If you wonder how online payment makes life simple, you are not alone. The internet changed most of the things worldwide in the past three decades. And one of the most vital of them is paying the money online for health, shopping, bill payment, education, etc. Anyone can make payment from anywhere within seconds using a payment app is the new norm now. With over 80% of the world population having smartphones, it is easy with a few clicks to save lives, pay educational fees, buy cars, pay loans, etc. Also, the many causes for adopting online payment like security concerns, tracking transactions, fewer apps for payment, and others have led to an increase in online payments.
So, check out the rising demand for online payment and how it makes life simple for people worldwide and in India.
The rising demand for online payment
The latest stats on the number of smartphone users are 6.378 billion, which is 80.69% of the total world population. The COVID-19 impact increased the demand for online payment because of the lockdown and travel restrictions worldwide. And with the millennials and Gen Z prefers an online payment mode than the traditional cash payments. The rapid rise in eCommerce is to cross 4.2 trillion as over 2 billion people buying online in 2020 is another factor for the rising demand for online payments. In India, even the BSNL online payment increases with many UPI gateways allowed to pay for the BSNL bills online. There are also many other reasons for it, including the many benefits of online payment to transact easily.
Reasons for online payment to make life simple
- Unlike before, there is no need to run to the bank to draw cash or take a draft or encash a cheque or drop one, as all transactions are easy to do with a few clicks on the banking or non-banking apps on smartphones.
- No one has to go to the bank or even an ATM to check the balance or deposit cash in case of an emergency, as it is easy to do them online with the payment apps in seconds.
- Life is made simpler with online payments through smartphone apps from anywhere and anytime, eliminating the need for the banks to open.
- Easy to do businesses with less travel and tension as the money arrives within seconds of delivery or paying upfront for receiving many goods or services, and even breaking the geographical barriers to expand exponentially
- Online sales are now over 25% of the total sales worldwide and with eCommerce rapidly rising, it enables people to buy anything they want anytime using online payment and get them delivered at their doorsteps in no time.
- Every household has many utility bills to pay, which takes a lot of time, and it is only the online payment that makes it easy to do all of them in seconds at the comfort of home.
- No more waiting for loans in banks for days, weeks, and even months as loan processing and disbursal are all done within minutes to improve business and use it for emergency needs via the online apps.
- Wealth management gets well done by online transactions and paying the EMIS insurance premiums on time makes it easy to protect the family, even during unexpected disasters.
- Many banking and non-banking apps for online payments compete to succeed in the competitive industry. By offering many offers, rewards, bonuses, discounts, and cashbacks to reduce expenses and increase savings.
The above facts and reasons will surely help you know how online payments simplify life for people worldwide. When making online payments, though, do make sure that you use a secured payment app. Research extensively to find the right app; take references from your social network and read online reviews. Different service providers offer robust and secure payment apps and digital wallets – hence, find the right platform for secure payment online.