The Growing Use of Payment Links in the era of Covid-19

The growing use of payment links in the era of Covid-19

As we enter the fourth season of 2021 and nations throughout the world continue to deal with the epidemic, it is safe to state that COVID has touched every industry. When countries locked their borders and forced individuals to stay at home, digitalization and technology adoption came to the rescue. People were forced to adjust to hybrid ecosystems that included work from home, online conferences, online education, and digital communication and leisure. Fear of virus spreading has converted long-time proponents of cash economies into fervent supporters of payment links and contactless transactions. People bought online and conducted financial transactions with a few clicks on their cell phones or laptops as businesses turned digital.

The epidemic has changed the whole payments ecosystem—contactless transactions have emerged considerably sooner than expected. In Southeast Asia and America, the epidemic and other events in the preceding years have contributed to the emergence of alternative payment methods, which are altering the region's financial environment.

Handling online payments becomes a requirement. If you do not have a web application and would like to take payments online, the Payment Links are the ideal option. Through the same, you may accept simple and fast payments. This is especially true if you operate a social media business, a small business, or an offline store. In such cases, having a website or app can be expensive, time-consuming, and labor-intensive.

Payment Link Significance

What exactly is a payment link? It is, as the name implies, a link that allows you to collect online payments. It is presented in the form of a transferable URL.

When the consumer clicks on this link, he or she will be sent to a payment gateway checkout page where they may complete the online payment. There would be a predetermined pay-out amount. The user can pay using a variety of methods, including credit cards and debit cards. Wallets, UPI, online banking, QR codes, and so on.

This link may be generated from the trader dashboard and distributed by WhatsApp, email, SMS, and other means. The following benefits will help you understand the purpose of a payment link:

The Advantages of Payment Links

Using a payment link in Covid-19 era has several advantages, some of which are listed below:

• Customers will find it simple.

The Payment Links make it very simple for the consumer to pay. He only needs to click the link and use their selected payment method to complete the deal. Payment Links are additionally secured with all of the payment gateway's security compliances.

• Affordable

Maintaining a website or app is expensive. Payment connections save small companies money on unneeded upkeep and the price of hiring personnel to do the same.

• Tracking and Documentation

Payments may be traced in real-time using the merchant dashboard. They can also do analytics and obtain graphical representations. ULIS offers all of these features as well as many more, such as downloadable reports, entire history, customer data, and so on. Depending on the settings, real-time alerts for transactions can be retained.

• Technical Expertise

As a small business owner, you may lack the necessary technological expertise. Payment Links save you time and money by eliminating the need for technical efforts and integration. After establishing a merchant account, the company owner may begin creating and sending payment links to take online payments using the merchant dashboard.

Payment Links can function as a cash-on-delivery service. You can take online payments at the moment of service or product delivery. Customers will benefit from an online payment option as well as a sense of security. Not only that, but you also assure that you are paid immediately.

• Customer communication that works

The company can communicate effectively with its selected sales channel. He can take online payments through the same channel by using the payment link. For example, if they communicate over WhatsApp Business, it would be simple for them to collect money by just emailing the payment link.

• Saving time and effort

Sending links to several consumers might save you a lot of time. You may send bulk emails, SMS messages, or WhatsApp messages all at once. Providers offer payment connections for both single and many consumers. You may also accept rapid and instant payments. Following that, you may provide timely services in accordance with your policies.

• Freelancers

Clients may be required to pay freelancers. You may take online payments for a predetermined amount using payment links without the need for a website or mobile application, as well as without the trouble of providing bank information.

• Others

The same advantages apply to educational institutions, financial service providers, insurance organizations, physical retailers, social media firms, and other businesses.

Payment Link advantages vary depending on the type of business.

The significance of payment linkages may be appreciated through the following benefits based on the business type:

• Customer Payments for Small Businesses

A canteen service provider, a tutorial class owner, a shop, and so on may not have a website or mobile application. In such cases, companies can quickly transmit payment links through their preferred channel and accept online payments.

• Payments from clients or vendors

Vendors, customers, and other business-to-business (B2B) payments may be required after a transaction is completed. Payment Links might also be handy in these situations.

Here is a glance at the payment link environment in some of the region's largest economies

• Singapore

Singapore is at the cutting edge of the payment link ecosystem. According to research, the total transaction value in Singapore's digital payments category is predicted to reach $11.2 billion in 2021, with a 22.7 percent CAGR between 2021 and 2025, eventually reaching $25.4 billion. Furthermore, according to a Bank poll, 66 percent of Singaporean customers currently use cashless payment, preferring to pay with cards or mobile applications.

• Malaysia

Malaysia is hot on the heels of Singapore in terms of embracing alternative payment options. According to one survey, technology is used by 40% of the population. Boost is accepted at almost 140,000 establishments worldwide. According to the Worldpay and FIS Global Payments Report, 14 percent of all e-commerce payments in Malaysia were done using payment links, digital/mobile wallets.

• Indonesia

Indonesia is at the forefront of Southeast Asia's digital adoption. According to statistics, the value of digital money transactions hit $13.95 billion in 2020, representing a 38.62 percent increase year on year. According to the Worldpay and FIS Global Payments Report, digital/mobile wallets and payment links were the most favored payment option for e-commerce purchases.

• Cambodia

With the number of COVID instances in Cambodia increasing dramatically, the country's central bank and the Microfinance Association have encouraged citizens to minimize their usage of cash. According to recent research, the adoption rate of digital payments in Cambodia was 40% as of 2020.

• ‍Thailand

Since the outbreak of the epidemic, this Southeast Asian country has seen a significant increase in digital payments and alternative payment methods. According to a recent Reuters article, Thailand's digital payments more than doubled in February 2021, with the number of transactions conducted via the online platform network averaging 22.3 million per day.

‍Conclusion

There is little question that the underbanked region is prepared for an alternative payment revolution, thanks to the pandemic's accelerating influence and Southeast Asia's love for digital services. While the epidemic will eventually end, the region's growing digital payments business has a bright future. This highly handy tool is provided by ULIS for free. A per-transaction fee (TDR) is levied, which is the lowest in India. There are no additional charges such as setup, maintenance, or so on. All of the features and functionalities listed in the perks are included in the smart merchant dashboards. Aside from that, ULIS provides timely service and simple merchant account activation.