The Top 10 Payment Gateways in India Which You Must Be Aware of in 2024
It is believed that the Indian subcontinent is experiencing a Fintech revolution that is unprecedented in magnitude. Fintech companies are considering India, as well as its people, as the perfect solution for digital payment innovation. It is becoming cashless, which includes transactional transactions as well as competitive service fees and other benefits
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Analogue has declined throughout the subcontinent due to an array of reasons, like:
- The Demonetization Bill was passed by Government of India
- There will be 850 million smartphone customers by 2025
- Electronic payment and FinTech Innovations based on infrastructural sanction issued by the Reserve Bank of India, and a focus on the five Cs i) Coverage – diverse electronic payment device accessibility ii) Convenience Iii) confidence (security) IV) Convergence (interoperability); and V) Cost
- The spread of the pandemic has led to a shift towards cashless and contactless transactions
Present Payment Solution Landscape In India
In turn, the digitalized payments habits of Indian customers and retailers has led to the emergence of different payment methods within the nation. Digital payment services can be a viable alternative to traditional cash or check payments, and are rapidly being adopted as a standard across the country. The rapid adoption of electronic payment gateways and solutions have led to experts stating that the nation will invest 1 trillion dollars in mobile payment in 2023.
The compulsion has further prompted the world’s Fintech giants to establish stores in India to act as aggregators of the digital services of financial institutions. Current Indian Payment solution market is comprised of several players providing various solutions. This includes:
- Acquirers and issuers
- Networks for credit cards
- Facilitators and processors of payments
- Independent sales companies
- Value-added resellers
- Payment gateway solution providers
A shift in attitude of the consumer has proved crucial for monetizing the swift development of more than a dozen payment processors operating in the United States. At present, 12 payment processors push the limits of the development of massive-scale digital payment.
The Criteria To Look For in Payment Gateways in India
If you’re a merchant, merchant account holder, retail store or retail services provider that would like to make it easier and faster for conversion for the Indian population, then you should select a solution that fulfills these criteria:
1. Veracity: A reliable payment gateway will provide your customers with an effortless, lightning-fast and seamless payments without recurring and frustrating failures of transactions.
2. Currency supported: A higher number of supported currencies means increased customers who can do business with you in their local currency without paying large conversion fees. A relationship like this will lead to greater sales for the seller.
3. Options for payment: If your business is capable of accepting a variety of payment methods it is recommended to look at payment gateways that are compatible with your company’s business strategy.
4. Market Integrations: As an option, select a gateway for payments option that offers native integration capabilities with your retailer platform as it can help reduce the chance of making a mistake with a payment.
5. Secure: It’s best to integrate payment gateways that are backed by strict cyber security hygiene practices through OTP systems, IP/device surveillance as well as adaptive authentication. security-in-depth strategy, integrated Blockchain Soundwave technology and more.
6. Pricing and other charges:Always consider a payment gateway that has low prices and rates for service features that can increase the profit margin of your company with each payment.
Top Payment Gateway in India
If you’re a customer or merchant from India You should take a take a look at the following choices to determine which will best suit your needs.
1. CashFree As a gateway service, comes with a variety of eCommerce CMS platforms, integrated systems as well as low usage charges which increase its trustworthiness. Companies like OlaMoney, Delhivery, Zoomcar, MedLife, Cred, and Zomato are just a few of the famous clients who use Cashfree’s services.
Pricing and other costs
Fee for setting-up
Free
Annual cost
Free
Fee for transactions
- 1.90 percentage when using the Net Banking, Digital Wallets, Google Pay, and Debit/Credit cards.
- 3.5 3 percent plus INR 7 on Visa and Mastercard International Credit/Debit cards
- 2.95 percent for Diners Club and American Express cards
- 2.5 per cent for PayLater and cardless EMIs
- 0% discount for UPI and RuPay
Payment methods that are accepted
UPI, EMI, digital wallets, debit/credit cards as well as a myriad of other ways to pay
Supported currencies
INR, USD, BDT, AUD, CAD, JPY, GBP, NZD, NPR, and 15 additional currencies supported.
