India is quickly catching up with the rest of the world when it comes to internet usage, with 34 per cent of the population now online. This figure is rising rapidly and, in tandem with this, new technological ideas are being pushed forward. Something that the internet revolution has brought about has been an increase in varied payment methods. So what are the most popular options in the country at the moment?
Rise of Online Casino is Leading to Varied Methods
In the days before the internet became so widespread, there wasn’t much need for varied payment methods in commerce. Cash, debit, and credit cards were pretty much the only options for transactions twenty years ago. But now that many instances of buying and selling occur online, there need to be more options for people to choose from. The reasons are manifold, but they often come down to security, what people feel comfortable with, transaction speed, and the ability to do international transfers.
The online casino industry is one of the leaders in the spreading of diverse payment methods around the world. This is because sites are not restricted to operating in one country like their land-based predecessors were. Diverse options in this regard have become one of the key selling points of internet gambling sites, and those with a greater number of options seem to find success.
The options for an online casino in India are increasing, with sites like Genesis Casino targeting players in the country with their games and page design. There are also numerous payment options at the site, including Skrill, UPI and Neteller. This could help introduce these options to players in India.
Are UPI Payments the Future in the Country?
All the online gaming sites and businesses that are ready to capitalize on the growing Indian market can try to bring in new payment methods with them. But they should also be aware of the trends in the country and what people are most likely to use. The most commonly used option in India at the moment is UPI.
UPI stands for Unified Payments Interface, and it was conceived five years ago by the National Payments Corporation of India. It is used to transfer funds between two bank accounts, via mobile. Now that this platform is supported by more than 207 banks, it means that transactions are rapid, trustworthy, and reliable. Some have speculated that sites that offer UPI payments are the ones most likely to succeed in the future.
The fact that Indians are already familiar with UPI suggests that they will be open to other payment systems online as well. As international gaming sites target players in the country, payment methods could become more diversified. Online businesses will have to be ready to adapt to changes and keep an eye on the payment trends in the country.