Your staff can then pull up demographic information for occasional shopping / cross-selling on their mobile POS such as age and gender when they visit. For example, they could cross-sell for men and children when they know that a customer has a husband and children. If the customer has a buying history, the sales team can take advantage of previous purchases to suggest items related to past sales.

Selling via pop-up stores

A mobile POS device is your ideal solution when you sell at trade shows, car park sales, markets, or pop-up shops. With the Mobile POS app, stock levels between all your stores, including your eCommerce website, are changed in real-time, giving you a clear idea of what to sell at any time.

Lower shrinkage in-store

Because your sales team has more time to engage in-store buyers, shoplifting, operational mistakes, and retailer fraud may decrease common shrinkage. With less time behind the counter, staff may concentrate on other sales tactics to boost profits.

WhatsApp Pay in the World of Payment Gateway Integration

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Brace yourselves for a digital revolution that is promised to change the face of digital payments today. With the perfect combination of speed and convenience, WhatsApp Pay is set to venture into the world of Payment Gateway Integration on its app by July of this year. Imagine how convenient it will be to send and receive money while chatting with your friends. By doing so, WhatsApp has cut down on various mediums and has integrated everything into one place.

 

What is UPI and how does it facilitate WhatsApp Pay?

Unified Payment Interface or UPI is an online payment system that runs in real-time. It allows peer-to-peer bank transfers through a mobile platform. WhatsApp Pay is an additional in-built feature rolled out by WhatsApp that is facilitated by the Indian government’s secure UPI payments system. It allows the transfer of funds directly between the bank accounts of its users within the app itself. All the transactions take place in real-time and reflect in the bank account instantly.

How WhatsApp achieved this?

With 1.5 billion active monthly users across 180 countries in 2017, WhatsApp stands strong as the most popular messaging app today and has an ever-growing market. In 2018, WhatsApp sent out a request to the Reserve Bank of India (RBI) for approval to provide online payment options to users in India. It is working closely with many banks across the country including HDFC Bank, Axis Bank, and SBI to offer quick and easy payment solutions with just a click. WhatsApp then rolled out WhatsApp Pay as a trial for around 10 lakh users all over India.

What are the perks of using WhatsApp Pay?

Say goodbye to shuffling between apps to transfer funds to your friends! With WhatsApp Pay, you can easily send or receive money from anyone in your contact list. Payments will be a breeze when you use this UPI-based feature. Once the transfer is completed, both the sender and receiver will get a payment notification in their chat window as a confirmation. The transactions are directly linked to your bank account which makes it easy to keep track of your funds.

How is WhatsApp Pay beneficial to WhatsApp?

With an already wide user base, WhatsApp has a huge market ready for the launch of its payment feature. Since it does not require the user to put cash into the WhatsApp account or complete the tedious process of feeding in the KYC details, users are bound to prefer WhatsApp payment as a resort to their digital payment options. Integrating a payment gateway into WhatsApp is sure to become one of the smartest decisions taken by Facebook.

How to activate WhatsApp Payment?

To successfully transfer funds, users need to follow these simple steps:

  • Use a phone number that has a country code for India. This number should be registered with the UPI-supported bank account you intend to use.
  • Go to the ‘Settings drop-down and search for the ‘Payments’ tab within the app.
  • Users will next be asked to add a bank account. Select the bank through which you wish to make the transaction from the given list.
  • Next, you will be asked to accept the terms and privacy policy of WhatsApp Payments. Ensure that you go through them before you hit accept.
  • You will receive a text message that will verify your mobile number. Wait for a few seconds and you will see a list of all the bank accounts registered with the phone number you entered. Select any one from the options to continue.
  • You then need to verify the debit card details that are linked to your bank account.
  • Enter the one-time password sent to your mobile number and set up a six-digit UPI PIN.

If you cannot find the ‘Payments’ option from the ‘Settings’ drop-down, all you need to do is find someone who has activated the WhatsApp payments feature and ask them to send you funds.

online payment

How to start sending funds through WhatsApp Pay?

After setting up your details, you are now ready to send and receive payments through WhatsApp Pay. Follow these steps to send funds to anyone from your contact list:

  • Open a chat with the person you intend to pay to and tap on the ‘Attachment’ option on the text bar.
  • Enter the amount you wish to transfer. You can send money ranging between INR 1 to INR 5000.
  • Enter the six-digit UPI PIN that you had set up earlier.
  • After processing your payment, the money will be sent to the contact.
  • Once you see two ticks, be assured that your money has successfully been transferred.

 

You will see a similar notification when you receive online payments through WhatsApp Pay. Keep a record of the online payments by going to Settings à Payments à Viewing History.

