By Rajesh Londhe, Co founder, PhiCommerce Private Limited
Omnichannel payments in India are poised for continued growth and innovation. India’s position as a leader in the digital transformation space presents an incredible opportunity for omnichannel payment processes to emerge as the next frontier; promising an integrated interface for consumers to make payments using both traditional (cash, PoS) and digital (UPI, cards, bank transfer) methods, and for businesses to align payments and receipts through unified channels.
The advent of digital payments initially brought about increased convenience and security for individuals. However, the evolution of omnichannel payment systems is now offering unprecedented advantages to businesses. In today’s business landscape, marked by a significant online presence, technological integration, and the provision of digital payment services across both online and offline domains, the demand for payment solutions that seamlessly integrate into business operations has become paramount. This is where omnichannel payment solutions shine.
Incorporating the concept of “phigital,” which entails a strategic fusion of physical and digital business components, has become essential today. This approach ensures that a business maintains a consistent and flexible presence across all customer touchpoints. Omnichannel payment solutions serve as the cornerstone in this strategy. They not only enhance customer experiences but also drive substantial cost savings. By facilitating flexibility and consistency across all customer interactions, these solutions not only meet and exceed customer expectations but also optimize operational efficiency. In essence, they empower businesses to thrive in the “phigital” era.
In May this year, the Bangalore International Airport Limited (BIAL) introduced an innovative omnichannel payment solution across the airport ecosystem, which powers B2B and B2C payments across channels – both online and offline. It facilitates transactions across the domestic terminal, international terminal, airport city, concert arena, airport hotels, retail, recreation, dining, and entertainment (RDE) destination, airport parking, cargo, and BIAL subsidiaries. The largest airport in South India and the third busiest in the country will now have greater insights into spending habits and will be able to provide customer-friendly last-mile incentives thanks to its own payment infrastructure.
Omnichannel payment solutions seamlessly consolidate diverse payment methods and channels, providing businesses with a unified, enterprise-grade experience. This integration allows for effortless payment processing across various channels, from in-store to online, mobile apps, and voice assistants. It ensures meticulous synchronization of transaction data, enhancing operational efficiency and data-driven decision-making. This streamlined approach empowers businesses with comprehensive insights, bolstering their competitive edge. Furthermore, it facilitates efficient transaction management and harnesses valuable customer behavior data to inform marketing strategies, inventory management, and product development, ultimately driving growth and maximizing cross-selling opportunities for increased sales and customer satisfaction.
Further omnichannel payment solutions simplify the payment collection process, reduce the need for manual reconciliation, and minimise the chances of payment failures. This streamlined approach can lead to significant cost savings and improved cash flow management.
Technological advancements like Flexible Payment Platforms, AI & ML, Blockchain Technology, and Real-Time Payment Processing have been instrumental in making the omnichannel payment concept a reality Security is paramount in today’s digital age. Omnichannel payment solutions prioritise security through robust encryption, authentication, and fraud prevention measures. that can protect financial and transactional information, establishing trust and reducing the risk of breaches.
In conclusion, the adoption of omnichannel payments represents a significant and transformative shift for Indian enterprises. As businesses in India increasingly recognize the importance of offering customers a seamless and integrated payment experience, they are embracing omnichannel solutions with enthusiasm. This evolution is driven by the recognition that omnichannel payments not only simplify transactions but also provide a robust foundation for data-driven decision-making for growth and success. This shift positions them to stay competitive and responsive in the evolving Indian market, offering customers a seamless and integrated payment experience while unlocking operational efficiencies.