Approvals and time to board
4 to 7 days
Integration of eCommerce platforms
WooCommerce, Magento, and Shopify, to name a few.
2. Razorpay
Razorpay lets customers effortlessly make automated payments. This low-code system allows swift implementation by SMEs, which means that it requires minimal or no technical support.
Furthermore, as a Business client, you will receive comprehensive analytics that are driven by your business, through reports as well as insights.
Pricing and other costs
Cost of setting up
2.2 percent Razorpay platform charge in exchange for Flash Checkout, Reports Dashboard as well as other functions.
Annual cost
- 2percent to Indian consumers with credit or debit cards. UPI, Net Banking along with Mobile Wallets.
- 3percent for International cards, EMIs for Credit card, debit cards as well as cardless transactions and International cards.
Payable methods accepted
The NEFT system, RTGS, IMPS, UPI transactions, Virtual Credit cards with UPI IDs Debit cards, debit cards, cardless international credit cards EMI Corporate Credit cards.
Supported currencies
More than 100 currencies around the world including Indian rupees, USD, AUD, GBP as well as others.
Approvals and time to board
For 4-7 days
Integration of eCommerce platforms
Razor Pay works with all major CMS eCommerce platforms due to the Java SDK integration builds.
Excellent Read: Best Payment Methods in India that your business needs to be aware of
3. Paytm
Paytm is a FinTech platform that has wide consumer and merchant adoption. It comes with excellent security options and is compatible with a variety of payment methods. It is a B2B/B2C gateway for Adani service providers, Reliance Jio, Uber, Zomato, Swiggy, as well as many more.
Prices and other charges
Cost of setting up
Free
Annual cost
Free
Transaction fee
18% GST plus
- 1.80% for Net banking,
- 1.55 0.55 % PayTm Wallets,
- 1.85 % on Credit Cards
- AMEX/International: 2.65%
- 0.4 percent for debit cards that are below
Payable methods accepted
UPI, Debit Card, Credit Card, NetBanking, American Express/International
Supported currencies
All active currencies
Approvals and time to board
Approvals are contingent upon KYC approval upon successful KYC takes 7-30 days.
Integration into eCommerce platforms
Magento is a good choice, but it works with different eCommerce CMS platforms too.
4. PayPal
PayPal is a co-creation and ownership by Elon Musk. It provides PCI DSS-secured payment gateways across India as well as 200 other nations and serves over 325 million customers who are active.
The company’s international presence has helped it earn a prestigious name, and continues to aid in expanding its current customers.
Pricing and other costs
Cost of setting up
Free
Annual cost
Free
Transaction fee
- 5 % + 3 INR per transaction
Accepted methods of payment
Digital wallets, Netbanking cash cards Visa, MasterCard, American Express as well as Discover
Supported currencies
56 distinct currencies such as USD, GBP, INR as well as CAD.
Approvals and Onboarding Time
Merchants must approve the request on their behalf within 30 days following PayPal acceptance
Integration of eCommerce platforms
Integrates into any eCommerce CMS platform that has an active account with a service provider.
5. PayU
PayU is extremely customizable, in that it allows you to strengthen your payments online with its native OTP and one-click payment to make recurring transactions, immediate refunds to your company as well as a handy bundle of all transactions made by your customers on your eCommerce website.
Prices and other charges
Fee for setting-up
Free
Annual cost
Free
Transactional fees
- 2.2% plus GST per transaction
Payment methods that are accepted
100 payment options are accepted, which include EMI, UPI, net banks, cards, wallets and Buy Now Pay Later, and more.
Supported currencies
More than 100 different foreign currencies, which includes rupees from India.
Approval and time for onboarding
3 to 4 days
Integration of eCommerce platforms
Flexible and adaptable to every eCommerce CMS.
