At present, there would hardly be anyone who has not noticed the upsurge of digital payments. From demonetization to the rise of mobile wallets to Government initiatives such as UPI and Aadhaar card transactions, the digital payment industry has come a long way. Further riding the digitization train are the smartphones and connected devices which are currently the preferred payment tools for consumers.
The non-cash payment acceleration has transformed the dynamics of the industry for digital and omnipresence providers. It has also pushed the companies to diversify, collaborate, and capitalize on a flourishing revenue opportunity. Complementing this are the customers that demand quick and simple ways of transactions, which further open opportunities for service providers.
The said rise has been feasible because of the proliferation of e-commerce, m-commerce, mobile POS, the willingness of customers to seek new payment channels, mobile in-store payments, digital payments applications, and voice & chatbot payments. In turn, compelling all types of service providers to boost adoption, building and strengthening partnerships, and ultimately offer esteemed services.
All of this happened in no time and hence, the nation has come up with the most evolved payment system in history compared to 25 other countries. Surveyed by the FIS, a US-based banking company, the parameters included the availability of services, adoption, and immediacy of payments.
Clearly, the digital payment space has been transformed and the sector has seen enormous growth, innovation, and regulatory support over the last two years becoming the #1 Digital Formula. The goal from here on should be to keep the momentum going with better support from the government, developers, and safety and convenience from the players.
Celebrating this success, Insights Success has come up with a special edition, The 10 Best Digital Payment Service Providers in India, which showcases the current service providers contributing to uplift the digital payments industry of the nation.
On the cover, we have, India Transact Services Ltd. (ITSL), a subsidiary of AGS Transact Technologies Ltd. It is an Omni-channel merchant digital payment solutions company that aims to consistently simplify the process of Transacting, Merchant Acquisition and Value-Added Services.
ITSL offers a host of products and services including a payment processing platform for routing commercial and retail payments between buyers and sellers across the country via a unique distribution model devised based portfolio. The company is also an independent Service organization providing services like distribution, merchant enrolment, training, activation, field support, transaction switching, network, reconciliation, settlement, and fraud & chargeback management.
Other than that, we have:
Amald; Known for its payment gateway services to merchants whether they are the owner of a low-risk business or high-risk business. Being one of the reliable service providers, Amald is known for its exceptional gateway solution.
PayBingo; a service provider which aims to equip small business owners with the right tools to expand their revenue without any extra efforts. It serves as a companion to facilitate various online services backed by trusted servers and qualified team. The company is committed to adequate training and development of its business partners.
PayKun; offering the simplest way of collecting online payments. It helps clients to grow their online business by selling its products or services to their potential customers. Either they can sell their products directly from PayKun’s website or can sell and collect payments with PayKun.
PayNearby; a DIPP Certified Fintech Company registered under The Startup India program of Government of India, set up in April 2016 by a team of professionals with experience in Digital Banking & Payments industry. The team works on deep insights and understanding of payment and transaction technology space.
PayNet; a firm that safely, reliably, and effectively enables the functionality and development of India’s Financial Systems as well as the economy on a whole.
Further, we are privileged to list Innoviti Payment Solutions Pvt Ltd and ToneTag.
While learning about these organizations do not forget the articles Tips to Adapt to Tech in Everyday Life and UPI: History, Present, and Future masterly crafted by our in-house editors.
Now, it’s time to surf the wave of digital services.
Have a happy read!
– Anmol Preet Singh
