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Mode Of Payment For Online Transactions

 Mode Of Payment For Online Transactions

Among the various modes of payments like Debit card

, Credit card, prepaid cash cards, net banking etc. Debit card is the most used mode of transaction in India. A recent report of I-Cube states that out of 13.6 million Internet users who look for information of various products and services, around 7.47 million out of them purchased them online. Among those online shoppers, debit card users were 61%. Credit cards were the second preferences for online payments.

Transactions when done hand to hand, is usually safe, but when it comes to online transactions, payment security is one of the top concerns of gateway operators, merchants, banks and customers. Banks usually pass on the losses to gateway operators and merchants, who in turn transfer it to customers thus increasing the cost of transaction. In most cases live monitoring can prevent frauds. It is very important for merchants to gain the trust of the customer. They must ensure that transaction at their website is not too tedious also.

One the latest example of a safe online payment platform is PayTM.com (Pay through mobile). PayTM is a PCI DSS certified commerce platform, enabling users to make secure payments on Web, WAP, IVR and SMS through credit card, debit card, bank account, mobile wallet or prepaid cash card. It offers a secure, easy and reliable medium for mobile, DTH and Data card users to recharge their account online and get special offers/deals too. Here technology plays an important role. India has improved leaps and bounds in this aspect but there is still lot of ground to cover. There is lot of improvement required to provide users a hassle free and secured transaction, from security to making the transaction process simpler for a joyful experience of the user.

Internet users in India have risen exponentially in the recent past. It reached to the figure of 65 million active users on 2011, but the internet penetration remains 5% only, where as in USA its 78%. Considering this fact we can conclude that the internet usage will continue to grow exponentially in India in near future and so does E-commerce. As more and more transactions take place on internet the importance of mode of payment and security will also increase.

http://www.paytm.com/

by: Anamika Ghosh
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Mode Of Payment For Online Transactions