What are the Up-and-Coming Payment Solutions in India?
Could cash soon be a thing of the past? A vast number of people think that money in its paper form could soon be obsolete, as it is simply not efficient enough in the rapidly expanding world of technology. The internet has brought about ingenious new payment systems and platforms, and given consumers considerable options. India now appears to be embracing new payment solutions, and this trend is being driven by flourishing industries in the country such as the booming gambling sector.
A Move Away from Traditional Methods
There are numerous reasons why cash is going out of fashion. It can be lost or stolen easily, it can be dirty and spread infectious diseases, and it can only be used in the territory in which it is the legal tender. On top of all that, try paying for your online goods or services with it. Thanks to the internet, a number of more efficient payment solutions are cropping up. In physical locations, scanning QR codes to pay bills in restaurants and shops is becoming more common. Online, numerous payment systems like PayPal and cryptocurrencies have emerged.
India is expected to see fast growth in the digital payments sector between 2019 and 2023 with a CAGR of 20.2 percent. In 2023 the sector is expected to be worth $135.2 billion, which is more than double the figure of 2019 according to Livemint.com. There are numerous companies getting in on this budding market, including Paytm, Google Pay, and PhonePe. Paytm is by far the biggest with 350 million active users and 9.5 million offline merchants at present as noted by Time.com. WhatsApp has a payment platform in beta in the country as well, and this could help boost the digital payments industry further.
Online Bookmakers Driving Innovative Options
One catalyst for the increasing emergence of new payment methods is the online betting industry, which is growing rapidly in the country. According to betting site comparison service BettingGuru.in, the number of domestic and international operators in India is on the rise. They are looking to capitalise on the market of a country whose people have a keen interest in betting on cricket, kabaddi, football, and basketball.
In this competitive sector, one of the ways in which operators try to set themselves apart from the competition is by offering a diverse range of payment methods. It has become apparent that different types of people have a range of preferences when it comes to topping up money on the internet. For this reason, some bettors will look for a site which accepts their payment method of choice when selecting a place at which to stake on sport.
Some of the top payment systems to have emerged from the betting industry include Neteller, and Skrill. Cryptocurrencies like Bitcoin and Ethereum have also blossomed as popular options for players who want more anonymity with their payments. The fact that some of the biggest online betting companies in the world offer these forms of payment helps to add to their legitimacy.
Cash is on the way out, and India seems to be well prepared for a future without it. There are so many efficient, secure, and accessible payment solutions emerging in the region. Sectors such as the betting industry will help consumers gain trust in these new platforms.