Faspay Blog
Find out about online business tips, payment technology, digital marketing, and everything you need to know about Faspay.
Faspay - The rapid advancement of technology has brought about new transformations in the way businesses operate. Most daily activities are now dominated by digital processes, ranging from simple to complex tasks such as communication, cooking, transportation, shopping, and even digital payment systems.
This digitalization of business is not exclusive to large enterprises or daring individuals launching new businesses or startups. Small business owners, such as MSMEs (Micro, Small, and Medium Enterprises), can also benefit from it. Regardless of the sector or size of the business, every entrepreneur today can be said to rely on data and technology.
Therefore, digital transformation is essential for businesses. Without it, a business may struggle to operate smoothly and might even face closure. To understand the importance of digital transformation in business, read the explanation below.
Also Read : Faspay SendMe! Kirim Dana ke Berbagai E-Money dengan Mudah
What is Digital Payment?
Digital payment refers to a method of conducting financial transactions with the help of digital technology. In this system, non-cash payment methods such as virtual accounts, online debit, online credit, and electronic money (e-money) are commonly used.
Both the public and the government recognize electronic money as a legitimate payment tool. The emergence of this payment method is closely tied to technological advancements. Its usage simplifies transactions, as they can be carried out without face-to-face interaction, physical cash, or credit cards.
Due to this convenience, digital payment systems are more practical and efficient. Users can make transactions anytime and anywhere, even without carrying cash or credit cards.
Even though it is easier, the security of digital payment systems is on par with other payment methods. With high-level encryption and monitoring capabilities, every transaction can be tracked through connected devices.
Types of Digital Payment
After understanding what digital payment is, it is also important to know the types of digital payment systems available in Indonesia, including:
1. E-Wallet
The first type is a digital wallet or e-wallet. As the name suggests, this payment system allows users to store money in digital form.
Nowadays, e-wallets can be used for both online and offline payments. With recent innovations, e-wallets can also be used for other purposes, such as bill payments, money transfers, and purchasing phone credit. Examples of e-wallets include LinkAja, OVO, and Dana.
2. Mobile Payment
Next is mobile payment, a digital payment system that enables users to conduct transactions via mobile phones. It works by downloading a mobile payment app and linking it to a debit or credit card.
With mobile payment, you can complete transactions by moving your device near a reader equipped with wireless technology. Similar to e-wallets, mobile payment can also be used to send and receive money from other users.
3. QRIS
Quick Response Code Indonesia Standard (QRIS) is a popular digital payment system today. Developed by Bank Indonesia, QRIS enables cashless transactions efficiently.
Using QRIS, anyone can make payments even if they use different bank services or e-wallet applications. This technology makes QRIS a fast, simple, and widely preferred payment method, especially among young people.
4. Virtual Account
A virtual account is a digital payment system that allows users to make virtual payments. Its functionality is similar to creating a bank account, but it is conducted virtually.
Virtual accounts are still managed by authorized banks or financial institutions. Users with virtual accounts can perform various transactions, from fund transfers to bill payments. This type of digital payment is particularly useful for individuals without a physical bank account
5. Internet Banking
E-banking, commonly known as internet banking, is another type of digital payment. Through internet banking, customers or users can perform transactions via a bank's official website.
Like other types of digital payment, internet banking requires an internet connection to link to the bank's network. Through the bank's website, users can perform a variety of transactions, such as making payments or receiving funds.
6. Terminal POS
A Point of Sale (POS) terminal is a payment tool located at sales points. A POS terminal can be considered a cashier at a mall or store where consumers purchase goods.
There are various types of POS machines used today, but the most common are machines for debit or credit cards. Using these machines, consumers can settle bills by swiping their cards.
7. Mobile Banking
Almost all banks in Indonesia now provide mobile banking services for online transactions. With mobile banking, users can access various banking services without visiting the bank.
Mobile banking works similarly to a virtual account but requires users to sync it with their bank accounts. Through mobile banking, users can track expenses, conduct transactions, transfer funds, and more.
8. Crypto
Though still uncommon in Indonesia, cryptocurrency-based payment systems are becoming increasingly prevalent. This system uses digital currencies such as Bitcoin, Ethereum, and Litecoin for transactions.
Cryptocurrency relies on complex blockchain technology, enabling users to send and receive funds without bank services. However, not all companies accept cryptocurrency as an official payment method, so its usage should be considered carefully.
Also Read : Kumpulan Strategi yang Cocok Diterapkan Di Pasar Online
Why Businesses Should Transition to Digital Payments
Here are some reasons why businesses should adopt digital payment systems through Payment Gateway services:
1. Easier, Safer, and More Convenient Transactions for Customers
Payment gateways allow customers to choose their preferred payment method, including digital payments. Additionally, each transaction is automatically confirmed, eliminating the need for manual confirmation.
2. A Modern and Trustworthy Image
With advanced technology, customers are more likely to trust and feel comfortable making online transactions. Especially if the business is registered with and monitored by the Financial Services Authority (OJK), as Faspay is. Choosing a reputable payment gateway enhances your business's credibility.
3. Simplified and Accurate Transaction Records
Accurate transaction records are crucial for business owners. Payment gateways simplify the recording process by automatically logging every transaction through a single dashboard.
4. Analyze Customer Shopping and Transaction Habits
Monthly transaction reports provide data that can be used to analyze customer behavior, preferences, and favorite products.
5. Diverse Payment Channels
Payment gateways enable businesses to offer multiple payment methods preferred by customers through a single platform. Faspay, for instance, provides over 40 payment channels, including virtual accounts, debit-credit cards, e-money, and retail outlets like Alfamart.
Provide Digital Payment Solutions with Faspay Payment Gateway
Considering the current market and technological advancements, digital payment systems have become an essential aspect of any business. For this reason, you need Faspay Business, an online payment system from Faspay.
Faspay Business is an online payment solution integrated with merchant APIs or plugins. This system is ideal for businesses with supporting apps or websites. With Faspay Business, you can accept over 50 payment methods.
Also Read : Fitur QRIS ShopeePay: Satu QR Code untuk Seluruh Pembayaran
Faspay simplifies the transaction process for both online and offline customers and internal systems. Become a Faspay merchant now easily and quickly without any fees. With Faspay Business, you only pay based on usage, helping you manage your company's budget and finances effectively.
