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Debunking the Online Payments Myths
The pandemic has aggravated the shift of businesses online, and consumers are also following suit.
Even for a country like India, where people were more accustomed to cash transactions over digital, the shift is unprecedented. More than others, millennials have taken up the baton of partaking in this trend, thereby shifting the traditional paradigms of shopping and disbursement of payments.
And in the last 5 years of the Cashless India Movement, online payment systems have become substantially secure, sophisticated, user-friendly, and accessible. But people still find themselves stuck in doldrums of myths, half-truths, and tragic stories of hapless people who fell into traps of fraudsters.
‘What if they charge extra money?’, ‘What if all my data is robbed?’, ‘What if I wake up one morning and find all my money’s gone!’… haven’t most of us navigated such questions before?
Luddite business owners are often one step ahead to claim (and they are so sure!) that ‘small businesses do not have the funds to make an investment ‘large’ enough to implement online payments.
Well, guess what? Today we are here to debunk these very myths and their precursors: the unresolved doubts in people’s minds.
Myth 1: ‘They will steal all our money’
We wouldn’t even attempt to answer who is this ‘they’ here. But there are people who can supposedly take all our hard-earned money at a moment’s notice. It is sometimes just a matter of a call. Thanks to myths and Chinese whispers, mobile phishing is now almost synonymous with magic.
Although we wouldn’t deny that online theft has increased manifold, the fact is, so have the security measures adopted by fintech and network companies.
Financial and economic institutions have doubled up efforts to ensure consumer experience remains safe and transparent. From personal data (credit card, debit card, and UPI credentials) to bank account passwords, everything is governed by stringent data encryption methods.
Moreover, as banks, data providers, and fintech service providers are slowly merging to cultivate a space of comprehensive digital banking, it will soon strip this myth off of any truth it holds today. Soon, fraudsters will have to become ingenious hackers to overcome all the security measures.
Myth 2: Cash will be a thing of the past soon!
Yeah, this might seem so, and we won’t blame human imagination for stretching itself and thinking of the extremes. It is human nature. When most of us have stopped going outside even for the basics such as groceries, clothes, food, and cosmetics, it surely seems that offline payments will soon be a thing of the past.
Even if this seems like reasonable logic, the truth is far from that. The good, old cash in between our fingers is yet to melt away into oblivion.
Also, to make liquid cash completely obsolete one has to make online payments accessible to all. That primarily means high-speed internet, among many other things. And given the extent of our geographical landmass, a pan-India 4G/5G internet connectivity is yet a distant reality. So, cash is here to stay, for now.
Myth 3: Why would small businesses require Online Payment Systems!
‘My business is going strong and my customers live nearby, so I have got no problem with liquid cash payments. Also, my business isn’t that big that it’d need an online payment system.’
It’s like saying I don’t need seat belts because I usually drive around these two blocks. But does this sound like a really wise choice? What if you come across a high-speed truck one day?
Think about it. Does it hurt to smoothen up your consumer experience and in the pursuit, also raise your brand value up by a couple of notches by introducing online payment systems? Flexibility forms the core of any business and fixing up online payments is the first nascent step to move your shop online. And who knows, maybe that’s what the future holds!
Myth 4: Implementing Online Payments is expensive!
Just when you had made peace with the increased flexibility of your business, another intrusive thought hit you. The cost of setting up online payments. Sure, there are highly secured servers verified by qualified engineers day-in and day-out. Logically, it must cost stupendous amounts, right?
Well, when hosted by fintech providers, the cost of online payment implementation is extremely affordable. The advantages are two-pronged. First, business owners have to spend minimum energy and time to maintain the new payment system on their website. The provider has it all covered. Second, if you want to reduce the cost of maintenance down to zero, you can simply eliminate the EFTPOS machine, thereby having the online payments completely replace the latter.
Myth 5: Buying in person is always better
We have come across this argument too many times, and we wouldn’t deny there is a hint of truth here. There is a certain amount of authenticity felt in real-life shopping because we can perceive products directly with our touch, vision, and smell.
We agree this empirical experience is missing in online shopping but is it really? You can choose to buy in person and also pay via a cashless transaction.
But you stand to get a lot more with online shopping – lucrative offers and rewards, facility of product returns, and a streamlined searching of products that allow us to easily compare are all the auxiliary benefits of shopping online.
And with an ever-improving consumer experience, the hassles and apprehensions of misplaced goods, faulty products, late arrivals, lack of any mode of communication between consumers and delivery agents, and a myriad of problems such as these are becoming things of the past.
With all these factors combined, buying online ranks quite the same and often, higher than shopping in person.
We have busted some of the most common myths plaguing the world of online payments and the apprehensions surrounding them. And there are more. Both business owners’ and users’ minds are crowded by falsities, and we are quite optimistic that such myths will get busted in the coming times.
On the other hand, business owners shouldn’t miss out on this e-payment boom any longer, whose prospects are huge considering the new normal at hand.