Have you launched your e-commerce store, but wondering which payment gateway to select?
In these times of digitalization and the continual growth of E-commerce stores, new-age organizations must embrace new technologies and processes. The most critical element of any E-commerce business is managing your payments, so selecting the right payment gateway provider is paramount to success.
With hundreds of payment solutions launching each year, all providing diverse payment options, you may ask yourself which is the best option for your business.
What are payment gateways?
A payment gateway offers a hassle-free method of making payments online, functioning as a bridge between the merchant’s website or mobile application and the bank. With just one click, you can securely pay for an item or service with no additional steps.
When it’s time to pay, the merchant’s website sends your debit/credit card information to a payment gateway for authorization. After verifying all the details with your bank, the payment gateway facilitates an automatic transfer from your account into theirs – simple and secure!
According to Statista, India’s Digital Payments sector is expected to expand at a remarkable rate of 14.16% CAGR from 2023-2027, with an estimated Total Transaction Value of US$160.60bn in 2023 and a projected total of US$272.80bn by the end of 2027!
This burgeoning revolution necessitates that businesses select only the best payment gateways for secure transactions and maximum success.
With this in mind, let’s take a look at the 12 best payment gateways in India that you can choose from:
CCAvenue
CCAvenue offers simplified transactions, which will have your business up and running in only an hour!
Established by Vishal Metha in 2007, Infibean is the parent company with its headquarters in Mumbai. It has been reported that 85% of Indian traders are using CCAvenue – proving just how successful this gateway is!
For over a decade, CCAvenue has been at the forefront of eCommerce transactions in India, offering unparalleled convenience and security. With their payment gateway, you have access to more than 100 diverse methods such as credit cards, debit cards, internet banking accounts, digital wallets, and EMI, with the option to pay in multiple currencies including US dollars, GBP, and Indian Rupees.
Features:
- Processing in 27 different major currencies.
- 18 different Indian languages are included on the multilingual checkout page.
- Accept payments without PCI DSS certification
- Securely accept payments in your iOS, Android, or Windows app
- 200+ payment methods, including EMI options
Transaction Fee:
- 2% for all domestic transactions using credit/debit cards, digital wallets, net banking, and UPI
- For all foreign debit/credit cards, the rate is 4.99%
- 3% for all domestic business/corporate credit cards
- 4% for all Diners Club, American Express, and Amex EMI cards
Instamojo
Instamojo is a cutting-edge SME platform that gives Indian entrepreneurs everything they need to run their businesses online, including a fully functional store, integrated payment solutions, and powerful marketing tools.
With Instamojo’s support, over 15 lakh independent businesses have established vibrant e-commerce operations with effortless ease. This payment gateway is the perfect solution for collecting money from transactions on social media platforms such as Facebook, WhatsApp, and Instagram. Moreover, merchants can effortlessly collect their bills via SMS or email!
Features:
- Withdrawals are free
- Your bank account settles in 3 days
- Supports Magento, PrestaShop, OpenCart, and other major eCommerce platforms
- There is an on-demand payment app for Android phones to collect and track payments
Transaction Fee:
- Annual maintenance Charge: ZERO
- Transaction Fee :2% + Rs 3 per transaction
PayU
With PayU, you have the power to completely customize your digital payments!
It’s easy to set up and use with native OTP and one-click payment options for recurring transactions, plus instant refunds for all your customers so they never lose out. Additionally, you can keep track of every customer transaction in a neat roll-up on your website!
Features:
- Credit/debit cards, net banking, UPI, wallets, EMIs, and more are accepted by Payu
- It accepts worldwide payments and supports multi-currencies
- The software integrates readily with easy payment platforms
- Brand customization is possible
Transaction Fee:
- Zero annual maintenance fee
- American Express and Diners Cards have a transaction fee of 2% plus GST for each transaction
- There is a 3% fee plus GST on foreign transactions and EMI payment alternatives
Paytm Payment Gateway
Paytm Payment Gateway presents a secure, PCI-compliant solution to help render lightning-fast transactions with no extra cost for account setup or maintenance. Not only does this gateway accept credit/debit cards, but also net banking, UPI, and Paytm wallet payment options!
