As per recent reports, digital payments are expected to account for over 70 % of all payments by 2025. Enterprises need to stay ahead of changes in technologies, regulations, and consumer behavior.<\/p>\n
We will cover five high-stakes critical developments set to transform India\u2019s digital payments ecosystem, especially in terms of enterprise businesses.<\/em><\/p>\n According to a recent circular by the RBI, businesses and payment service providers<\/a> will not be able to save customer card details from 1st January 2022. The aim of this reform is to keep the critical financial information of customers secure from card data breaches which have exposed the private payments data of millions of Indians.\u00a0<\/span><\/p>\n As an enterprise business, you should work quickly to set up a <\/span>Card on File Tokenisation<\/b><\/a> (CoFT) <\/span>solution at the earliest, so that you can continue offering your customers a seamless checkout experience. Doing so before 1st January 2022 will also enable you to preserve the stored card details of their customers that transact between now and the end of the year – which is important given the upcoming festive season.<\/span><\/p>\n Who is affected: <\/b>E-commerce businesses<\/span><\/p>\n Razorpay TokenHQ<\/a> is India\u2019s first and only multi-network card tokenisation<\/a> solution to be integrated with all three card networks: Visa, Mastercard and RuPay.\u00a0<\/strong><\/p><\/blockquote>\n Related Read: <\/b>What is Card Tokenization?<\/b><\/a><\/p>\n False declines – or transactions that fail due to some break in the payments chain that is not attributable to the payer or the payee – are a big problem in the payment process.\u00a0<\/span><\/p>\n According to a report by <\/b>Digital Commerce 360,<\/b> nearly 33% of failed payments are not reattempted. In other words, up to one-third of your declines are customers your business won\u2019t see again!<\/b><\/p><\/blockquote>\n Artificial intelligence algorithms can use existing payments data to automate the process of routing transactions through multiple gateways to optimize transaction success rates, or even choose the least expensive route for payments. This has the added advantage of making payment gateway<\/a> integration much easier.<\/span><\/p>\n Who it impacts: <\/b>Businesses with more than 1 payment gateway<\/span><\/p>\n If you are interested in increasing your sales by automating your payments routing, get in touch with us at <\/span>payments-optimizer@razorpay.com<\/em><\/a>.\u00a0<\/strong><\/p>\n Read More About: What is Deferred Payment and How Does it Work?<\/a><\/span><\/p>\n There are many businesses which now offer customers recurring periodic payments to access their services, and RBI guidelines being enforced after 30th September 2021 are designed to improve access and security for debit and credit cardholders.\u00a0<\/span><\/p>\n Banks will be required to inform customers 24 hours before a recurring payment and will require an OTP for every transaction greater than INR 5,000.\u00a0<\/span><\/p>\n Further, now such payments can be enabled on debit cards \u2013 meaning that businesses can now hope to sell their services to the holders of 850 million-plus debit cards in India!<\/span><\/p>\n Who it impacts: <\/b>OTT Platforms, D2C subscription businesses, telecom companies, insurance companies, SaaS businesses, Edtech, media subscriptions, etc.<\/span><\/p>\n Explore how Razorpay is empowering banks through <\/span>MandateHQ<\/span><\/a> and helping <\/span>businesses solve their problems<\/span> with recurring payments through Razorpay Subscriptions<\/a>.\u00a0<\/span><\/p>\n Certainly one of the biggest trends in payments in 2020, affordability solutions such as \u2018Buy Now, Pay Later<\/a>\u2019 have taken the e-commerce industry across the world by storm.\u00a0<\/span><\/p>\n By breaking down the immediate cost to the end consumer into smaller and more affordable instalments, these solutions have empowered even India\u2019s usually debt-averse consumers to indulge in a little retail therapy to beat the pandemic blues.\u00a0<\/span><\/p>\n Over time, these solutions have adapted to become even more seamless. Today, the process takes just a few clicks and less than a minute and gives customers the option to pay across different timelines without any hidden fees or charges.<\/span><\/p>\n Who it impacts: <\/b>Everyone, especially e-commerce sellers of luxury brands or gadgets and Edtech players due to demand for upskilling<\/span><\/p>\n Explore how Razorpay can help grow your business and increase your revenue through our <\/span>affordability suite<\/span><\/a>.<\/span><\/p>\n1. Card Tokenisation<\/span><\/h3>\n
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2. Smart Payments Routing<\/span><\/h3>\n
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3. Card-based Mandates<\/span><\/h3>\n
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4. Affordability \/ Buy Now, Pay Later<\/span><\/h3>\n
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