Top 10 Payment Gateways in India [2024]

Are you trying to find Indian payment gateways? Are you unsure about the top payment gateways available in India? For a better online shopping experience, you may wish to include safe payment gateway choices in your Magento, WooCommerce, Shopify, or Prestashop sites. Before reading on in this article, you may also take a moment to review the data on digital payments. 

With so many alternatives available, choosing the best Indian payment gateway might be challenging. Here is a comprehensive guide to locating the top 10 payment gateways in India.

Online payments in India were predicted by Statista to increase at a compound annual growth rate (CAGR) of more than 20% from 2019 to 2023. By the end of 2023, it was projected that 660 million Indians would be using online payments. 

On the other hand, the epidemic has caused an exponential increase in the use of online payments. With over 1.4 billion individuals on the planet, adopting online payment offers you a plethora of alternatives. 

India’s Top 10 Payment Gateways

Razorpay

One of the leading suppliers of payment gateways in India is Razorpay. Since its founding in 2014, the business has served over 800K clients by using the Razorpay payment platform.

In October 2020, the business reached unicorn status in India, valued at more than $1 billion. The finance startup located in Bangalore has raised over $200 million in capital. 

Razorpay specializes in simple integration and quick activation. Utilizing this payment gateway also gives you access to a dashboard with real-time purchase statistics. Large and small businesses, independent contractors, and self-employed people have all embraced Razorpay because it is safe and very easy to use. 

Features

• API-driven automation that doesn’t need any human involvement
• More than 100 payment options

Advantages:

• Simple integration requires little programming.
• Quick and safe payment processing.

Disadvantages:

• The elevated rate of failure in global transactions 

Transaction Fee:

• 2% on online banking, Indian credit and debit cards, and UPI
• 3% on Diners and American Express cards, foreign cards, and EMI

PayGlocal

In India, PayGlocal is one of the most well-known payment gateways worldwide. It is a platform for quick, safe, and international payment processing. The payment gateway might be a wise decision for your company as it provides the highest level of security for online transactions. It makes it easier to take payments from clients all around the world and contributes to the rapid growth of your company.

This new payment gateway in India gives its merchants a method to get reports and examine transactional facts. It also facilitates the settling of foreign currencies. In order to allow shop owners to concentrate on running their businesses and simply shield consumers from fraudulent activity, the firm provides a chargeback guarantee. 

Features

• Takes payments in the currency of the client
• Fraud prevention services

Advantages:

• Round-the-clock client assistance
• You may make an international payment.

PayU

One of the largest payment gateway aggregators in India is PayU India. It is supported by Prosus, one of the biggest technology investors in the world, and is a member of the Naspers group. 

Thanks to direct interfaces with almost all major institutions and networks, it has the greatest coverage in the business. PayU is the payment partner of choice for more than 5 lakh Indian enterprises, including well-known retailers like Amazon, Myntra, Nykaa, Zomato, and so on. 

Features:

• More than 150 payment options
• No-code and customizable solutions for simple integration 

Pros:

• More than 5 lakh enterprises trust us.
• Simple integration, an intuitive user interface, and thorough development guidelines

Cons:

• Thus far, no unfavorable traits have been noticed.

Nimbbl

A rapidly expanding online payments firm, Nimbbl enables customers to finish their payment activity without having to go through a lot of processes. 

With their robust one-click checkout, you can cut away pointless stages from the payment process and provide your customers with an extremely quick experience. With only one connection, you can effortlessly obtain the leading payment gateway providers, including ICICI, Payglocal, HDFC, Plural, PayU, Cashfree, CCAvenue, Paytm, and Razorpay (Ingenico).

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Features:

• Experience a one-click checkout to increase conversion rates.
• One API that supports several payment aggregators, cards, UPI, NB, wallets for ₹, and multi-currency processing
• Configure these aggregators’ routing options at the payment method level. 

Pros:

• Buy now pay later (BNPL) and UPI eligibility frameworks are the basis for a one-click checkout process that guarantees users see alternatives with a high transaction contextuality and increased success rate.
• In the event of a shutdown, switching between its many payment gateway providers is simple and requires no code or adjustments to the user experience.
• One dashboard to handle all aggregators and payment methods
• Reduce transaction processing expenses by using routing based on use cases or payment methods.

CCAvenue

One of the most well-liked payment gateway suppliers in South Asia, including India, is CCAvenue. The payment gateway is quick, safe, and simple to use.

More than 200 payment methods are available via this payment gateway, such as 6 credit cards, 58+ net banking, 97+ debit cards, 14 bank EMI, etc. Both application and website integration are supported. The transaction page is entirely responsive and offers a fast and easy checkout process. 

For security-related reasons, the business developed FRISK (Fraud and Risk Identification System & Knowledge). This offers a secure and safe setting for payments. There are no withdrawal fees, which is the nicest feature of this payment gateway. 

Features:

• Website integration, international transactions, mobile payments
• Quick account activation in less than an hour

Pros:

• Simple to integrate 

Cons:

• Security isn’t ideal.

Transaction Fees:

• For all kinds of home business dealings: 2.2% 
• Foreign Transaction: 3%
• Option for credit card EMI: 2%
• Amex Diners Club / American Express: 4%
• 4.99% for multi-currency choices
• Debit card Rupay: 0.00%

OPEN

One of the top payment gateway suppliers in Asia is OPEN Payment Gateway. Since its founding in May 2017, the firm has grown to serve over 3 million users, many of whom make use of the OPEN Payment gateway, to handle their business money via the OPEN platform. 