Paytm has become a staple in the lives of people across India, from small vendors to the masses. With Verisign-certified SSL encryption technology, Paytm has transformed online payments by providing unparalleled security and reliability.
Features:
- Quick Activation
- Simple integration of 100+ sources of payments
- Best-in-class success rates
- One of India’s most popular checkouts
- Dedicated assistance
Transaction Fee:
- UPI transaction: 0% (Standard) and Rs. 5 to 65 per mandate (Subscription)
- Paytm Wallet: 1.99%
- Debit Card (Mastercard and Visa): 0.4 to 0.9%
- Rupay debit card: 0%
- Net banking: 1.9 %
- International PG: 2.9%
ICICI Payseal
ICICI Bank’s ICICI Payseal provides a robust technology and banking solution for any e-Commerce online payment requirements.
It is flexible, easily customizable, and can be integrated into your existing platform in no time. Utilize their real-time payment gateway on the reliable internet payment system so you don’t miss out on a sale due to technical difficulties.
Features:
- Accepts Debit, Credit, UPI, Bharat QR, EMI, and Dynamic Currency Conversion (DCC) payments effortlessly.
- The advanced Android POS smart payment and business management terminal handle everything from accepting payments to tracking sales and inventories.
- The lightweight and portable GPRS terminal accepts multi-payments on the go and replaces cash on delivery with a card on delivery.
Transaction Fee:
- For a single Merchant ID, integration costs Rs.50,000 plus non-refundable service tax
- Additional MIDs cost Rs.10,000
- They charge VISA/Master Card transactions 3.00% + service tax for IMS fees, and foreign card transactions 4.00% + service tax
- The annual rental cost is Rs.12,000 and the transaction value is less than Rs.36 Lacs
PayKun
PayKun is among the best payment platforms for enterprises, SMEs, NGOs and e-Commerce brands. Its mobile-optimized website supports QR transactions and other default methods – plus, it makes refunds easy with just one click.
Payment failure downtime options are also available along with subscription payments to merchants, thus giving them more control over their money.
Features:
- Paperless, simple, and quick onboarding procedure
- Simple & cost-free platform integration with your website or application
- Compliant with PCI DSS v3.2.1 Level 1 (Payment Card Industry Data Security Standard)
- Offers straightforward pricing and more than 120 payment choices
- Simple refund process for customers with one click
Transaction Fee:
- For domestic transactions, 1.75% plus any applicable GST.
EaseBuzz
You can easily streamline the checkout process for all your customers with Easebuzz!
It allows you to accept payments from multiple sources such as credit cards, debit cards, net banking options, UPI mobile wallets, Simpl, and Ola postpaid on any device securely. Take advantage of its efficient and reliable e-commerce platform by easily integrating it into your current website.
Features:
- Prevents fraud and chargebacks
- Integrating a payment gateway with your e-commerce website speeds up payment processing
- Streamlines online payment processing with a fast and smooth checkout
- Protects merchants and consumers by encrypting all transactions
- 24/7 sales and payment processing
Transaction Fee:
- 4 rupees for transactions up to 1000.
- Each transaction costs 5 Rupees for amounts between 1000 and 25000.
- Charges for transactions totaling more than Rs. 25,000 are 9 Rupees each.
BillDesk
Bill Desk is the ideal solution for all your day-to-day payment needs.
As a trusted Bharat Bill Payment Operating Unit, owned by the Government of India, it provides a safe and secure gateway to pay Bills of various types such as phone bills, gas bills, insurance premiums, internet service provider (ISP) fees, credit card payments, and much more with its vast banking services!
Features:
- Customers can make quick click-through payments without having to log into an app or website
- 170+ Payment methods – All in one link
- Secure transactions by using One Time Passwords
- Create payment links, send notifications, and track your collections in real time using the simple and intuitive interface
Transaction Fee:
- 10 to 50 rupees for each transaction plus service tax
PayPal
PayPal is an international payment gateway with over 377 million registered accounts in more than 200 countries.
