The market for digital payments and the Fintech sector have seen a huge increase as the pandemic is making more transactions contactless. Utilisation of online platforms to conduct day-to-day activities like purchasing food and groceries as well as mobile recharges saw an increase in usage as the majority of people prefer to stay at home and maintain social distance.
Digital payment systems continued to be the focus of the government when it was revealed that the Reserve Bank Of India (RBI) announced the ‘Digital Payments Index (DPI) which is an updated index to gauge the growth of digital payments in India. The central bank released operating guidelines to the Payments Infrastructure Development Fund (PIDF) scheme on the 5th of January 2021, with the aim of encouraging the development of more electronic payment infrastructure within tier-3 and tier-6 centres.
In India, the Non-Banking Financial Company (NBFC) sector is growing rapidly. Over the last 2 years, the NBFCs have seen an increase of their market share by two-fold in medium and small projects and wholesale loans as well as significant growth in other types of loans.
To keep a consistent and effective pace with the expanding market, NBFCs have to stay on top of the most current technology and solutions for payments acceptance and digital integrations.
One of the most common methods of payment that NBFCs employ is sending employees or field forces members to the homes of customers to receive payments. These kinds of doorstep collections come with numerous issues like the daily check and cash reconciliation between homes due to insufficient funds or time restrictions. This can result in poor efficiency.
Contactless Payments pave the way for future innovations with a variety of options and methods like UPI, NFC payments, QR codes, FASTags digital wallets that are interoperable. This is contributing to reducing the need for physical transactions. Digital payments are not just a dream and have now become an absolute requirement, which is why even small businesses need to choose modern digital payments to run their business.
Cost Reduction and Time Savings
Let’s take a look at the benefits small companies can reap by using contactless payment methods:
- Mobile payments: They could reduce the time and cost spent processing invoices by eliminating manual labour-intensive processes. It also decreases the time spent waiting in shops using Cafeteria cards.
- Secure transactions: Digital payment options allow business owners to monitor transactions that affect their business and customers, thereby preventing fraudulent transactions.
- Improved Efficiency and Accuracy: Automated, modern payment systems means that staff spend less time performing manual payment tasks, which makes them more effective and less prone to errors.
How can OnionPay assist your company?
OnionPay, owned by Zhudao infotech private limited, offers several advanced payment options to NFCs in a range of industries, such as credit, asset financing companies, housing finance, automobile finance, and microfinance. The advanced analysis and tracking capabilities can assist companies to function and grow effectively.
OnionPay, one of the top Indian payment aggregators, also offers one-time integration that can be described as an innovative technology that is future-proof and comes without additional costs for the support of innovative payment options. Implementing cutting-edge digital payment solutions will help NBFCs stay on the latest market demands and trends of customers. Contact us today for any queries.