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A payment gateway is a digital payment service that facilitates online payments by acting as a secure channel between a customer's bank and a merchant's account. To collect payments digitally, using a payment gateway is the simplest way.
In India, the payment gateways are regulated by the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act 2007. In this blog post, we shall explore the top 10 payment gateways in India.
Our list of top 10 payment gateways in India includes well-known payment gateways. We bet you’re familiar with some of them already.:
Razorpay is one of the top 10 payment gateways in India. It was founded in 2014 by Harshil Mathur and Shashank Kumar, and possesses RBI-issued Payments Gateway License. It offers 100+ payment modes including cards, UPI, wallets and netbanking.
With its product suite, Razorpay enables businesses to accept, process and disburse payments. It brings efficiency, effectiveness and excellence to all the financial processes to supercharge the business banking experience of the users.
Razorpay can be used by businesses to access fully functional current accounts, automate payroll compliance and enhance payouts. In today’s time, razorpay conducts online payments for 76/100 startup unicorn companies and millions of businesses across India.
Amazon Pay is one of the most popular payment gateways in India. It was founded in 2007 in the USA. However, it arrived in India in 2016. It allows users to make payments, on Amazon and other websites, using existing Amazon account details. This means customers do not need to create a separate amazon pay account.
By letting customers use payment methods already stored in their Amazon on other websites, Amazon Pay makes transactions simpler. Some popular sites that accept amazon pay include Uber, Swiggy and BookMyShow.
Another famous payment gateway in India is PayU. It is a global company having a strong presence in India. PayU was founded in 2011 by Nitin Gupta and Shailaz Nag. It is a popular online payment gateway in India that helps businesses in collecting online payments from their customers.
PayU is owned by Prosus. It offers approx. 150 payment options. Some common payment methods offered by PayU are credit card, debit card, net banking, digital wallets and UPI among others. In addition to this, it also offers features like Bharat QR, no-code payments and tailored solutions for firms.
Cashfree Payments is a top payment gateway in India. It is a pioneer in the Indian payment sector. Since 2015, it has processed $80B every year for approx. 8,00,000 businesses. It facilitates smooth transactions with a full stack payments mechanism. It offers more than 100 payment methods for effortless collection of payments, cross border transactions, instant payouts, abandoned cart recovery, return prediction and one click checkout for higher conversions.
Businesses can start transacting in a single day due to fast onboarding, smooth integration and compatibility with platforms WhatsApp, WooCommerce, Shopify, Wix and WordPress.
End-to-end payment processing technology is owned by Cashfree Payments to make sure the transactions have high success rates and are reliable. Because it is scalable, it can easily handle peak demand and execute up to 12,000 transactions per second, which leads the industry.
SecureID, our most recent invention, is a sophisticated identity verification stack made to thwart fraud. It provides robust APIs and KYC elements to expedite KYC and compliant onboarding. So far, SecureID has successfully verified over 1 billion users and identities.
CCAvenue is one of the best payment gateway service providers. As a payment gateway, it allows companies to receive payments online using a variety of ways, including digital wallets, net banking, debit cards and credit cards. It serves as a safe channel for connecting the payment processors and a retailer's website. In essence, it streamlines the online transaction process and also gives clients a quick and secure way to pay for goods and services.
Credit and debit cards, net banking, digital wallets and mobile payments are just a few of the many payment methods that CCAvenue accepts. In order to improve customer satisfaction and maybe boost transaction success rates, it provides a multilingual checkout page (up to 18 languages).
Many shopping carts and e-commerce systems are integrated with CCAvenue. Additionally, the gateway offers features like marketing tools, order monitoring and payment page customization possibilities. CCAvenue guarantees the security of credit card information by adhering to industry security standards such as Payment Card Industry Data Security Standard (PCI DSS).
BillDesk is an Indian digital payment gateway company. Based in Mumbai, it is one of the top 10 payment gateways in India. It provides an online payment platform for clients, and enables banking and merchant website transactions.
The founders of BillDesk are Indian entrepreneurs Karthik Ganapathy, Ajay Kaushal and M.N. Srinivasu. They founded the company in 2000. Previously, they worked for Arthur Andersen LLP, an American accounting firm.