If you want to accept payments from customers worldwide, PayPal should be your number one pick when selecting a payment gateway for your E-commerce store. Its convenient and reliable methods make PayPal an ideal option that other service providers can’t easily match.
PayPal allows merchants to integrate with their platform and accept payments in multiple currencies. This makes it easy for international customers to purchase from your store without worrying about the exchange rate when converting their currency. Furthermore, PayPal’s fraud prevention systems are top-of-the-line and can help keep your store safe from fraudulent activities.
Features:
- Accepts 100+ currencies.
- Has 400+ million users and 20+ years of experience.
- PayPal’s business setting lets you develop without gateway hassles.
- Uses 128-bit SLL encryption for security.
- Zero yearly maintenance charge.
- The PayPal app is available for both iOS and Android SDK.
- Permits QR code transactions.
Transaction Fee:
- 5%+3 INR per transaction
Razorpay
Founded in 2013 by Shashank Kumar and Harshil Mathur, Razorpay is an Indian fintech company providing comprehensive payment solutions to vendors, eCommerce sellers, and merchants. This system simplifies the entire payment process from start to finish.
Get your business up and running in minutes with the effortless setup of the Razorpay payment gateway! Razorpay allows you to accept customer payments through many options, such as payment gateways, links, pages, SmartCollect, and subscriptions.
Moreover, Razorpay stands out for its lightning-fast activation and easy integration. With the help of this gateway, users get access to a Dashboard that allows them to view real-time purchase data. Therefore, everyone, from freelancers and self-employed individuals up to large companies, has benefited from Razorpay’s security features and its simplicity of use.
Features:
- Easy integration with well-documented SDKs, RESTful APIs and plugins
- Support for 92 currencies
- Currency conversion in real time
- 100+ payment modes
- Superior experience during checkout
- Instant payment settlements
- Comprehensive Reporting and Analysis
Transaction Fee:
- 2% on Indian debit/credit cards, net banking, UPI
- 3% on Diners and Amex Cards, International Cards, EMI (Credit Card, Debit Card & Cardless) & Corporate (Business) Credit Cards
Cashfree Payments
Cashfree Payments is a pioneering Indian payment gateway and API payment platform based in Bangalore that has facilitated the success of over 100,000+ merchants.
Founded by Reeju Datta and Akash Sinha in 2015, Cashfree offers seamless online payment solutions for large and small businesses to ensure financial security. This payment gateway has a solution called “Cashgram.” With Cashgram, businesses can quickly and securely collect payments by sending their users a web link.
Features:
- 120+ payment options
- Instant refunds including COD order refunds
- No setup cost
- Easy website integration with RESTful APIs and JavaScript SDK
- Accepts cards, 75+ Net banking alternatives, mobile wallets, UPI, NEFT, IMPS, and PayPal
- Supports more than 32 currencies
Transaction Fee:
- Net banking, credit, and debit card transactions cost 1.75% for more than 70 banks.
- Cardless and Pay Later: 2.5% per transaction for EMI
- 3.5% plus 7 INR per international credit card transaction
HDFC Payment Gateway
HDFC Bank Payment gateway makes it effortless for customers to pay their bills via internet banking.
Its API service offers a seamless way of accepting credit card transactions directly from your clients and integrates with renowned e-commerce platforms like WooCommerce and Shopify.
With its ultra-user-friendly interface and cutting-edge technology, HDFC Payment Gateway is the perfect solution for all your online payment requirements.
Features:
- Simple to Integrate 100+ payment alternatives
- 24-hour customer service
- Fast checkout
- Secure online transaction platform
- Only HDFC’s current account receives payment, which takes one day.
Transaction Fee:
- Setup costs INR 20,000 + service tax (a one-time and non-refundable amount)
- Credit/debit card transactions cost 3%-10% + service tax
- Annual maintenance costs Rs.10,000
Conclusion
Each payment gateway option is reliable, secure, and convenient for businesses to accept payments online.
Features, fees, and ease of use vary, so choose the one that best fits your business needs. With a secure payment gateway in place, you’ll be able to start accepting payments with confidence and ease.
Be sure to check out each option carefully before making your decision!