The Ultimate Guide to India's Top Payment Gateway options: Never Miss a Payment Again!
by Bharath
Are you confused about which payment gateway to choose for your online store? This article will help you decide which are the best payment gateway options available in India and what are its pros and cons. You can seamlessly integrate any of these gateways to your Magento, WooCommerce, Shopify or Prestashop stores for an enhanced shopping experience.
According to certain statistics, online payments in India is expected to grow exponentially. Thanks to the pandemic, it is estimated to reach 660million Indians leveraging online payment by end of 2023.
Razorpay
Razorpay is the most popular and widely used payment gateway service in India. The company was founded in the year 2014 and has a customer base of more than 800K.
The company became a unicorn in October 2020 with an over $1billion valuation and is expected to receive more funding and expand. The speciality of Razorpay is instant activation and easy integration. If you leverage this payment gateway, you also get a Dashboard where you can see real-time data of purchasing.
The payment gateway allows you to accept payment via various types of methods such as credit/debit cards, net banking, UPI, and wallets. There are different kinds of website platforms such are WooCommerce, Magento, CS-Cart, OpenCart, and so on; Razorpay can be used as a payment gateway.
Pros
- Easy integration with less code.
- Fast and secure payments.
- Credit/debit card, UPI, net banking, and 100+ payment methods.
- Better conversion rate.
- All major international cards are accepted
- Real-time currency conversion is possible
- Top payment gateway in India with zero setup cost
Cons
- The high failure rate in international transaction
- Transaction Charges:
- 2% on Indian debit/credit card, net-banking, UPI
- 3% on Diners and Amex Cards, International cards, EMI
Paypal
Paypal, having a global reputation among popular payment gateways in India, can be a good choice for your business. The payment software giant has a presence in more than 200 countries and more than 325 million active customers.
PayPal has world-class security for making an online transaction. It allows almost every international credit and debit card. In addition, it also supports international currency settlement. Merchants can withdraw money in 56 currencies. The company provides seamless shopping with a checkout conversion that is 82% higher than other payment methods.
Pros
- Invoice for payments
- 24/7 customer support
- International payment can be done
- Easy integration with website
- Multiple payment methods
- Easy recurring payments
- Secure and fast
- Payment using QR code
Cons
- Not advisable for smaller transaction as the charges are high.
- Transaction Charges: 5% + 3 INR per transaction
SBI
SBI is the largest bank in India with headquarters in Mumbai. The bank offers an online payment gateway to collect payments from customers using credit cards, debit cards, and international cards. As per Statista, State Bank of India had a brand value of more than 6.4 billion U.S. dollars in 2020.
Supports credit, debit, and other international cards, supports multi-store, and processes the transaction data in the encrypted environment of the hosted page.
This payment platform in India hasn't promoted their payment gateway directly and published the rates. However, here's the charges to be paid by the customer for SBIePay according to Government Receipt Accounting System.
Pros
- Trusted widely
- PCI DSS Compliance
Cons
- UPI and eWallet not supported
- Lengthy account activation process
- Transaction Charges: (according to GRAS)
- Internet Banking
- Up to Rs. 500/- Rs. 5/- per transaction
- Rs.501/- and above Rs. 10/- per transaction
- Credit Card: Master, Visa, AMEX
- All Amount 1.00% of the transaction amount
- Debit Card: Master, Maestro, RuPay, SBI Maestro & Visa
- Up to Rs. 2000/- Rs. 0.75%/- of the transaction amount
- From Rs. 2001/- and above 1% of the transaction amount
- IMPS/Mobile Banking
- Up to Rs. 5000/- Rs. 5/- per transaction
- Rs. 5001/- to Rs. 25000/- Rs. 7/- per transaction
- Rs. 25001/- to 50000/- Rs. 8/- per transaction
- Rs. 50001/- to Rs. 100000/- Rs. 9/- per transaction
CCAvenue
CCAvenue is one of the most popular payment gateways in South Asia including India. The payment gateway is easy to use, fast and secure.
