Top 6 Payment Gateways in India

Choosing the right payment gateway is one of the most important aspects of setting up an e-commerce store. However, with hundreds of apps out there, picking the right one is tricky.

There are many factors that you need to consider before implementing a payment gateway due to the fact that custom payment gateway integration costs are hefty:

  • The cost of using the app (creating an account, annual charges, etc.)
  • The graphical user interface of the app- how easy it is to navigate
  • Which payment options are available, which includes e-wallets like Paytm and Google Pay, netbanking and credit/debit cards
  • Processing time

You can make it simple for clients to buy your items by using the right payment gateway. It takes time to find the ideal match, but we’ve discovered a few tricks to speed up the selection process.

In this article, we review the 5 best payment gateways available in India that you can choose for your own online business.

Stripe

Accepting payments online has never been easier than it is with Stripe. If you use Stripe, you may accept all the major credit cards and even Bitcoin straight on your website.

stripe payment gateway
Stripe Payment Gateway

Stripe charges you only when you make money. There are no setup fees, monthly fees, or other hidden expenses. Every seven days, the money you earn is deposited into your bank account.

Stripe is compatible with Apple Pay, allowing consumers to pay with payment information from their Apple ID. On mobile and desktop, checkout is now only a Touch ID or Face ID permission away. For the time being, it only works with basic, variable, and subscription-based items. There will be more help on the way.

Features and Charges

  • With Stripe, there are no monthly or hidden fees
  • Pay only for what you use
  • Real-time fees reporting
  • Merchan fees is only 2% for cards issued within India
  • 3% fees is applicable for cards issued outside India

CCAvenue Payment Gateway

CCAvenue Payment Gateway (CCAvenue) is an eCommerce payment gateway that connects banks, eCommerce stores and retailers. It provides a wide range of payment products and services for online transactions to be processed and completed. Its core product is a secure eCommerce payment gateway that allows online purchases for goods and services to be carried out securely on your website.

In addition, it provides an API to allow developers to connect their online business to the payment gateway and enable their customers to pay online

This is the oldest payment gateway available in India and is also the best one for several reasons. Over the past 19 years of operation, it has built up its reputation as a versatile and trustworthy platform. It’s even used by popular companies such as AirAsia, Snapdeal and Myntra.

Features

  • Cost:
    • No cost for setting up an account for the Startup Pro Plan. It is Rs. 30,000 for the Privilege Plan.
    • The Annual Software Upgradation Charges (ASUC) are Rs.1200.
    • The transaction fee ranges from 2% to 4.99%.
  • GUI: Easy to use and customizable
  • Payment options available: It has the highest number of payment options available out of all payment gateways in India:
    • 6 Credit Cards
    • 58+ Net Banking
    • 97+ Debit Cards
    • 13 ATM Cards
    • 13 Prepaid Instruments
    • 15 Bank EMI
  • Processing time: You can complete activation in less than 24 hours.

Cashfree

This is another payment gateway that supports a wide variety of payment options. It is funded by Y Combinator, a startup from Silicon Valley. It offers various check-out modes including seamless and popup modes.

Features

  • Cost:
    • No initial set up fees.
    • No annual maintenance charges.
    • The transaction fee ranges from 1.75% to 3.5%.
  • GUI: Easy to use and customizable
  • Payment options available:
    • 5 Credit Cards
    • 70+ Netbanking Options
    • 6 Mobile Wallets
    • UPI
    • NEFT
  • Processing time: Activation takes 24-48 hours.
top 5 payment gateways in india
Top 5 Payment Gateways in India

Razorpay 

Razorpay offers the highest integration of the payment gateway with your e-commerce website. It is also highly versatile, supporting payment options such as Mobikwik and JioMoney. There are over 800,000 businesses using this platform.

Features

  • Cost:
    • No initial set up fees.
    • No annual maintenance charges.
    • The transaction fee ranges from 1% to 2%.
  • GUI: Offers quick, easy and convenient integration
  • Payment options available:
    • 6 Debit/Credit Cards
    • 50+ Netbanking 
    • UPI
    • EMI
    • Bank Transfer
    • Emandate
    • 10 Wallets
  • Processing time: Around 48 hours.

PayU

The sign-up process is quick and easy with PayU and it is supported on both iOS and Android devices. It has been established for 18 years now and has earned the title of being one of the best payment gateways for Indian e-commerce businesses.

Features

  • Cost:
    • No initial set up fees.
    • No annual maintenance charges.
    • The transaction fee ranges from 2% to 3%.
  • GUI: Visually appealing and easy-to-use
  • Payment options available:
    • 6 Debit/Credit Cards
    • 50+ Netbanking 
    • UPI
    • EMI
    • Bank Transfer
    • Tez
    • 7 Wallets
  • Processing time: Less than 24 hours.

PayPal

PayPal is one of the biggest payment platforms in the world, available in around 200 countries and has processed over 4 billion payments. Given the international customer base, this gateway is great for businesses who have customers all across the world.

Features

  • Cost:
    • No initial set up fees.
    • No annual maintenance charges.
    • The fee per transaction is 3% + fixed fee Rs. 3
  • GUI: Easy and convenient, also offer Express Checkout option
  • Payment options available:
    • 4 Debit/Credit Cards
    • Netbanking (only for some countries)
    • Bank Transfer
  • Processing time: Around 48 hours.

Conclusion

If you’re looking for a low-cost, versatile and easy to a set-up payment gateway in India with a great user interface, one of these five platforms are your best bet. Make sure to choose the one that is the most convenient for your business.

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