The sudden announcement of demonetization of 1000 and 500 rupee notes has adversely affected the lives of many Indians. Though the decision was welcomed and admired from every corner of the country, the citizens are suffering from its after-effects. They are going cashless and facing problems in terms of paying in cash for their day to day essentials such as vegetables, groceries, and transports etc.
People are moving towards digital payments
As most of the ATMs are shut and the queues in front of the banks are getting longer, digital payment seems the only option that is helping people to make their lives easier in this worrisome situation. In fact, the day after demonetization, major digital payment platforms such as Paytm, Freecharge and Mobiwiki experienced an overwhelming hike in traffic and number of transactions. According to the Businessinsider, Paytm has noticed a massive five-fold increase i.e. 435% in traffic as the consumer across the country took their Paytm wallet for the offline transactions. Also, the app is being downloaded by millions of people.
High-time for merchants/traders to embrace online payment gateways and mobile wallets
The present scenario of cash shortage will remain as it is for the next couple of weeks. It will certainly make many peoples who have never adopted for online payments to use their debit and credit cards for daily transactions. For the online merchants from small to large, this is a high-time to implement payment gateways and mobile wallets with their business platforms to facilitate consumers and counter the subsequent loss.
Presently, there are many payment gateways available in the market. Some of the popular among them are PayPal, WePay, CCAvenue, and Authorize.net. If you are a merchant, then you can integrate any of these gateways with your website and make your services or products available with online payment facility.
The effect of demonetization will certainly last for a few more weeks or may be months. As a result, many people likely to adopt virtual wallets. Integrating online payment gateway with your website, or provide your consumers with the alternative of making payment with mobile wallet surely help you keep your business success sustainable.
At Panacea Infotech, we have achieved mastery in integrating payment gateways with different types of websites and online stores. We can integrate a payment gateway of choice from a wide range of options including PayPal Standard, WePay, CCAvenue, Braintree, PaymentExpres, Google Wallet, Fidelity and more. Also, we can also develop a mobile wallet for your business to help you provide your customers with the most convenient option of making payment online.
So what are you waiting for? Get in touch with our experts and make your business ready to encounter cash shortage hassle. Contact us at firstname.lastname@example.org.