India is still a prominent COD market. Approximately 80% of the payments are done on cash on delivery basis. Credit cards are only urban phenomenon. Though all major banks like HDFC, Citibank, ICICI, and SBI are offering a host of online payment functionalities. The most preferred method of online buyers in India is still cash on delivery. As per the survey done in 2015, only 30% of the buyers go for digital transactions. There are several options of paying bills online. Service providers are offering bank transfers, pay by Paypal, prepaid cards, ITZ cards, Oxicash and other money transfers. You can also make online payments of your SBI credit card, HDFC credit card payment, and Axis bank credit card.
Most Popular Online Payment Methods
Following are the most popular online methods of Indians who are buying from ecommerce.
1. Pay in cash on delivery
2. Online payment with credit card or debit cards
Other Payment Methods of Online Payments
Here are some more online bill payment methods preferred by users:
Oxicash is a payment platform offered to online payers for payment through phones. Oxicash is an eWallet service where customers can pay for various services. Many online payments for mobile refills, postpaid mobile bills, and electricity payments are done through Oxicash.
ITZ card is a reliable payment mechanism that allows users to pay anywhere without carrying cash. Lots of service providers are offering facility of online payment through modes like ITZ card and Oxicash wallet. If you needed any information or updates call on HDFC credit card customer care.
Banks in India are continuously striving to innovate and adopt new electronic payment methods. Though payment systems in India are dominated by the paper based transactions, the scenario is taking turn slowly. E-payments are gradually making a remarkable stand in the banking sector. The ratio of e-payments have gone up largely from 2004 to 2009. RBI is making e-payments mandatory for banks for high value transactions through methods like RTGS and NEFT. NEFT and RTGS methods have contributed a lot to growth of electronic payment methods.