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The Indian subcontinent is witnessing a Fintech revolution on an unprecedented scale. Fintech brands consider India and its population a turnkey solution for digitized payment innovation. The country is increasingly moving towards a cashless economy, with transactional transparencies and competitive service charges, among other perks.
Analog finances have dwindled across the sub-continent, given a cocktail of factors, such as:
Consequently, the digitized payment habits of Indian consumers and retail providers have led to an influx of diverse payment solutions within the country. Digital payment solutions are a reliable alternative to traditional cash and cheque payments and are becoming a new countrywide norm. Astronomic adoption of digital payment solutions and gateways has led experts to theorize that the country will spend $1 trillion in mobile payments by the year 2023.
The impetus has further mobilized global Fintech giants to set up shops in India as aggregators for digital financial services. The current Indian payment solution landscape has numerous players rendering different services. These include the following:
The positive shift in the consumer mindset has been critical to monetize with the rapid success of a dozen payment gateways functioning in the country. Currently, 12 payment gateways are pushing the envelope for the evolution of large-scale digital payments.
If you are a merchant or retail service provider who wants to simplify and boost conversion across the Indian demographic, you must choose an option that meets the following criteria:
1. Reliability: A reliable payment gateway can give your customers a seamless, lightning-fast payment experience without frequent and troublesome transactional failures.
2. Supported currencies: A higher number of supported currencies translate into more customers who transact with you in their native currency without incurring high conversion charges. Such a relationship will imply higher sales for the merchant.
3. Payment options: If your business is compatible with diverse payment options, you should always consider payment gateways that support your business methodology.
Also read : "Top Payment Methods In India That Your Business Needs to Know"
4. Market integrations: As a practice, opt for a payment gateway solution that provides native integration services with your retail platform since it helps reduce payment errors.
5. Security: It's best to integrate payment gateways with strict cyber-security hygiene implementation through OTP systems, IP/device monitoring, adaptive authentication, a defense-in-depth approach, integrated Blockchain, soundwave technology, etc.
6.Pricing and other fees: Always consider a payment gateway with low pricing and service feature tariffs to strengthen your business’s profit margin on every transaction.
If you are a consumer or a merchant in India, you should look over the following few options to see which one feels right for your business.
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Cashfree, as a gateway solution, has several eCommerce CMS systems, integrations, and low usage fees that add to its credibility. Organizations like OlaMoney, Delhivery, Zoomcar, MedLife, Cred, and Zomato are some renowned clients using Cashfree's services.
Pricing and other fees
Set-up fee
Free
Annual fee
Free
Transactional fee
Accepted payment methods
UPI, EMI, digital wallets, Debit/Credit cards, and 100+ other payment options
Supported currencies
INR, USD, BDT, AUD, CAD, JPY, GBP, NZD, NPR, and 15 other supported currencies.
Approvals and onboarding time
2-4 days
eCommerce platform integration
WooCommerce, Magento, and Shopify, amongst others
Razor pay let its customers seamlessly conduct automated payments. Its low-code integration allows for quick adoption by SMEs, thereby requiring little to almost no tech support.
Additionally, as a business customer, you get in-depth business-driven analytical aid in the form of reporting and insights.
Pricing and other fees
Set-up fee
Free
Annual fee
Free
Transactional fee
Accepted payment methods
NEFT, RTGS, IMPS, UPI payments, Virtual bank accounts, & UPI IDs, Credit cards, Debit cards, cardless, international cards, EMI, and corporate Credit cards.
Supported currencies
100+ currencies from around the globe including INR, AUD, GBP, USD, etc.
Approvals and onboarding time
4-5 days
eCommerce platform integration
Razor Pay integrates with all leading CMS eCommerce platforms given its Java SDK integration builds.
Good Read: Top Payment Methods In India That Your Business Needs to Know
Paytm is a FinTech aggregator with a widespread merchant and end-user adoption. It has excellent security features and supports diverse payment sources. The payment platform serves as a B2B/B2C payment gateway service to Adani services, Reliance Jio, Uber, Zomato, Swiggy, and many others.
Pricing and other fees
Set-up fee
Free
Annual fee
Free
Transactional fee
18% GST +
Accepted payment methods
UPI, Debit Card, Credit Card, NetBanking, AMEX/International
Supported currencies
All active currencies
Approvals and onboarding time
Approvals are subject to KYC completion.
eCommerce platform integration
Magento is recommended but it supports other eCommerce CMS platforms too.
PayPal is co-developed and owned by Elon Musk. It renders PCI DSS-protected payment gateway solutions in India alongside 200 other countries, while servicing more than 325 million active customers.
Its global presence has earned it a valuable reputation, which continues to help expand its existing customer base.
Pricing and other fees
Set-up fee
Free
Annual fee
Free
Transactional fee
Accepted payment methods
Netbanking, digital wallets, cash cards, Visa, MasterCard, American Express, and Discover
Supported currencies
56 different currencies including INR, USD, GBP, CAD, and more.
Approvals and onboarding time
Merchants need to approve the request from their end within 30 days of PayPal approval
eCommerce platform integration
Integrates with any eCommerce CMS platform that provides an active service account.
PayU is highly customizable as it helps fortify your digital payments with native OTP and one-click payments for recurring transactions, instant refunds for your business, and a nifty roll-up of all customer transactions for your eCommerce site.
