Top 10 Payment Getways in India in 2024: Which is Better One?

Top 10 Payment Getways in India: India’s digital economy is exploding, and with it, the need for secure and efficient payment solutions. But with a plethora of options available, choosing the right payment gateway can feel like navigating an overwhelming jungle. Fear not, intrepid explorers! This guide cuts through the confusion, unveiling the top 10 payment gateways in India, analyzing their strengths, and helping you determine the one that perfectly complements your business’s unique needs. Are you ready to embark on this exciting journey to payment paradise? Then let’s begin!

The surge in popularity of payment gateways in India can be attributed to the growing number of internet users, with the pandemic playing a significant role in driving the preference for contactless payment methods.

According to Statista, the Indian payment gateway industry, valued at $446.9 million in 2017, is poised for substantial growth, projected to reach $1708.1 million by 2025. This indicates a burgeoning market with increasing competition.

In our latest blog, we’ve curated a list of the top 10 payment gateways in India for the upcoming year, 2023. Whether you’re a business seeking payment gateway services or simply looking for insights, this blog provides valuable perspectives to navigate the evolving landscape.

Also Read: Top 10 Best Mutual Fund Investment Apps in India in 2023

What is Payment Getways?

A Payment Gateway serves as the technology facilitating merchants in receiving debit or credit card payments, encompassing both online payment portals for e-commerce and physical card-reading machines in brick-and-mortar stores.

Selecting the appropriate payment gateway is a pivotal decision for businesses, given the integral role of payment management in their success. Critical factors to consider include:

  1. Payment Security: Opt for a secure payment system to instill confidence in your clients and fortify trust in your business.
  2. Customer Support: Ensure your chosen payment gateway provider offers accessible and prompt customer support to address payment-related concerns efficiently.
  3. Processing Speed: The payment gateway should guarantee smooth transactions for all customers, minimizing downtime and addressing any payment processing issues promptly.
  4. Quick & Easy Integration: Choose a payment gateway provider with a streamlined onboarding and integration process, saving time and simplifying the implementation.
  5. Pricing: Select a payment gateway provider that not only aligns with your budget requirements but also delivers optimal value for your investment.

Also Read: Top 10 books for stock market beginners in india

Top 10 Payment Getways in India in 2024

1. Cashfree Payments

cashfree_payments
image-by-cashfree.com

Cashfree Payments is a cloud-based banking platform designed for businesses in the Indian market. It facilitates the management of foreign payments, payouts, and collections through its payment gateway.

💪 Key Features:

  • Activity Dashboard
  • Customizable Reports
  • Data Import/Export
  • Data Security
  • Debit/Credit Card Processing

Pros:

  • Offers 120+ payment options
  • Provides good customer service

Cons:

  • Considered relatively expensive
  • Communication may experience delays

Visit Cashfree Payments

2. Easebuzz

easebuzz
image-by-easebuzz.in

Easebuzz is a software-powered payment platform designed to assist SMEs in adopting digital payments and provides dependable solutions to facilitate smooth business growth in the market.

💪 Key Features:

  • Billing and Invoicing
  • Data Security
  • Debit/Credit Card Processing
  • Cryptocurrency Processing

Pros:

  • Offers simple and user-friendly payment APIs
  • PCI DSS secure

Cons:

  • Lacks support for international transactions

View Easebuzz Website

3. Paytm

paytm
image-by-paytm.com

Paytm, based in Noida, is a leading provider of financial services and digital payments, functioning as a mobile e-commerce site for swift online recharges, DTH, data card, and metro card recharges, along with expedited payments for mobile bills.

💪 Key Features:

  • Recharge and pay bills
  • Book travel tickets
  • Book entertainment tickets
  • Emphasizes security and speed

Pros:

  • Ensures smooth transactions
  • Offers multiple payment options

Cons:

  • User interface is perceived as poor
  • Customer support is reported as lacking

View Paytm Website

4. Phone Pe

phonepe
image-by-phonepe.com

PhonePe stands out as a popular Indian digital payment platform that has evolved into a comprehensive payment gateway solution for businesses. With a wide array of features and advantages, it presents a compelling choice for businesses of all sizes.