This payment gateway offers more than 200 payment options including 6 credit cards, 58 + net banking, 97+ debit cards, 14 Bank EMI and so on. It allows website integration and application integration as well. The transaction page is fully responsive and it provides a quick and simple checkout experience.
Feature
- Mobile payments
- Website integration
- International transaction
- Allows multiple currency processing
- Invoice generation
- Fraud detection system
- 200+ payment methods
- 24/7 support
- Recurring payments
Pros
- Fast account activation within one hour
- Easy integration
- Allows international transaction
- Supports more than 200 payment methods
- 24/7 support
- High security for fraud detection
- Zero setup fee
- Allows recurring payments
Cons
- Security is not good.
- Transaction Charges:
- For all type of domestic transaction: 2%
- International transaction: 3%
- Credit card EMI option: 2%
- American Express / Amex Diners Club: 4%
- Multi-currency options: 4.99%
- Rupay Debit card: 0.00%
Cashfree
Cashfree has been getting popular because it is the cheapest payment gateway in India among the Indian payment gateway list. This payment gateway offers a fast payment service and an instant refund facility.
The company was started in 2015 and now it has more than 15,000 businesses using their service. Cashfree supports credit/debit cards, net banking, and UPI. The facility of receiving international payment is also available. This payment gateway has a solution called “Cashgram”. It generates a weblink so that businesses can send it to users and collect payment.
Cashfree has big names in their list of customers that includes BigBasket, Dunzo, Xiaomi, HDFC ERGO and so on.
Features
- No setup cost
- Invoice generation
- Fraud checking
- Easy to configure
- Low transaction fee
- High security
- Recurring billing facility
- Website integration
- Auto collection of payment
- Instant refund
Pros
- Low transaction fee
- Auto collection of payment
- Instant refund facility
- Accepts international payments
- Allows multicurrency processing
- Invoice generation
- Website and application integration
Cons
- Cashfree prefers to work with government-registered businesses.
- Transaction Charges:
- Net-banking, Credit and Debit card: 1.9% per transaction for 70+ banks
- Pay Later and Cardless EMI: 2.5% per transaction
- International cards: 3.5% + 7 INR per transaction
Atom
Atom is also one of the fastest-growing payment gateways in India and more than 150,000 businesses leverage Atom payment gateway.
The payment gateway has integrated with more than 50 banks and 256+ payments options that include credit cards, debit cards, IMPS etc. Atom has express checkout page to make the transaction faster.
For security purpose, it contains a high-security encryption system. The payment retry option is also available. Using Atom, customers get an invoice after purchasing a product.
Merchants get Merchant Console to track the record of all the payment and traffic as well. It supports multi-currency system. Website and application integration are supported.
Features
- Merchant console
- Website and application integration
- High security
- Invoice generation is available
- Express checkout facility
- Payment retry option
Pros
- Supports 256+ payment options
- Express checkout page increase conversion rate
- Merchant console to track the real-time payment
- Allows multiple currency processing
- Easy integration
- 24/7 support
- Allows international payments
Cons
- Does not support recurring payment.
- It has annual software upgradation charges
- Also contains one time integration charges
- Transaction Charges:
- Credit cards (Domestic): 1.99% + 3 INR per transaction
- Debit cards : 0.9% per transaction
- Net-banking: 1.99% + 3 INR per transaction
- Wallets: 2.2% per transaction
- EMI options: Available on request
- Bank's IMPS: 1.80% per transaction
- American Express EMI, JCB & Diners Club: 3.95%
- Credit card (International): 3.95%
PayU
PayU is a Netherland-based fin-tech company that offers online payment technology to merchants. The company operates in 17 countries. It ranks among the payment gateway list in India owing to its outstanding features!
The company has more than 100 payment methods containing net banking, cards, wallets, EMI, UPI, and buy now pay later. Businesses can accept payment from foreign countries as it allows more than 100 foreign currencies.
Another great thing about PayU is, it allows customers for customization in the checkout page. After getting started with PayU, the company shows all the transactions in the dashboard. The payment gateway has an easy and beautiful user interface and the company allows merchants to integrate a website and mobile app also.
