Online shopping in India has registered a massive growth in the past couple of years. It rises in sync with the growing internet population of the country. Though there are multiple payment options available, the modern shoppers prefer to use their bank cards more than anything else. This preference has truly come off as a boon to the banks. Even the e-commerce websites have come up with many offers like that of tata cliq bank offers. Most of the banks are not far behind in cashing in on this opportunity. It is two-way traffic in which both the banks and the online shopping sites get benefitted.
Lowering the bank’s costs
Banks have claimed that things like tata cliq bank offers encourage more shoppers to buy products online through cards. This helps the banks to earn good revenues and also bring down the costs. Banks mentioned that each time you use a card online, the issuing bank earns a certain percent of the amount. The earning depends on the card type and the amount spent, and it can have higher or lower percent accordingly.
Online shopping transactions by availing tata cliq bank offer also save cost from the lenders. For example, the customer performs the online transaction instead of going to the ATM and withdrawing money. In that case, the transaction cost for the bank comes down to a half. This is the same transaction that might have cost the bank ten times more if the customer visited the branch for cash. Thus, the number of benefits for them makes banks eager to contribute to the online shopping revolution.
Contribution to the e-commerce revolution
Banks are increasingly partnering up with the e-commerce sites as the move is mutually beneficial. The banks are in profit when they tie up with e-commerce sites as part of the marketing strategies. You will frequently notice that the sites offer rewards and cash back on select bank cards. So, it is highly profitable for the banks as the transactions are made through them. A bank can never reach so many offline sellers on their own, and thus, online shopping makes it easy for them.
In fact, many banks have come up with their own offers to encourage the shoppers to use their cards more. When the buyers note that they are in profit when buying through cards, they naturally refrain from using paper money. The debit card transactions have actually increased manifold through the e-commerce tie-ups of the banks. Thus, banks have helped immensely in plastic money acceptance through e-commerce. Many of the online shopping sites also provide swipe machines to customers while delivering.
The banks are keen on joining the online shopping revolution because they understand that it benefits both them and their clients. Hopefully, the banks will roll out more such opportunities in the future which makes shopping more exciting for the shoppers. Online shopping is all set to be more fun for the internet population in the times to come.