💪 Key Features:

  1. Quick bank transfers
  2. QR code payments
  3. Payment links
  4. Virtual payment address (VPA)
  5. Bulk payments
  6. Bill payments
  7. Investments and insurance

Pros:

  1. Lots of users
  2. Easy to use
  3. Cost-effective
  4. Secure
  5. Many features
  6. Works with popular platforms

❌ Cons

  1. Possible technical issues
  2. Bad Support

View PhonePe Website

5. Paypal

paypal
image-by-paypal.com

PayPal users can effortlessly send money to friends, family, or colleagues after creating a free account using just an email address.

💪 Key Features:

  • Multiple currency support
  • Interactive UI
  • Invoicing
  • Cloud integration

Pros:

  • User-friendly and straightforward
  • Ensures data encryption for information security

Cons:

  • Noted for occasional aggressive account freezes
  • Incurs fees for business transactions

Visit Paypal Website

6. Razorpay

razorpay
image-by-razorpay.com

Razorpay, an Indian payment solution, empowers businesses to manage payments seamlessly through its product suite, facilitating acceptance, processing, and disbursement of funds.

💪 Key Features:

  • 100+ payment options
  • PCI DSS compliance
  • Dashboard reporting
  • Recurring/subscription billing

Pros:

  • Well-documented API for comprehensive integration
  • Swift and straightforward setup process

Cons:

  • Customer service is perceived as lacking
  • Account activation may be slower
  • Onboarding lacks a standardized process

Visit Razorpay Website

7. PayU

payu
image-by-payu.in

PayU stands as India’s foremost payment solution provider, catering to over 5 lakh businesses. It empowers businesses to gather payments both online and offline through an extensive array of 150+ payment methods, such as Credit Cards, Debit Cards, Net Banking, EMIs, BNPL, QR, UPI, Wallets, and more.

💪 Key Features:

  • ACH payment processing
  • Activity dashboard
  • Billing and invoicing
  • Compliance management

Pros:

  • Reliable customer support
  • Seamless integration process

Cons:

  • User interface is not considered user-friendly
  • Incidents of frequent site crashes

Visit Official Website

8. MobiKwik

mobikwik
image-by-mobikwik.com

MobiKwik stands as one of India’s major mobile wallets and Buy Now Pay Later (BNPL) service providers. Integrating the convenience of regular mobile payments with the benefits of BNPL, it seeks to address the credit needs of the growing digital payment user base.

💪 Key Features:

  • Integration with accounting software
  • Reporting/Dashboards
  • Accepts Credit Cards and Debit Cards
  • ACH Payments and eCheck Processing

Pros:

  • Complies with PCI DSS standards
  • Equipped with fraud protection tools

Cons:

  • Lacks support for international transactions

Visit Official Website

9. PayG

payg
image-by-payg.in

PayG is a fully integrated, omnichannel payment solutions provider tailored to meet your business needs. It facilitates secure and seamless payment collection from customers across various devices and modes.

💪 Key Features:

  • Merchant dashboard
  • UPI autopay
  • QR-based payments
  • Invoice payments

Pros:

  • Offers simplicity and transparency
  • Provides good customer service

Cons:

  • Instances of increased payment failures
  • Onboarding process is perceived as confusing

Visit PayG Website

10. CCAvenue

ccavenue
image-by-ccavenue.com

CCAvenue stands out as one of the prominent payment gateway providers, boasting a vast network of merchants and a strong presence in South Asia and India. It specializes in offering online payment processing services with support for multi-currency and multiple payment options.

💪 Key Features:

  • Simplified integration
  • Responsive transaction page
  • Real-time authorization

Pros:

  • Offers a range of pricing plans

Cons:

  • Settlements may experience delays
  • International transactions may encounter a high failure rate
  • Customer support is reportedly unsatisfactory

Visit CCAvenue Website

Conclusion

Here’s our compilation of the top 10 payment gateways in India for the upcoming year. With the continuous evolution of technology, it’s crucial to integrate your business with emerging technologies.

A payment gateway is vital for ensuring secure and safe transactions for both your business and customers. When selecting a payment gateway, prioritize one that encompasses all the mentioned features to ensure the seamless operation of your business.

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