Digital Payment Options to Help Grow Your Business

Posted on Monday, December 16th, 2024 | By IndusInd Bank

Digital payments have seen a considerable rise in India in the last few years. As per government data, there were 18,737 crore digital payment transactions in India in FY 2023-24. This is a steep rise from a volume of 2,071 crore transactions in FY 2017-18. 

As a business owner, you must capitalise on these trends by enabling digital payment options for your business. As more people move towards cashless payments, offering a variety of payment options can boost your cash flow and make financial operations easier. 

Businesses should integrate different tools like QR codes with their current account to meet the emerging needs of their customers. In this article, we will look at some key digital payment methods for businesses and explain their usefulness. 

Digital Payment Options for Your Business

Here are some secure and convenient digital payment solutions you can provide to your customers: 

1. Point of Sale (POS) Devices

A POS device is a digital payment solution used in customer-facing businesses. You may have seen them at physical stores, supermarkets, restaurants, and more. POS terminals allow customers to pay using their debit or credit cards. For even more flexibility, businesses can opt for mPOS (mobile POS) devices. These are portable and can be connected to smartphones or tablets. 

2. QR Code Payments

QR codes are one of the most popular digital payment options today. From high-end restaurants to small-scale grocers, all businesses have a QR payment system these days. Easy to implement and widely accepted, QR codes allow customers to pay by simply scanning the code with their smartphones. Once scanned, they can complete the payment through UPI or a mobile wallet. 

When you open a current account online, you can link the account to a UPI ID. Next, you can access the QR code attached to your current account via the UPI-enabled app on your phone. You can print it out or present it on your phone to the customers for cashless payments.

3. Soundbox Payment Devices

A Soundbox provides instant audible confirmation when a payment is made. This makes it easy for vendors and businesses to track transactions in real time. You can integrate it with your UPI device and accept payments with ease and accuracy.

4. Payment Gateways for E-Commerce

Payment gateways are essential for accepting digital payments from customers if you have an online presence. These gateways act as a secure bridge between the customer and the bank. One can make payments via their credit card, debit card, net banking, or UPI ID with the help of the payment gateway. 

IndusInd Bank offers comprehensive payment gateway solutions to ensure smooth online transactions for businesses of all sizes.

5. Mobile Wallets

Mobile wallets are gaining traction as reliable digital payment options nowadays. These wallets allow users to store funds and make payments through UPI or mobile numbers. Whether you want to accept transfers from vendors or electronic bill payments from customers, these wallets allow you to do so without a card or cash.

6. Contactless Payments (Tap-and-Go)

Also known as ‘Tap-and-Go’, this method allows customers to make purchases by simply tapping their credit or debit cards on a compatible payment terminal. This method uses NFC (Near Field Communication) technology to complete transactions in seconds. It can lead to faster checkouts and improved customer satisfaction. This is especially relevant during peak hours. 

If you are looking for a current account that allows you to integrate the best ofdigital payment methods, then look no further than IndusInd Bank’s range of current accounts. 

Also Read: How to Link My Online Current Account with Google Pay?

Why Choose IndusInd Bank for Digital Payment Solutions?

Here’s why IndusInd Bank is the right choice to give a digital boost to your business:

• Comprehensive digital payment solutions like POS devices, QR code payments, and payment gateways. 

• Designed to cater to businesses of all types and sizes, whether you run a retail shop, an e-commerce platform, or provide professional services.

• An easy-to-use interface and digital onboarding process; you can open a current account online and access these services right away.

• Offers unique solutions like the Soundbox, which audibly confirms payments; you can stay on top of your payments and reduce manual tracking.

Conclusion

Switching to digital payments is no longer optional for businesses. It is a must if you want to stay ahead of the curve in today’s cashless world.

With IndusInd Bank’s digital payment options, like POS terminals, QR codes, and payment gateways, businesses can offer safe and easy payment solutions for customers. Enhance your business with IndusInd Bank’s digital payment solutions. Open a current account today! 

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.