From Paanwalas to Franchises, Here's How Offline Payments Are Bridging the Gaps Offline payments are enabling the smallest mom & pop shops as well as giant franchises to share a cashless payment portal
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Unless you're a Columbian drug lord with immeasurable tax-free cash money, going digital with your transactions is the way to go these days. eCommerce has opened doors to a sheer level of convenience thought unimaginable ten years ago, where everything can be ordered convinetly at the click of a mouse or few taps on your cell phone. This is made seamless using eWallet payments, or card payments, because nobody wants the liability of carrying cash around anymore. Not only is cash a security risk for you, it's clumsy, delays transactions, beings awkward in haggling, and you risk being stranded with lesser money. However, you don't want to go through the elaborate process of divulging your bank account details to just about any random online payment portal, do you? Enter the revolution of offline payments.
Here's what makes offline payments like the one itnroduced by Paytm quite intriguing:
Can be adopted by the smallest business and the largest franchise
There is no leveling the playfield when it comes to offline payments. Since the transactions would happen instantly without a hitch, there's no reason for a business to not adopt an offline payment method. Even a 5 rupee candy bar can be simply scanned by your phone and paid for, without internet connections. Why use cash?
No internet required
Understandably, internet packs are a luxury that not many of us can afford to use liberally. Unfortunately all 3G/4G packs in India are limited in their utilization, so the average consumer has to make each MB count. But now you can save all that data for times when you really need them – because the entire process of transactions works without internet.
See More: Why Are E-Wallets The Future Of Banking?
Accessible where Internet/cell phone signal doesn't catch
From stingy basements to top floors of buildings where signals don't reach fully, offline payments will work right away. It is accessible in villages, transit points and even high mountain tops where your internet might not work. Imagine the possibilities of going cashless to a café in Leh Ladakh's and in a village dhabha next to a highway! The possibilities are endless.
Cashless methods trick consumers into spending more – because psychologically you only see a number and not the currency notes being exchanged. This is great for business owners. Consumers are happy with only having their cellphone as the source of their funds.
No more waiting for bank approvals or paperwork
Using a cash-card machine requires expensive daily rents, approval from banks and a risk of being hacked/damaged. For offline payments, your protocol is a sticker with a QR code. Nobody can steal that for any purpose other than paying you, and it can easily be replaced.
Doesn't require technical setup/ computer skills
Most merchants set up your account for you or provide assistance. There is no need to learn technical banking or computer skills for this. Once your account is set up, customers simply scan the QR code, you approve the payment amount and the transaction is done, without internet. All money is credited to the owner's bank account directly.
Say goodbye to TDR
Even though TDR can be approximately 2% of your total transaction costs while using cards, the small percentage adds up. Hey, money saved is money earned right? Try introducing the same model to your customers. Going offline enables customers to pay Rs. 11.43 – exactly. Not Rs 12, and not with an additional taxes.
Rich discounts and cashbacks
The best part of using cashless eWallets that are offline is that usually most merchants will offer users a cashback. This is great promotion for the brand/product/services, and also encourages suers to spend more. The system works for everyone!
Are you excited about offline eWallet based payments? Let us know in the comments on our official Facebook page Entrepreneur India