The Indian subcontinent is currently experiencing an unparalleled Fintech revolution. Fintech companies view India and its vast population as a ready-made solution for digitized payment innovations. The nation is making significant strides toward becoming a cashless economy, with increased transparency in transactions and competitive service charges, among other benefits.
Several factors have contributed to the decline of traditional financial methods across the subcontinent, including:
The 2016 Demonetization Bill by the Government of India.
A staggering 750 million smartphone subscribers as of 2021.
E-payment and FinTech innovation, supported by infrastructural directives from the Reserve Bank of India, with a focus on the “5 Cs”: Coverage, Convenience, Confidence (security), Convergence (interoperability), and Cost.
A shift toward contactless and cashless transactions driven by the COVID-19 pandemic.
The Current Payment Solution Landscape in India
These evolving payment habits among Indian consumers and retail providers have led to the emergence of diverse payment solutions within the country. Digital payment solutions are increasingly replacing traditional cash and check payments, becoming the new norm nationwide. The extensive adoption of digital payment solutions and gateways has prompted experts to predict that India will see a staggering $1 trillion in mobile payments by 2023.
This momentum has also attracted global Fintech giants to establish a presence in India as aggregators for digital financial services. The current Indian payment solution landscape consists of numerous players offering different services, including issuers and acquirers, credit card networks, payment processors and facilitators, independent sales organizations, value-added resellers, and payment gateway solution providers.
The shift in consumer mindset has been instrumental in the success of a dozen payment gateways operating in India. Currently, 12 such payment gateways are pushing the boundaries in the evolution of large-scale digital payments.
Key Criteria for Selecting Payment Gateways in India
For merchants and retail service providers aiming to streamline and enhance conversions within the Indian market, it’s essential to consider options that meet the following criteria:
Reliability: A reliable payment gateway ensures a seamless and fast payment experience for customers, minimizing transactional failures.
Supported Currencies: A broad range of supported currencies means that more customers can transact in their native currency without incurring high conversion charges, leading to increased sales.
Payment Options: Businesses should select payment gateways that support diverse payment methods aligned with their business model.
Market Integrations: Opt for a payment gateway that natively integrates with your retail platform, reducing payment errors.
Security: Payment gateways should offer robust cybersecurity features, including OTP systems, IP/device monitoring, adaptive authentication, defense-in-depth approaches, integrated Blockchain, and advanced technologies like soundwave technology.
Pricing and Fees: Choose a payment gateway with competitive pricing and service fees to bolster your profit margins on each transaction.
Top 12 Payment Gateways in India
For consumers and merchants in India, here are 12 payment gateways worth considering:
CashFree: Known for its diverse eCommerce CMS integrations and low usage fees, CashFree serves renowned clients like OlaMoney, Delhivery, Zoomcar, MedLife, Cred, and Zomato.
Razorpay: This gateway enables automated payments, offers easy integration for SMEs, and provides insightful business analytics.
Paytm: A popular FinTech aggregator with widespread merchant and user adoption, offering excellent security and diverse payment options.
PayPal: A globally recognized platform, known for its secure payment gateway solutions.
PayU: Highly customizable and secure, with support for native OTP and one-click payments, instant refunds, and comprehensive transaction tracking.
IppoPay: Provides easy e-Commerce solutions with quick integration, particularly for online stores.
BillDesk: A trusted government-owned Bharat Bill Payment Operating Unit simplifying various payments and utilities.
CCAvenue: A merchant-centric service supporting SMEs with free digital transaction gateway services and enterprise-grade security.
Next Gen Payment Gateway (formerly EBS): Offers secure transactions, audited to ISO 27001-2013 standards, ensuring robust security.
PayKun: A versatile payment gateway suitable for enterprises, SMEs, NGOs, and eCommerce brands
Instamojo: Ideal for businesses offering digital services, it provides omnichannel transaction status updates and exceptional customer experiences.
EaseBuzz: A rapidly growing online payment solution supporting KYC-free services with an exhaustive cloud-based dashboard.
Dealing with Local Payment Gateways in India
The digital payments industry is continually reshaping online payment activity into a user-centric ecosystem. Digital payment gateways are introducing overlay services, contextual payments, offline payments, and hidden payments. Consumer preferences for payment methods like UPI transactions have surged.
Businesses in India need a comprehensive payment gateway integration tool with low code requirements that offers end-to-end digital transaction facilitation and bookkeeping.
How Web Technology Expert (formerly web technology expert) Simplifies Multiple Payment Gateway Integrations in India
Web Technology Expert is the one-stop solution you’ve been looking for, providing a balance between value-for-money payment gateway services and support for various payment methods. With multi-currency support, you can boost customer conversions. Our software layer integrates with over 50 domestic and international payment gateways, streamlining the validation of merchant accounts within an hour. We empower businesses to customize their digital POS for a brand-oriented selling system, ultimately reducing transaction costs and improving conversions by up to 60%.