With over a $1 billion value and Series D investment, the firm became the 100th unicorn in India in May 2022.

Business banking accounts that are simple to integrate and activate are the area of expertise. Additionally, it includes cutting-edge instruments for company financing. You may see real-time transaction data on a single dashboard by using this payment gateway. OPEN’s user-friendly features and security make it a popular choice among freelancers and small and big enterprises alike.

Features:

• More than 200 payment methods
• API-driven automation that doesn’t need any human involvement

Pros:

• Simple integration with DIY, low-code, and no-code possibilities.
• Quick and safe payment processing.

Cons:

• The elevated rate of failure in global transactions 

Transaction Fees:

• 1.85% for net banking and credit/debit cards issued in India.
• For RuPay and UPI debit cards, zero.

BillDesk

One of India’s most reputable online payment businesses is Billdesk by IndiaIdeas. The business was founded in 2000 with a focus on handling recurring payments. Utilize the Billdesk payment channel to consistently receive payments or invoices from your clients.

Reputable companies including Indian Airlines, Airtel, Vodafone, India Today, Reader’s Digest, and others have faith in the payment gateway. If you are the owner of a Magento 2 shop, you can join these businesses in providing your customers with an outstanding payment experience by integrating Meetanshi’s Magento 2 Billdesk Payment extension and collecting recurring payments from them.

Features:

• Suppliers of secure payment gateways
• Accepts reoccurring payments 

Benefits

• Frequent email reminders for bill payments 
• Round-the-clock assistance

Cashfree

In India, Cashfree is the most affordable payment channel. That is the primary cause of its growing appeal! This payment gateway provides both an immediate refund option and a quick payment service. 

Since its founding in 2015, the firm has served over 15,000 enterprises with its services. UPI online banking and credit/debit cards are all supported by Cashfree. It is also possible to receive payments from overseas. The “Cashgram” payment gateway offers a solution. It creates a web link that companies may provide to customers in order to be paid. 

Among the well-known companies that Cashfree serves are BigBasket, Dunzo, Xiaomi, HDFC ERGO, and others. It is, in my view, India’s greatest payment gateway with the lowest transaction cost. 

Features:

• No startup fees
• Pros of invoice generation

Pros

• Automatic payment collection with an instant return option

Cons:

• Working with government-registered enterprises is Cashfree’s preference.

Transaction Fees:

• Credit and debit cards for net banking: 1.75% of each transaction for more than 70 banks
• Pay Later and Without a Card 2.5% per transaction for EMI
• Paying with foreign cards: 3.5% + 7 INR each time

Paytm

Digital payments are often associated with the Paytm brand. Paytm is a popular consumer app that also has one of the strong commercial payment gateways in India.

The Paytm Payment Gateway is powered by the same technology as the Paytm App and some of the biggest companies in India. All popular payment methods are supported by the gateway, including net banking, UPI, Paytm Wallet, Paytm PostPaid, and local and foreign credit and debit cards.

The payment gateway is designed to make it simple for clients of all stripes to comprehend how to complete a payment.

Features:

• Prompt activation
• Simple connection with over 100 payment methods

Advantages:

• Accepts credit and debit cards from all domestic banks.
• Outstanding user interface
• Quicker transactions

Transaction Fees:

Although Paytm provides several pricing options, as a reader or user of Meetanshi’s blog, you may take advantage of the one shown below:

• UPI: nil
• Credit card: 1.85% + GST
• Debit card: 0.4% + GST for amounts under 2000
• 0.9% + GST for amounts above 2000
• netbanking: 1.80% + GST 
• Paytm Wallet: 1.55% + GST
• RuPay Debit Card: 0%
• 2.65% for AMEX/International*

Instamojo

Another well-known Indian payment gateway business, Instamojo, has over a million active users.

This payment gateway’s user-friendly design and ease of use have contributed to its growing popularity. Additionally, Instamojo provides more than 100 payment options, including. Additionally, it allows retailers to take monthly payments via recurring billing. Additionally, possible integrations include mobile and website integration.

Features:

• Online payment of invoices
• Integration of applications and websites
• Periodic payment

Pros

• No setup costs
• Enables free hosting of digital files 

Cons:

• Does not allow payments in several currencies.
• The live chat function has to be enhanced.

Charges for transactions:

• NEFT, RTGS, or Bank Wire: FREE Credit and Debit Cards: 2% + 3 INR for each purchase
• Credit cards from other countries: available upon request
• Digital goods and files: each transaction is subject to 2% + 3 INR.

Additional Well-known Payment Gateway Businesses in India

• ICICI
• JusPay 
• Axis
• PayPal 

Conclusion

Knowing India’s distinct payment habits is essential to doing business there. This includes working with key cards, like as the domestic RuPay, and digital wallets like Paytm and PhonePe as well as the RBI-backed UPI networks.

When choosing a payment gateway provider, other important considerations include cost-effectiveness, dependable customer care, smooth integrations, strong security, and user-friendly interfaces.     

Taking those criteria into consideration, the list features Paytm’s extensive user base, RazorPay’s extensive selection of favored payment methods, Cashfree’s ability to assist companies with many locations, PayU’s combination of local and international reach, and Instamojo’s ability to function as both an e-commerce platform and a payment solution. 

We hope that this information will assist you in selecting the finest payment option for your Indian company!