Serving as the catalyst for the revolution in digital payments, the Unified Payments Interface (UPI) accounted for around 75 percent of the total transaction volume in the retail segment during the fiscal year 2022-23. UPI payment volumes now exceed 75% of all digital payments made in the country, despite the fact that it has only been in use for about seven years.
UPI payments in retail industry:
The time-saving and user-friendly functionality of UPI has captured the attention of retail enterprises, prompting them to incorporate this seamless payment option to enhance the billing process. The primary objective of these enterprises has always been to ensure customer satisfaction through the integration of cutting-edge technology, and UPI has become a pivotal component in achieving this goal, particularly in India, where virtually all retail enterprises now offer UPI payment options, highlighting its significance in the sector.
Role of Secured Wi-Fi with Nexapp’s Instaroute in retail industry
1. Network Reachability
Majorly retail stores are situated in large malls or individual buildings, which can hinder network availability throughout the entire area. Moreover, the billing counters are often located deep inside the stores, resulting in limited network access for consumers’ devices during the payment process. Therefore, Secured Wi-Fi aims to address this issue and facilitate smooth app-based payments requiring internet connectivity.
2. Streamlined and Reliable Connectivity
By implementing Secured Wi-Fi, businesses can ensure robust and dependable connectivity, making UPI transactions and other online activities seamless and efficient. This enhances the overall customer experience and convenience. Network to the router can be wired or wireless, with dual sim connectivity for load sharing and continuous internet service.
3. Reduced waiting queues
A fast response time, especially during peak demand periods, is vital to keep customers satisfied. Slow network speeds can lead to frustrating delays in transaction processing, affecting both customers and businesses. Secured Wi-Fi helps in mitigating these issues by optimizing the network infrastructure, minimizing downtime, and offering consistent high-speed connectivity for faster payments.
4. Boosting Competitiveness
Businesses gain a competitive edge by providing reliable and efficient payment processing. Customers are more likely to choose establishments that offer quick and hassle-free UPI transactions, contributing to increased loyalty and growth.
5. Secured payment credentials
Retailers can maintain security by segmenting their networks to safeguard cardholder data, and role-based access ensures that only authorized personnel can access this sensitive information. Regular firewall updates to secure payment gateways of different platforms further.
Working of Secured Wi-Fi with Nexapp’s Instaroute
1. Retail companies need to install Wi-Fi booths at billing counters for UPI transactions. This will be benefiting for the customers making payment and the billing representatives system.
2. While making the payment customer realizes there is less or no connection to make the UPI transaction, then they can go ahead and connect there mobile phone to the retailers Wi-Fi available at the Wi-Fi booth.
3. Secured Wi-Fi controls the range of the Wi-Fi network and can limit it to a certain distance so that strong network is available near the billing counters and it is only used for payment purposes. It can also regulate the time for which the device is being connected, which allows customer’s phones to disconnect from the network automatically once the payment is completed.
4. A specific gateway manages user access based on requirements. This is also responsible for making sure the payments are carried out in a protected environment and there are no breaches in security.
In conclusion, by combining the power of UPI with well-managed Wi-Fi infrastructure, retail enterprises can significantly improve payment processing efficiency, enhance customer satisfaction, and remain competitive in the fast-paced digital payment landscape. As UPI continues to shape India’s digital economy, the seamless integration of cutting-edge technologies like Secured Wi-Fi will play a vital role in providing customers with a smooth and secure payment experience.
Head over to Nexapp Technologies to find out more.