Everything you need to know about IndusInd

E-commerce in India continues to boom, while showing no signs of a slowing down. With revenues totaling $63 billion in 2021, India is now the world’s eighth-largest e-commerce market.

Driven by sheer power of numbers, India already boasts some 500 million online shoppers. Amazingly, this is still less than half of the total population in the country – demonstrating how much more growth potential there is on the horizon.

But merchants interested in selling in India must be prepared to adapt their online user experience to local market preferences. Perhaps nowhere is the need for localization more urgent than in the choice of payment method options available to customers at checkout. 

In a country where just 4% of the population owns a credit card, merchants must be prepared to offer local payment methods in order to meet the needs of the market. In addition to local digital wallet providers and other alternative payment methods, direct online banking transfers via local Indian banks are a popular way to pay for e-commerce orders online.

IndusInd Bank is one of many Indian banks popular with consumers who like to shop online. Keep reading to learn more about IndusInd, and how merchants can integrate this important local payment method into their online store.

What is IndusInd Bank?

IndusInd Bank is a universal bank with widespread banking services. With a customer base of over 25 million and more than 2,000 branches across India, IndusInd offers a wide array of products for individuals and corporates including microfinance, personal loans, commercial vehicle loans, and credit cards.

From the perspective of e-commerce, IndusInd Bank also provides a payment method via online banking that enables customers to transfer funds directly through the bank’s website. This popular online payment method allows IndusInd customers to pay for e-commerce orders using funds from their bank accounts, with no credit card required to complete the purchase. Paying via direct bank transfer is convenient and fast because consumers don’t need to manually rewrite data or order transfers – they simply log into their bank account and authorize a predefined transfer order.

How does IndusInd Bank work?

From an e-commerce perspective, the process for paying online using an IndusInd bank account is simple: when a customer reaches the checkout page, they simply select IndusInd as the payment method. After logging into their online banking to authorize the order, the customer returns to the checkout page and the funds are sent to the merchant.

There is no need for customers to manually input the order details or create a new bank transfer – when IndusInd is selected as the payment method, a pre-filled transfer order is automatically generated and customers must only log into their online banking in order to authorize it.

After the payment has been authorized, money is sent directly to the merchant.

Why do merchants and consumers use IndusInd Bank?

As e-commerce in India continues to grow, online bank transfers have continued to serve as one of many popular local payment methods across the country. IndusInd Bank, one of India’s largest banks, offers a digital payment service that is convenient, fast, and user-friendly. By using IndusInd Bank to confirm a predefined transfer form, customers can pay online easily, even if they don’t have a credit card.

For merchants, offering IndusInd Bank as a payment method helps to localize the checkout experience in India. By providing Indian customers with the ability to pay via bank transfer, merchants ensure that they are meeting the payment needs of the local marketplace. IndusInd is one of many popular consumer banks in India – making it an important part of the local payment method mix.

How can merchants start accepting IndusInd Bank?

To accept online banking transfers from IndusInd customers, merchants should opt for a payment gateway that provides IndusInd as one of the the available payment methods.

Ordinarily, accepting payments from IndusInd and other local banks would require merchants to have a local acquiring relationship with each bank. PayU’s global payment platform leverages PayU’s local market expertise to enable IndusInd and hundreds of other local payment methods through one single global integration. By working with PayU, any business accepting digital payments can sell anywhere in the world and know that they are offering the right combination of payment method options to appeal to local customers.