Netflix, Airbnb, Dream11, and Ola have been leveraging PayU payment gateway.
Features
- Invoice generation
- Website and mobile integration
- Facility for recurring billing
- Multiple currency processing
- Dedicated account manager
- International payments
- 100+ foreign currency
Pros
- Tracking your earnings on dashboard
- More than 100 payment method
- 24/7 customer support
- Higher success rate and faster payment
- Allows customization in checkout page
- Zero cost for setup
Cons
- Some customers have experienced delay in payments.
- Transaction Charges: 2% + GST per transaction
InstaMojo
Instamojo is another successful Indian payment gateway company in India that has more than 1 million active customers.
This payment gateway has gain popularity because of the ease of use and extremely simple user-interface. Instamojo also offers 100+ payment modes including. It also allows recurring billing facility so that merchants can accept payment on a monthly basis. Integration with website and mobile integration can also be done.
The best thing about Instamojo is, it takes no charge for NEFT/RTGS and bank transfer. It does not support multicurrency payment.
Shriram Properties, Zepo, Adani Realty, SpringBoard are three of the top customers of Instamojo.
Features
- Electronic invoice payment
- Website and application integration
- Recurring payment
- Easy Onboarding process
- Payment analytics
- Online store
- 100+ payment modes
- Live chat facility
Pros
- Zero setup fees
- Allows free digital file hosting
- Allows sharable payment links
- Smooth user-interface
- Ease of website and application integration
- 100+ payment modes
Cons
- Does not support multicurrency payment.
- Livechat feature needs improvement.
- Transaction charges:
- NEFT/RTGS/Bank Transfer : FREE
- Debit and Credit cards: 2% + 3 INR per transaction
- International credit cards: Available on request
- Digital products and files: 2% + 3 INR per transaction
MobiKwik
MobiKwik is also one of the fastest-growing payment gateways in India. There are more than 1.5 million businesses leverage this payment gateway for the online transaction as of 2016.
This payment gateway focuses more on providing a smooth mobile-friendly experience. It has a feature that detects OTP(One Time Password) automatically. The payment gateway also shows website analytics.
MobiKwik supports credit and debit cards, wallets, international cards, UPI and EMIs. It can be integrated with websites and applications. It does not support recurring billing feature. Zomato, Uber and Business World are the popular customers of MobiKwik.
Features
- Website and mobile payment
- Saves card
- Auto read OTP
- Supports credit and debit cards, wallets, international cards, UPI and EMIs
- Website analytics
- Advanced security
Pros
- Multiple payment options
- Mobile friendly user-interface and user-experience
- Good conversion rate
- Supports international transaction
- Website analytics to check data
Cons
- Does not have recurring billing facility
- Does not have a multicurrency processing facility
- Does not generate an invoice of payment
- Transaction Charges:
- Credit card, debit card, net banking, UPI, Wallets(GST Extra): 1.90% per transaction
- International credit card, EMI, AMEX, Diners(GST Extra): 2.90% per transaction
PayKun
PayKun is also emerging payment gateway that provides safe and secure payment and fast transaction as well.
All the payments which are being done using PayKun are secured with PCI DSS Level 1 security. Compare to other payment gateways, PayKun offers faster payment settlement in less than 3 days. This payment gateway supports more than 100 payment modes.
Website integration and application integration can be done with easy steps. There is a feature of sending payment link to customers. It has no maintenance charge and no setup fees.
Features
- Easy mobile integration
- Easy website integration
- Allows multiple currency processing
- Payment invoice generation
- Card saving facility
- 100+ payment modes
Pros
- Robust security
- Faster payment settlement
- Supports 100+ payment modes
- Customer management can be done
- No setup fees
- Easy refund policy
- Payment link option
- Accepts international payments
Cons
- Does not support point of sale transaction
- Transaction charges:
- 1.75% per transaction on Indian debit cards, net banking, UPI and wallets
- 3% per transaction on International credit cards, Diners, Amex card, VISA and master card.