6. Bill desk
Bill Desk is a state-owned Bharat Bill Payment Operating Unit that is one of the most reliable payment processors in India. Bill Desk facilitates day-to-day utility bills like gas, telephone insurance, ISP, Gas, credit card and many more with its wide range of banking options.
Pricing and other costs
Fee for setting-up
Free
Annual cost
- Starter plan – no cost
- Privilege Plan – INR30,000
Transactional fees
- 0.90 per cent of all transactions plus 18 percent GST
Accepted methods of payment
120+ credit debit cards, Net Banking, Wallets
Supported currencies
More than 70 major currencies, including INR as well.
Approvals and time to board
2 or 4 days
Integration into eCommerce platforms
Magento is suggested for use as an eCommerce platform for gaining benefits of its numerous plugin integrations
7. CCAvenue
CCAvenue is a merchant-centric solution that assists the indigenous Indian SME industries by letting users access top digital transaction gateways at no cost. CCAvenue also provides them with enterprise-grade PCI DSS certified security and sophisticated dynamic routing.
Prices and other charges
Fee for setting-up
- The economy package is available for free and INR 1200 thereafter from the first year.
Annual cost
- 2.2% of the total used for Domestic Credit/Debit Cards, Digital Wallets, Netbanking, and UPI transactions
- 4.99 4.9% on all international debit/credit cards
- 3.3% on any domestic commercial or corporate credit card
- 4.4% on the entire American Express, Amex EMI in addition to Diners Club Cards
- 4.99 percent for all of the 27 options for multi-currency.
Payment methods that are accepted
200+ payment options which include EMI choices
Supported currencies
INR + 27 additional foreign currencies
Approvals and Onboarding Time
2 to 4 days
Integration of eCommerce platforms
Magento, Opencart, Zencart, Prestashop, Drupal, etc.
8. Instamojo
Instamojo allows businesses to pay for digital products and services such as streaming entertainment Tickets, digital files, tickets for concerts, and so on.
It assists your company to maintain and operate a personalised retailer engagement program that includes regular updates on the status of transactions across multiple channels and ensures a secure customer experience for both consumers and merchants alike.
Prices and other charges
Cost of setting up
- Free
Annual cost
- 3.3% or more in EMI, Net Banking, Domestic debit and credit card, Wallets, BNPL, etc.
- 3 %+ INR International cards as well as American Express Cards
- 18% GST is added to transaction costs
Payable methods accepted
One hundred payment methods, which include the following: NEFT/RTGS/NEFT/NEFT/RTGS/RT
Supported currencies
The only payment that is supported are domestic ones.
Approvals, and the time it takes to get onboard
2-3 working days
Integration of eCommerce platforms
Magento as well as OpenCart are great, but there are alternative options are provided with support too.
9. EaseBuzz
EaseBuzz is an incredibly fast-growing internet-based payment platform with more than more than 10,000 merchants currently dependent on it for services that are KYC-free.
The platform for payments offers a complete cloud-based dashboard, with built-in analytical tools and creation tools for API customizations.
Cost of setting up
- Free
Annual cost
- Free
Payable methods accepted
Debit/Credit, Netbanking, etc.
Supported currencies
Only domestic payments
Approvals and time to board
5-10 mins
Integration of eCommerce platforms
Simple PnP eCommerce integrations that are CMS-agnostic
While these payment gateways are well known and secure but might require various documents, business registrations, and lengthy verification times (up to 7-14 days!), PayerVault cuts through the red tape.
The industry of digital payments transforms the payments landscape to an ecosystem that is user-centric. The digital payment platforms offer the overlay service, contextual payments offline, as well as concealed payments. These helped tremendously during the epidemic. People’s preference for using payments methods such as UPI transactions to purchase everyday items is increasing in recent times. Local businesses face to keep changing the way they operate to improve the user experience.
