Payment gateways are types of software that makes it quick and easy to make payments online. They serve as a channel for communication between the bank and the merchant’s website or mobile application. Your payment information (debit/credit card or net banking data) is sent to the payment gateway by the merchant’s website when you use a payment gateway to make a transaction.
Following bank confirmation of the information, the payment gateways release the funds from your account for transfer to the merchant’s account.
To accept payments from your customers, whether you are a startup or an established player entering the realm of e-commerce, you will need a payment gateway. Choosing the best one for you, though, might be difficult.
Asia’s e-commerce market is booming and rising tremendously in India. This is because receiving payments online is no longer taxed. The market has seen a tremendous transition, and the availability of these top 7 payment gateways in India has made things quite simple.
An IIT Roorkee alumnus founded Razorpay in 2013, which oversees the marketplace, automates bank transfers, collects recurring payments, shares invoices, and makes working capital loans available to its users.
The Unicorn Startup has aided many businesses in finding a solution to the issue of digital payments. The business concentrates on the Indian market and offers round-the-clock client service. Razorpay supports several payment options, including UPI, wallets, credit and debit cards, net banking, and cards. To facilitate end-to-end money flow, Razorpay also offers a business banking division called RazorpayX.
Support for International Payment / Credit Cards: International approval requires a different and lengthy process and is dependent on the bank’s permission.
2. CC Avenue
The payment gateway was one of the first in its industry to launch in 2001. More than 200 different payment methods are supported by one of the largest payment gateway providers.
Customers can use popular credit cards, including MasterCard, Visa, Diners Club, Amex, etc., at CC Avenue. Retry Availability & Customization, Analytics, Audit, and Multiple Currency Processing are additional payment options that are included. Once your website is operational, CCAvenue can be freely integrated with it.
Your eCommerce business can display the prices of your products in any number of currencies for international transactions. With the Multi-Currency Payment Gateway, which supports 27 different foreign currencies, your clients may complete their purchases on the CCAvenue payment options page using the currency of their choice.
With a bank account and phone number, lakhs of micro-entrepreneurs, startups, and MSMEs can launch, manage, and grow their businesses online across mobile and web using Instamojo. It was founded in 2012 and is India’s most significant on-demand payments and e-commerce platform.
In India, Instamojo is a cost-free payment gateway that requires no setup or upkeep. It supports net banking, credit, debit, and UPI cards and has integrated online payment gateway services, making it completely secure. You can go to the Playstore to download the Instamojo app on Android devices.
Indian rupee payments are processed through Instamojo (INR). Multi-currency payments are something other than what they presently support. For instance: Your customers will be charged INR even though an international card is being used.
Launched in 2009, MobiKwik is a digital wallet and payment gateway. The setup and integration process is simple and quick.
In 2–5 business days, merchants and owners of online stores can set up an account. The payment gateway, well-known in India, offers services for payments made using debit and credit cards and other internet banking channels. You can use Android, iOS, and Windows devices to log into your MobiKwik account.
With its extensive product and merchant acquisition capabilities, MobiKwik is India’s largest issuer-independent digital financial services platform. It is among the top 3 companies in India’s payment gateway market and is undoubtedly the No. 2 participant in the country’s mobile wallet market. Its network includes millions of direct merchants, multiple billers, and millions of users.
The leading provider of payment and API banking solutions is Cashfree Payments. It offers full-stack payment solutions that allow Indian companies to easily integrate payment collection and payout processes for all accepted payment channels. A split payment solution for marketplaces, a bank account verification API, and Auto Collect, a virtual account solution to match inbound payments to clients, are among the services Cashfree Payments provides.
Cashfree, with it’s market share of more than 50% among payment processors, has benefited from technology to dominate payment disbursals in India. With payment collections, the vendor pays wage payouts, bulk refunds, cost reimbursements, loyalty, and awards. Cashfree Payments supports thousands of businesses.
Other than India, eight other nations, including the USA, Canada, and UAE, use Cashfree Payments products. State Bank of India (SBI), Y Combinator, Apis Partners, and PayPal are all investors in Cashfree Payments, which they helped to incubate.
Paytm is a FinTech aggregator with the widespread merchant and end-user adoption. It allows a variety of payment methods and has suitable security measures. The payment platform provides Adani Services, Reliance Jio, Uber, Zomato, Swiggy, and many more companies with a B2B/B2C payment gateway solution.
The fintech, based in India, debuted as a DTH and prepaid recharge platform in 2010. Paytm is accessible in 11 Indian languages, and millions of Indian merchants use their services.
There are no setup, withdrawal, or yearly maintenance costs. Along with various domestic payment options, they also support several foreign payment options, including Visa, Mastercard, Maestro, American Express, Discover, and Diners.
With native OTP and one-click payments for recurring transactions, rapid refunds for your business, and a clever roll-up of all customer transactions for your eCommerce site, PayU is highly customizable and helps to secure your digital payments.
Prosus, a global consumer internet corporation and one of the most prominent technology investors in the world, operates this fintech division. The Payu India branch of this payment gateway was established in 2014 after beginning operations in the Netherlands.
Payu allows a variety of payment methods, including EMIs, wallets, credit/debit cards, Netbanking, UPIs, and more. Even more so than just accepting foreign payments, it supports many currencies.
These are some of the highly essential payment gateways millions of businesses and individuals use in India. To learn more about payment gateways & methods, sign up for our course and learn how to make the most of them.