Phasing out with the old and wide acceptance of the new is what is happening with the adoption of digital wallets. The need to carry a thick wad of cash in a physical wallet is over. Digital wallets help you carry money around with ease, and safety. They also prevent an overdependence on directly accessing customer-facing banking services to send and receive money. This access has made them the perfect partner for recurring payment solutions.
From a phone, or easily accessible device, recurring payments can be set up and managed with very few clicks on a digital wallet app. This makes setting them up a no-brainer. Making multiple payments of similar value over a schedule is literally just like making one of them. The many areas where this is helpful are payments made for subscriptions, tuition fees, and utility bills. Integrating recurring payments with digital wallets has multiple advantages for customers, financial institutions, and organisations.
Digital Wallets: Multiple Options Offering Even More Conveniences
Today, the number of digital wallets are growing. Google Pay, PhonePe, Paytm, and their competitors are evolving with their ease of use and services. The ones that particularly affect recurring payment solutions are stronger biometric security and real time payment. They make digital wallets a must have for people in the present age economy who prioritise convenience and access to their financial resources and their management on the go.
Across the world, not just India, the market for digital wallets is estimated to cross over 15 trillion dollars in 2030. This defines a large scope of growth for recurring payments solution providers and digital wallets.
What Kind of Future Does Recurring Payment Solutions Create?
Imagine a world where payments intended to be made on a regular schedule are made on time, securely, and accurately without almost no human intervention from payor and payee. That’s the world we are moving towards with an increase in the adoption of recurring payments as a preferred method. People can be payment-worry free with technology taking care of their scheduled payments.
This is the future that businesses like streaming platforms and SaaS providers, among many other kinds of organisations, look forward to. It gives their potential customers more reasons to sign up while ensuring predictable revenue streams. Other benefits to businesses include lower administrative costs and smoother cash flow.
Paycorp is Bridging the Gap Between Digital Wallets and Recurring Payments
Paycorp’s proprietary technology is reaching all end customer touch points enabling them to empower their lives in all ways possible. It offers payments and authentication methods through debit cards, netbanking, PAN with Customer ID, and UPI (which is driven by digital wallets). With safety and security built into the process, businesses, NBFCs and banks can be assured that all their concerns are checked using our technology – safety, accuracy, and speed. This is crucial with a payment method using digital wallets because these details can often be overlooked by the person who’s paying since the process is simple.
What are the Top Most Benefits of Integrating Recurring Payment Solutions with Digital Wallets?
1.Better Convenience: Digital wallets give users the option of using a single platform to manage their recurring payments. This avoids the unnecessary step of entering the same details to set up each payment.
2.Lower Payment Failures: With a direct link to active bank accounts or cards, there are fewer (almost no) chances of payment failures because of expired cards or insufficient funds.
3.Higher Security: Digital wallets have features like tokenization, encryption, and biometric authentication which make payments more secure.
4.Seamless Integration: It is simple for businesses to integrate payment options for their services as opposed to other payment methods.
What’s the Future of Collaboration Between Digital Wallets and Recurring Payment Technology?
On the side of challenges, there is the issue of interoperability across different platforms, data privacy, and regulatory compliance. Wallet users still need to have better awareness of how using the wallets can make their recurring payments easier. Businesses get a smooth payment experience, higher customer satisfaction, and increased loyalty.
Paycorp offers the complete bridging of business and customer needs & expectations on digital wallets with UPI Mandates. Call us for a demo to understand how.
