Digital Payments is a mode of financial transaction involving no cash and carried out completely using a bank’s digital/online service. The term ‘’Digital” is seeing a major rise everywhere be it essential shopping or medicines or paying hospital bills.
eCommerce is no different rather it is the major game changer when it comes to digital payments. The reason being a variety of factors like Safety, Security, Convenience & Time saving.
Over the past few years digital payments have seen a dramatic rise due to rise in the eCommerce industry.
Several leading companies have adopted eCommerce solutions to provide essential services like grocery, food delivery, medicines, home furniture and this is only the beginning.
The U.S. eCommerce market is on the rise with 78% citizens shopping online as of 2019, while Amazon itself constitutes 50% of the entire market.
The Covid Impact
The global economy has seen a major decline in sales due to the ongoing pandemic and physical retail stores have had a major setback. But the stores who have quickly gone digital were benefitted largely- in other words “digital transformation”.
Advancements in Technology
Digital Payments are getting benefitted from E-Commerce
eCommerce has been a sector gaining major traction not only in these challenging times but since the era of digital transformation.
The latest BOPIS trend is no different wherein buyers have the options of buying and paying online, while the QR code is still useful anyhow in case of any in-store purchases thereby making digital payments more effective.
The conventional retailers going the digital way will look to integrate a payment gateway for sure to provide their customers with a safe and hassle-free experience.
Get more information on eCommerce Optimizations from our Whitepaper
How ETG can help you?
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