A payment gateway is simply a network for transactions. Here payments are met digitally without the use of hard cash. It is a merchant service initiated by an e-commerce service provider. With this service, one can pay for services and products digitally.
For a payment gateway to function, both the customer and the businesses need to work together. With the advancement in technology, work is done easier and faster, but without effective human efforts, businesses cannot thrive. These days, a phone can do so much more than just communicate. It can act as a wallet, a personal bank, GPS, etc.
Today thanks to the booming online shopping markets, the payment gateway service provider has also mushroomed. But services provided by all these payment gateways are not the same. So, one must make informed decisions when choosing which service to use for one’s business.
Paytm is not only a payment gateway, but they also have a Paytm payment bank. It was originally started as a recharge point for prepaid mobile and DTH services. They have grown tremendously in a very short time and now have become one of the most popular payment gateways. Many renowned companies have adopted Paytm as their transaction platform. Paytm also provides many exciting rewards to its users like cashback, Paytm points, vouchers, mini-games, etc.
The best thing about Paytm payment is that the transactions are done fast, and the customer service is very reliable. The e-wallet service provided by Paytm is very efficient in conducting small business transactions.
This payment gateway is one of the most user-friendly payment applications in India. It is a payment gateway that has all the right things in the right place. It is a kind of one solution for every business transaction. Razorpay provides fewer transaction fees for their varied services like payment, invoices, links, send and receive, etc. Razorpay manages all these activities and allows users a free setup.
With Razorpay, it is easy to access international and domestic payments by sharing payment links through various mediums like emails, chatbots, etc. With more than 100 payment methods and fast transaction rates, razor pay is gaining momentum in Indian payment gateways.
This was established in 2001, so it can be one of the oldest payment sites for the Indian market. Being old, it has garnered a lot of customers through its services like debit credit cards, net banking, UPI, mobile payments, etc. CCAvenue payment gateway can be linked with almost all the major banks, so customers from different banking systems can easily avail themselves of its services. An estimated 80% of e-commerce merchants are utilizing its payment system.
PayPal is an international payment system that is available in more than 200 countries all over the world. It was in 2017 when PayPal started to support the domestic market in India, which greatly helped Indian International e-commerce. PayPal has a sophisticated method of providing its customers with complete features that enables a seamless online transaction. It is one of the world’s oldest payment solutions, and so it can provide state-of-the-art features like one-touch payment and buyer and seller protection services. If you have a connection with international e-commerce, a PayPal account is a must-have for you to avail of uninterrupted billing services.
Based in Mumbai, this payment gateway was started in 2005 to facilitate online shopping under ISO 27001-2013 standard. This is why it is one of the most secure payment gateways in India. EBS allows the use of debit and cited, UPI, EMI, net banking, etc., for processing seamless online transactions. EBS is owned by Ingenico Group, which is a global leader in seamless online payment. This company acts as a go-between the merchant and the consumers. It boasts of being one of the most stringent frauds and payment protection measures. So if you are interested in e-commerce, you might as well give this platform a more detailed look.
One of India’s most trusted payment gateways, Direct Pay offers a wide range of payment methods for its customers, which are very cost-effective and secure. It gathers mobile users and offers a variety of payment methods for various shopping sites. It is one of the first payment apps to offer debit card solutions to its customers. Direct Pay also provides for international business by integrating International credit cards into its domain, making it a good payment partner to grow e-commerce.
The largest banking system in India, SBI also offers an online payment known as the SBIePay option to its customers. Being the biggest public sector banking service, SBI can be one of the best options for business with Indian customers. The majority of Indians trust this payment service as trust, like any other value, is built through time.
The only drawback of the SBI banking service is that the registration process can be quite tedious and time-consuming. But the SBI Internet banking SBIePay is the most trusted payment channel in India, which provides a robust payment option to its merchants. And to make it even better and provide more solutions to its customers, SBI is constantly identifying and onboarding other payment channels.
Cashfree Payments payment gateway has garnered a great momentum of growth with its offering of a cheap and simple payment solution. They provide fast transactions and an easy refund policy to its customers, which helps in attracting more trust from its members. Cashfree Payments provides all the standard features of a payment gateway with the addition of ‘Cashgram’, which is a web link that is sent to the merchants for various online transactions.
The Cashfree Payments gateway is free from charges like setup charges, maintenance fees, etc. The transaction fee is also one of the lowest among the payment service providers. With all this, Cashfree Payments is also famed for its fast settlement cycle, which is anywhere from 24-48 hrs. Apart from that, Cashfree Payments has a plug-in built for e-commerce platforms like Wix, Magento, Shopify, etc. This is why it has become one of India’s best API banking services.
This company has been around since 2006 as one of the flagship companies of the Financial Technologies Group, with its headquarters in Mumbai. Atom payment is one of the frontrunners in the payment gateways providing more than a hundred payment options to its customers. It seems like the company is trying to build an ecosystem of payment for businesses and merchants in India.
Some of the distinctive services provided by Atom payment gateway are a multi-payment support system, mobile interbank payment solution, NEFT/RTGS, EMI, 3rd party validation, etc. To date, the company has been doing a great job as promised, and it is hoped that it will only grow to be more beneficial to the customers. When service is provided efficiently, the growth and progress of the company are imminent.
Founded with the purpose to simplify e-commerce, Zaakpay provides an easy and simple solution for online transactions. It is developer-friendly and gives simple pricing of its services. It is also user-friendly and enables instant onboarding with 24/7 customer service. One of the most brilliant features of Zaakpay is that it enables an Inspection of the entire activities of a customer on a client page.
Though it was established late in 2011 today, it has become a leading figure in the industry. Zaakpay is a payment gateway from Mobikwik designed and established in India, which has the capability of collecting and disbursing payments through various payment options. Suffice to say that the Zaakpay payment service is easy to set up and fast to get operational.
As is apparent from the above discussion, many payment gateways are operating in India catering to the diverse needs of its customers. So what is it? A payment gateway is nothing but an application that helps consumers in transacting with their online merchants or markets. Almost all of these payment service providers have a mobile site because today, most businesses do their transactions through mobile phone devices, and only those companies will grow that possess a strong mobile base.
How does the payment gateway work? It is a very simple process. All it does is connect the merchant’s mobile site to the bank. Whenever a payment is made through a payment gateway, the details of the credit or debit card are sent to the bank via the merchant’s mobile website, and after due verification and confirmation, the bank transfers the earmarked amount to the merchant’s account. In short, a payment gateway facilitates the transaction between the buyer and the seller.In all fairness, we cannot say one platform of payment is better than the other because they all have their pros and cons. The only thing we as informed consumers need to do is to process our priorities and needs and opt for an online payment service accordingly. These are just some prominent payment gateways in India from 2021-to to 2022. Many other payment platforms are on the rise. So keep your ears and eyes open for new and better ventures.
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