Online payment has seen a major acceptance in India after the abrupt demonetization in November 2016. With long queues at ATMs and banks, even street vendors were forced to adopt the online method of payment. Large transaction volumes over eCommerce websites and other corporates use recognized payment gateways to ensure hassle-free and safe transactions. In the current pandemic, online payment penetration has seen exponential growth and volume. Payment gateways are secure and safe portals that account for all transactions making it easier during tax filing as opposed to transactions using cash. The popularity has brought healthy competition and here are the top 5 payment gateways in India.
Being the largest payment gateway in South Asia having 27 major foreign currencies, CC Avenue offers more than 200 payment options including 6 credit cards, 58 + net banking, 97+ debit cards, 14 Bank EMI, etc. They have a high standard security system known as FRISK( Fraud & Risk Identification
System & Knowledge Base) with easy integration and customization. CCAvenue serves merchants across different industries including education, online retail, travel, event management, and hospitality. Make My Trip, AirAsia, Myntra, Lakme, AICTE, etc are a few of the top names that use CCAvenue. Although the initial setup cost is nil, there is an annual software up-gradation charge of INR 1200(Waived off for 1st Financial Year from the date of Activation). Domestic transactions cost 2%+GST and international transactions may go up to 4%+GST for Amex EMI & Diners Club.
2. PayU Money
PayUmoney is a Netherland-based online payment gateway software that offers state-of-the-art online payment technology to merchants with operations in 17 countries. The company has more than 100 payment methods containing wallets, net banking, UPIcards, EMI, and buy now pay later. The payment gateway is highly user-friendly which allows customization in the checkout page while helping merchants to integrate into their website and mobile apps. Dream11, Netflix, Airbnb, and Ola have been using PayU payment gateway. PayU money has a relatively higher success rate and faster payment with Zero cost for setup. The transaction charges are 2% + GST per transaction(domestic) for debit cards, credit cards, net banking, wallets, etc. For American Express & Diners Cards, the service fee goes up to 3% + GST for international transactions and EMI payment options.
Paytm payment gateway is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh. It stands for Pay-Through-Mobile. It enables all domestic credit and debit cards that are linked with more than 50 banks for consumers, offline merchants, and other online platforms. PayTM has a good acceptance in the country and supports most international payment/credit cards. Jio, Zomato, Swiggy, Uber(India), Adani, etc are using Paytm payment gateway. It has Zero Setup and Maintenance costs. The transaction charges are 1.99%+GST for credit cards and wallets at small-medium businesses within the country and 2.9%+GST for international payment gateway transactions.
4. Razorpay Payment Gateway
The Bangalore-based emerging fintech company has launched the all-in-one payment gateway system, Razorpay which gives an option to users to collect recurring payments, share invoices, and get a Dashboard where they can see real-time data of purchasing. It is easily integrated with instant activation and Zero Setup or Maintenance. Payment modes including credit card, debit card, net banking, UPI, and popular wallets. Unacademy, Zoomcar, UrbanClap, Groffers, BookMyShow, etc are a few of the big names that use Razorpay. The Razorpay platform fee is 2%+GST for domestic transactions and others like Diners and Amex Cards, International Cards, EMI (Credit Card, Debit Card & Cardless) & Corporate (Business) Credit Cards will be charged at 3%+GST.
The famous Elon Musk was one of the founders of Paypal and was the CEO of the company. In October 2002 PayPal was bought by eBay and later on became an independent company in 2015. The payment software giant now has a presence in more than 200 countries. With a world-class security platform, it allows almost all international credit and debit cards with international currency settlement. Just like the other payment gateways in our list, PayPal also supports recurring payments and monitors all transactions 24/7 to protect customers from fraud. Udemy, MakeMyTrip, ALT Balaji, Gaana, etc use PaPal as their primary payment gateway. The popularity, however, comes at a price. The international transaction charges go up to 4.4% + GST(or country dependant fixed fee) for merchants and hence it is not suitable for small businesses.
Payment Gateway integration for your eCommerce websites may seem confusing for some people and with so many options available in the market, choosing the right one that fits your needs is essential. Intersmart Solution Pvt Ltd is a leading Website development company in Kerala, with over 10 years of experience in providing user-friendly eCommerce solutions and are experts in integrating the most suitable payment gateway for safe and smooth sailing for your online business.
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