Examining the shift towards contactless payment methods

Examining the shift towards contactless payment methods

Contactless payment methods (UPI) are India’s growth phase of the financial revolution. The payment structure has revolutionized a lot in India, and with digital modes of payment, the financial future looks extremely bright. Nowadays, people conduct financial transactions without needing physical cash or cards. Only a smartphone can help you complete all types of online or offline transactions. Government initiatives and the rapid increase in smartphone penetration have promoted digital payments in India. With positive shifts and a significant rise in demand, apps like Paytm, Google Pay, PhonePe, RING, etc., are widely getting popular.

They all invest in new trends to attract a diverse customer base. With positive signs and extraordinary efforts, leading apps in the digital payment landscape demonstrate their focus on setting new benchmarks. There are innovative digital payment modes, including paywithRING payment, that eliminate the need for physical contact. Customers enjoy many benefits, including cashback, discounts, and reward coins. Let’s consider some important factors that have accelerated this shift. The discussion will also help you explore things to consider while using a digital payment app.

Reasons why contactless payment methods are getting so popular in India

Online Shopping

The rise of online shopping has significantly led to a rapid increase in the use of digital payment methods, such as mobile wallets, UPI, and card payments. People can order anything online to explore a broader range of brands, products, and features. They don’t need to compare products in physical stores having franchises only for a few limited brands. Shopping online allows them to compare all brands in one place and pick the one that best suits their specific preferences. Modern-age shopping eliminates a range of difficulties and discomforts in the traditional approach. Nowadays, customers prefer to shop online from the comfort of their homes. Customers now don’t need to carry cards or cash; contactless payments can easily be made using UPI or QR Code Payments. They can enjoy making swift and hassle-free transactions without incurring any paywithRING charges. These contactless payment methods come with another plus of robust security, thus eliminating the risk of financial fraud.

Discounts and Cashback Offers

Not only are the benefits limited to instant transfers, accessibility, and comfort, but contactless payment methods also lead to instant gratification. Apps like RING offer reward coins to customers for using their services. The app’s dynamic reward structure attracts new customers and encourages users to participate in reward programs.

It also leads to following responsible financial habits. Users are encouraged to pay their bills on time while maintaining a positive credit history. Secure digital transactions, bank transfers and paywithRING payments on online & offline channels are gaining popularity among people of all ages and demographics. Customers with strong credit histories can also avail of the benefits of RING’s new product, Power Loan. The Power Loan is available to eligible customers who can apply for loans of up to Rs. 5 lakh. With the benefits of instant credit approval, the loan gets disbursed directly into the applicant’s bank account within 5 minutes. It’s a 100% digital process; borrowers can choose from multiple repayment methods and repay the loan within a tenure of up to 2 years.

Tips from experts on how to choose a Digital Payment App

It always remains crucial that you choose a secure platform. Make an informed decision by keeping the following things in mind:

Ensure that the app invests in robust security and encryption protocols

Secured apps help protect users’ data from potential threats. Identify whether the app has strong security protocols. Do check for robust security features, including two-factor authentication. It all results in making secure contactless payments.

User-Friendly Interface

Ethical and reputable apps demonstrate professionalism. That’s why apps like RING invest in incorporating a user-friendly interface. Consider choosing apps that invest in robust technology to ensure enhanced user experience and zero payment failures.

Choose Platforms that support the payment methods you commonly use

Why change habits when you have the convenient option to use your favorite mode? Consider the RING App having all the most common payment methods trending in the industry.

Consider Apps that Offer Loan Facilities.

Financial emergencies can come at any time. It would be best if you were prepared by having your backup plans. Consider apps like RING to make contactless payments. Customers with strong credit profiles can avail of benefits from their loan products.

Evaluate charges incurred

It is crucial to stay informed about the app’s policies. Read all terms and conditions carefully before using any app’s services. Some apps offer exciting deals and rewards, but later, they claim excessive charges or huge transaction fees. RING never incurs any paywithRING charges.

With these significant implications, contactless payment methods are positively impacting customers’ overall shopping experience. They are boosting the economy and producing new opportunities to grow and enhance small businesses and entrepreneurs with fresh ideas.

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