WhatsApp is about to bring a revolutionary change to the digital payments space. This will give a tough time to other competitors like Google Pay and Paytm. The beta version alone has received such positive feedback in India that the world is ready to welcome WhatsApp as a mode of digital payment. This will cut out the need for third-party apps and offer an easier, better online payment experience. So go on and set up your WhatsApp Pay account now and experience an enhanced method of digital payment.

To know how to choose the best payment solution for your company click here.

How To Integrate Payment Gateway in Mobile Applications?

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Life has become simpler with the use of cashless payment methods like debit cards or credit cards, these tiny cards allow us to spend enormous amounts without any struggle and thus have become an addictive process. Being a convenient method, it has now moved to mobile apps and websites concurring the entire online business. Without a doubt, mobile phones are the leading edge of technology in this revolution. Customers find it handy to shop from mobile thus having a mobile app for your business can help increase revenue. If you want to have a mobile application involving payment operations and you know nothing about payment gateway then you are at the right place, continue reading till the end to find out what is a payment gateway. In this blog, we talk about what is a payment gateway and how it can be integrated into your mobile application.

What is a Payment gateway?

Well, payment gateway services are the only way in which you can accept payments through a website or mobile application. They act as a bridge between the transaction that the customer wants to make and the payment processor. The app cannot directly connect to payment processors for security reasons thus payment gateways are required.

How does Payment Gateway work?

Firstly internet connection is required to access the payment gateway service. While proceeding with the payment you need to choose the payment mode like Credit/Debit card and fill in the details.

Once you finish filling up the details the data is sent to the payment gateway system which then transfers the data to a bank associated with a card. Bank creates requests with payment systems like visa or master card depending on the card used. These payment systems check if the customer has the required amount on balance to pay for the purchase, if yes the bank directly connects with the merchant and the amount is transferred to the merchant’s account within several days

online payment gateway integration

What are the things to consider before Integrating Payment Gateway?

  1. Merchant account: A merchant account is a must for a seller as it temporarily holds the amount received from the sales in the app and then transfers it to the regular bank account. If a payment gateway is integrated into the application then the provider will first verify the transaction and send it to the merchant account. There are two types of merchant accounts.
  • Dedicated Merchant Account.
  • Aggregate Merchant Account.

A dedicated Merchant Account is custom-made for business transactions, it is suitable for individual business owners or merchants. But implementation of a dedicated merchant account requires an additional expenditure which causes difficulties for someone tight on budget.

A user can easily manage funds and expenses but the disadvantage is that it takes a longer time for the purchase process and does a deep inspection of the credit check.

Aggregated Merchant Account is where all the money from other businesses is stored altogether like a bank which is shared among several people. To connect with an aggregate merchant account you need to provide so information about your company and the type of product you intend to sell. The process is far less complicated compared to a dedicated merchant account. The disadvantage is that it gives less control over how long it takes to get your money.

  1. Ease of Payment Gateway Integration: The process of integrating the payment gateway has to be simple which is possible if the developer SDK is simple and takes minimum developer time for integration and the updates are easily handled by the merchant.

The SDK must be light to ensure it occupies minimum space in the user’s mobile.

  1. User-friendly UI: User Interface of the online payment gateway must complement the overall brand language. UI must be such that customers can make a transaction without any conflict. The bank pages should be mobile-friendly. There should be the least number of steps for completing a transaction.
  2. Payment Analytics: Analytics helps to figure out actual problems, this helps to optimize the payment experience in the app. There are several aspects of online payment such as payment failure, Double payment, refund, and more. Analytics helps to identify all of them and thus should be considered while integrating a payment gateway in the app.
  3. Customer Support: Customer Support helps in addressing issues related to payment integration and post-integration. Merchant overlooks for customer support, A payment gateway should provide an effective solution to all payment-related queries. For instance, the best payment integration service providers offer customer support for all payment-related queries and ensure that they are resolved in the shortest possible time.
  4. Payment Receipt: After every transaction, the customer must receive a confirmation mail regarding the transaction, this helps in building customer trust. The payment gateway has direct access to transaction status and thus status should be shared with the customer. Payment receipt helps in building brand engagement for the merchant.
  5. Features and Plugins: All the payment gateways have different features and plugins which differentiate them from each other. These features help in optimizing the payment experience to provide a better payment interface for customers. Card saving is one of the features where customers’ card details are saved for future purchases. Another feature is auto OPT reading wherein customers need not have to type in the OPT manually the payment gateway automatically reads the OTP from user’s mobile thus reducing the chance of manual error.

When it comes to choosing a payment gateway for your mobile app, consider all the factors from customer support, and analytics to features, and choose the one that is closest to your business needs.

Digital Payment Guru is a team of payment gateway experts having years of experience of years with several banking institutions. Our target is to bring all MSMEs online by implementing the best digital payment gateway integration system and providing world-class experiences that are easier, quick, secure & affordable, thus generating innovative opportunities & sustainable living. We assume every business design deserves to be on the Internet to flourish.