There’s a pressing requirement for a single-stop solution for integration of payment gateways with minimum code requirements to provide the ability to facilitate digital transactions from beginning to end as well as bookkeeping.
What can PayerVault do to help with Payment Gateway integrations and eCommerce solutions within India?
Payervault is your one-stop solution for online business and all payment solution in India, particularly if you are looking for these things:
- The balance is between value-for-money payment gateway services, secure and fast, as well as a wide variety of solutions for complete online business needs.
- The benefits of multi-currency increase your client’s conversion rates.
- Fastest registration within 15-30 minutes.
- Minimal documents are required for verification and registration.
PayerVault is an application layer that has international and domestic integrations. It can save businesses time, as it validates merchant accounts within half an hour. The software also lets your company create a customized POS that can be used to be a selling system that is branded.
Here’s how PayerVault can be your champion in the e-commerce payments game, spoken from a seasoned e-commerce marketer with over 20 years of experience:
Streamlined Payments, Speedy Setup:
- Lightning-Fast Onboarding: Forget weeks of waiting for approval! PayerVault cuts through the red tape. Just your PAn Card or any other National Id and a quick verification, and within 30 minutes, you’re ready to accept secure online payments. This is a game-changer, especially for individuals, small businesses, and budding entrepreneurs who want to start selling fast.
- Multiple Payment Options: cater to your customers’ preferences! PayerVault offers a variety of popular payment methods, including credit cards, debit cards, net banking, NEFT, RTGS, IMPS, UPI payments and popular wallets like Paytm. This ensures a smooth checkout experience for a wider audience.
- Competitive Fees: Keep more money in your pocket! PayerVault understands the needs of all businesses. We offer competitive fees and potentially lower transaction charges compared to some established players. This allows you to reinvest those savings back into growing your online store.
Security You Can Trust:
- Fort Knox-Level Security: Peace of mind is priceless. PayerVault prioritizes robust security measures to protect your customer’s financial information. Think of them as your online bodyguard, keeping sensitive data safe and secure. They utilize industry-standard encryption and comply with PCI DSS protocols, ensuring the highest level of security.
All-in-One Solution (Bonus!):
- Beyond Payments: PayerVault is more than just a payment gateway! We offer website builder tools with any need of technical skills, web developer, server or domain need to get your online store up and running quickly. Additionally, We even integrate with delivery services for physical products, streamlining the fulfillment process. Imagine having a one-stop shop for payments, website creation, and even shipping!
Data-Driven Decisions (Potential Powerhouse):
- Insights at Your Fingertips : PayerVault offer functionalities to analyze your payment data. This can be a goldmine of information about your customers’ buying habits. Use these insights to optimize your product offerings, marketing strategies, and ultimately, boost your sales!
The PayerVault Advantage for E-commerce:
- Effortless Setup & Growth: PayerVault makes it easy to start selling online. Their fastest signup process and user-friendly platform are perfect for busy entrepreneurs who want to focus on building their brand.
- Security & Trust: By prioritizing security, PayerVault gives you peace of mind and builds trust with your customers. This is crucial for long-term success in e-commerce.
- All-in-One Solution: PayerVault is your one-stop shop, saving you time and resources. They can handle payments, build your website without coding or technical knowledge, and even integrate with delivery services.
- Data-Driven Decisions: PayerVault’s potential data analysis tools can empower you to make smarter business decisions and maximize your online sales.
Ready to Take Your E-commerce Journey to the Next Level?
If you’re looking for a secure, reliable, and potentially all-in-one online business solution that caters to your all online business need, PayerVault is definitely worth checking out! Plus, we have a free trial, so you can experience it yourself before committing.
Remember, choosing the right payment gateway is a crucial step in your e-commerce success story. PayerVault might just be the perfect teammate to help you achieve your online business goals!
Read more:
8 Steps to Start an Online Business in India with ZERO Coding Skills.
5 Common Online Store Mistakes Killing Your Sales (and How to Fix Them!)