Pricing and other fees
Set-up fee
Free
Annual fee
Free
Transactional fee
Accepted payment methods
100 different payment methods are supported, including EMI, UPI, net banking, cards, wallets, Buy Now Pay Later, etc.
Supported currencies
Over 100+ foreign currencies, including the Indian Rupees.
Approvals and onboarding time
1-2 days
eCommerce platform integration
Highly customizable and integrable with any eCommerce CMS
IppoPay provides e-Commerce solution for your online store. With just a few easy steps of integration, get your business onboard at receiving payments online.
Set-up fee
Annual fee
Transaction fee
1.9% for credit, debit Ewallets and Net banking
3.5% for international cards
Accepted payment methods
Credit/Debit cards, Netbanking, UPI etc..International cards
Supported currencies
150+ currencies including USD, EUR, GBP, INR, and Major Countries
Approvals and onboarding time
Within 24 hours
eCommerce platform integration
Easy React JS, Python, PHP, Java, Node Js CMS-agnostic eCommerce integrations
Bill desk is a government-owned Bharat Bill Payment Operating Unit that is one of the most trusted payment gateways in India. Bill Desk simplifies payments for day-to-day payments and utilities like phone, gas, insurance, ISP, Credit card, gas, and other amenities through its diverse banking services.
Pricing and other fees
Set-up fee
Free
Annual fee
Transactional fee
Accepted payment methods
120+ Credit cards, Debit cards, Banks, Net Banking, Wallets
Supported currencies
70+ major currencies including INR of course.
Approvals and onboarding time
1-2 days
eCommerce platform integration
Magento is recommended as an eCommerce platform to gain benefits from its diverse plugin integrations
CCAvenue is a merchant-centric service that supports the native Indian SME industries, helping them avail of premium digital transaction gateway services for free. It also grants them enterprise-grade PCI DSS certified security and smart dynamic routing.
Pricing and other fees
Set-up fee
Annual fee
Accepted payment methods
200+ payment methods including EMI options
Supported currencies
INR + 27 other foreign currencies
Approvals and onboarding time
1-2 days
eCommerce platform integration
Magento, Opencart, Zencart, Prestashop, Drupal, et al.
Next Gen Payment Gateway is one of the first Indian merchants to achieve the PCI DSS 3.0 compliance standards. It is regularly audited as per ISO 27001- 2013 standards, thereby making it one of the most secure payment gateways in the country currently.
Pricing and other fees
Set-up fee
Annual fee
Accepted payment methods
Over 100 different payment methods including a wallet and EMI
Supported currencies
27 international currencies supported including INR
Approvals and onboarding time
1-2 days
eCommerce platform integration
Magento, OpenCart, Woo Commerce, and Shopify, are among 19 different leading CMSs.
The payment gateway PayKun caters to enterprises, SMEs, NGOs, eCommerce brands, and many other sectors.
The payment solution is a mobile-optimized website, which caters to QR transactions, along with other default methods. PayKun offers single-click easy refund, payment failure downtime options, and subscription payment methods to merchants.
Pricing and other fees
Set-up fee
Annual fee
Accepted payment methods
UPI wallet payments, subscription payments, Debit/Credit cards, Master Card, diners club card, net banking, wallets, UPI/BHIM
Supported currencies
Only domestic support
Approvals and onboarding time
1 hour
eCommerce platform integration
Cross-platform integrations available
Instamojo helps businesses pay for sundry digital services like on-demand entertainment services, digital files, tickets, etc.
It helps your business maintain and run a customer-centric retail engagement program with omnichannel transaction status updates, thereby ensuring a reliable experience for merchants and consumers alike.
Pricing and other fees
Set-up fee
Annual fee
Accepted payment methods
170+ payment methods including RTGS/Bank Transfer/NEFT/EMI
Supported currencies
Only domestic payments supported
Approvals and onboarding time
2-3 working days
eCommerce platform integration
Magento and OpenCart are ideal but other options continue to be serviced too.
EaseBuzz is a rapidly growing payment and market-disrupting online payment solution with 10,000 merchant vendors currently relying on it for KYC-free services.
The payment platform offers an exhaustive cloud-based dashboard with in-built analytical and development tools for API customizations.
Set-up fee
Annual fee
Accepted payment methods
Debit/Credit, Netbanking, etc.
Supported currencies
Domestic payments only
Approvals and onboarding time
5-10 minutes
eCommerce platform integration
Easy PnP CMS-agnostic eCommerce integrations
The digital payments industry is transforming the online payment activity landscape into a user-centric ecosystem. Digital payment gateways are rolling out overlay services, contextual payments, offline payments, and hidden payments, which were a massive help during the pandemic. Consumer inclination toward using payment methods like UPI transactions for daily necessities has increased recently. The local businesses have the uphill task of constantly reshaping the industry to optimize user experiences; this is not just for customers but also for retail/merchant businesses.
There is a dire need for a one-stop payment gateway integration tool with low code requirements that provides end-to-end digital transaction facilitation and book-keeping.
inai is your One-Stop hop, especially if you want the following:
inai is a software layer with global and domestic integrations. It saves businesses valuable time by validating merchant accounts in just an hour. It also helps your business customize your digital POS for a brand-oriented selling system.
inai supports over 50 different domestic and international payment gateways and has a track record of improving conversions by 60%. It aggregates various payment gateways, thereby allowing you to offer the lowest possible transactional cost to your customers.
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