When it comes to driving digital payments and commerce, BillDesk comes across as a leader. Its technology and solutions make online transactions easy and accessible for merchants, government agencies and financial institutions. The gateway makes payments quicker and reliable for users.
Its platform stands ahead when it comes to service dependability and robustness. It has over 100 Mn API calls per day and 3 billion payments aggregating approximately $90 billion.
Instamojo is yet another popular payment gateway app in India. It was founded in Bangalore in 2012, by Sampad Swain, Akash Gehani, and Aditya Sengupta. Instamojo is a leading payment gateway for businesses in India.
It has grown to cover more than 800,000 Indian businesses situated in 29 states and 7 UTs. It has over 10 million customers using the Instamojo platform. The company began as a payment links provider. However, now it is a provider of full payment gateway, loans, tax, marketing and accounting services.
The platform makes it simpler to collect online payments and run an online store. It offers features like marketing tools and online store builders.
PayGlocal is a gateway for payment. It was founded in 2021 by founders Yogesh Lokhande, Prachi Dharani and Rohit Sukhija. The company is a series B company with its headquarters in Bengaluru. It provides international payment processing services for businesses.
It provides multi-currency accounts and several payment methods that enable smooth global transactions. Further, its platform allows businesses to collect payments from customers across the globe, manage compliance and track the funds easily.
Some popular services of PayGlocal are support for recurring payments, advanced fraud prevention mechanism and optimized check out experiences. The payments gateway platform streamlines how international payments are carried out. It aims to improve the success rates of payments and make the customer experience satisfactory.
Open Money was founded in 2017. Its founders are Mabel Chacko, Deena Jacob, Anish Achuthan and Ajeesh Achuthan. Basically, these entrepreneurs introduced Open as Asia’s first neo-banking platform that is exclusively tailored to meet the needs of startups, small and medium enterprises and freelancers.
Open Money is a connected finance and banking platform that makes life easier for startups and small and medium enterprises. It provides businesses with everything they need under a single roof, from facility to collect payments to banking and accounting.
With the help of Open Money, it is easier to manage money smartly, automate boring stuff and focus on growing your business. It provides more than 200 payment options to users, so that they can pay using the method they find the most convenient.
Zoho Payments is a leading unified payment solution/payment gateway for businesses. It was released by Zoho Corporation, which was founded in 1996 by Sridhar Vembu and Tony Thomas.
It allows the users to collect online payments using various methods like UPI, credit card, debit card, and more than 60 net banking options across a wide range of payment channels.
Zoho Payments is a one stop payment solution that enables management of the entire life cycle of payments, from collections to disputes and chargebacks. It connects your payment processing with business operations. It accepts payments, tracks them and then reconciles them directly to your preferred business apps.
In this blog post, we provided you with the list of top 10 payment gateways in India. They are Razorpay, PayU, Cashfree Payments, Amazon Pay, CCAvenue, Instamojo, Billdesk, Open Money, Zoho Payments and PayGlocal. They allow businesses to collect payments from customers easily. Depending on your requirements, you can choose to use any of these payment gateways.
Q1. Who are the founders of Zoho?
A. The founders of Zoho are Sridhar Vembu and Tony Thomas.
Q2. Which is the best payment gateway in India?
A. The best payment gateways in India include Razorpay, Instamojo and Cashfree Payments.
Q3. When was Amazon Pay launched in the USA?
A. Amazon Pay was launched in 2007 in the USA.
Q4. When was Amazon Pay introduced in India?
A. It was introduced in India in 2016.
Q5. Who are PayU founders?
A. PayU founders are Nitin Gupta and Shailaz Nag.
Q6. Which authority issues payment gateway license in India?
A. The Reserve Bank of India (RBI) issues payment gateway license in India.
Q7. Which Act governs payment gateways in India?
A. The Payment and Settlement Systems Act 2007 governs payment gateways in the country.
Q8. Who are Instamojo founders?
A. Instamojo founders are Sampad Swain, Akash Gehani, and Aditya Sengupta.
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