India is lacking in number of credit cards, which remains a cash-driven economy. Indeed, 95 percent of all transactions are cash, causing a significant challenge for E-Merchants. There are only 1.8 Crore active credit cards in circulation, held by an estimated 80 lakh people. Though there are many more debit cards in circulation, credit cards account for twice the value of transactions Rs 75,500 Crore where as it is Rs 38,700 Crore through debit cards. Even with other Payment Gateways, around 30 percent of purchases are abandoned at the payment stage. Today Indian E-Commerce is serving 60% of their orders for Cash-on-Delivery options. However, there is 5% of an estimated revenue which can help in someway in solving the problems that arises from Cash On Delivery. E-Commerce Industry is estimated to grow at a CAGR of 40%, from US $ 5.9 billion in year 2010 to US $ 34.2 billion in year 2015.
Why not make it simple by providing a simple alternative solution for E-Merchants to accept cash by providing an alternative solution for Cash On Delivery?
Not only that! There are more reasons why Cash is the way to purchase/sell. Yes, it is official now! The number of credit card swipes have fallen. A recent survey conducted by HSBC has revealed that the average number of credit card holders in India is dipped by a margin of 2%. A closer look at the findings, reveals that the number of credit card owners has fallen from 23% in 2010 to 21% in 2011. This factor, along with the increased number of online frauds, has led E-Merchants to offer another mode of payment – the ‘Cash On Delivery’ option. It may be a better and safer option for consumers but if the Indian e-commerce experts are to be believed, the risk of returns faced by the seller is around 30% to 40%.
Here is where we come in! We are happy to introduce an entirely new mode of payment, which is beneficial to both; the consumers and as well as the E-Merchants.
Now E-Merchants can increase their reach to a wider customer base, with a minimal investment of registering with iPay. Irrespective of whether you have a brick and mortar store or an online E-Commerce site, you can minimize the risks faced, and maximized your customers’ reach with our proprietary Technology.
iPay Technology will help E-Merchants to gain more traffic (customers) by reducing the cost involved on ‘Cash On Delivery’. iPay will help the uneducated retailers of Brick and Mortar store to sell more products and services with a simple interface.
Customers will save time, effort and money with the facility to choose from a wide range of products, and order online. They won’t have to wait any longer and search from shop to shop till they find what they want or pay by using they credit cards anymore.