Currently, the world has experienced huge growth in online payments, and with the appearance of COVID-19, people have preferred to use online payment methods for almost everything safe and secure. More and more people are adopting cashless methods to transfer money.
In all this, the work of the payment gateway comes into play. A payment gateway is a merchant service that connects users’ bank accounts with the platform where users need to transfer their money.
A bank may provide a payment gateway to its customers, there is also a specialized financial service provider such as a payment service provider that provides it as a separate service.
Whether you have a small business or an established e-commerce business, good paid service is an essential factor for this.
The payment gateway platform empowers users to transact online through various payment modes like net banking, credit cards, debit cards, UPI, and other online payment apps. It is a third-party platform that provides the user with the ability to securely transfer their money to the merchant’s payment portal. So in this article, we will talk about the top payment gateways in India in 2024.
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List of Top Payment Gateways in India 2024
Optimize your online payment processes with the best payment gateways in India
1. Razorpay
The Bangalore-based RazorPay was founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, it is one of the best payment gateways in India. Many entrepreneurs using fintech platform RazorPay for their business have noticed some increase in their conversion rate.
It has helped businesses solve the problem of digital payments. This is because of their smooth user experience. And also, the refund process is easy and automated.
If the customer applies for a refund, Razorpay will automatically get the refund if the companies set it up without any additional widgets or codes.
Users can use Razorpay subscription to execute automatic recurring transactions on various payment modes through a platform built for automation.
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2. Paytm
Based in Noida (UP), Paytm was founded in 2010 by Vijay Shekhar Sharma. It has emerged as a leading payment gateway in India due to its online customer base along with the very popular Paytm Wallet.
The platform also supports domestic credit cards such as Visa, MasterCard, Maestro, Amex, Discover and Diners.
Online transactions with Paytm can be done anytime and from anywhere and it has also served some of the biggest eCommerce companies like Jabong, OLA, Cleartrips, RedBus, Goibibo, Zomato, etc.
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3. Instamojo
The Bengaluru-based Instamojo was founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, It is one of the top-rated payment gateway.
Started as a solution provider for digital payments, Instamojo has grown into a robust online payment gateway for enterprises like Micro, Small, and Medium to start, manage, and grow their business online.
The company aims to sell digital goods and collect payments online.
Users can enroll themselves in Instamojo with a bank account and start an online sales business. They can also collect material goods and payment for workshops or events.
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4. MobiKwik
MobiKwik Payment Gateway offers payment solutions to both individual users as well as business firms with an extremely mobile-friendly user interface and checkout design.
So, irrespective of the size of your business or the nature of usage, MobiKwik Payment Gateway is one gateway that meets the needs of every kind of payment made to individual accounts or businesses to initiate successful, secure, and safe monetary transactions.
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5. CCAvenue
The Mumbai-based CCAvenue was founded in 2001 by Vishal Mehta and Vishwas Patel, It is a leading payment gateway service provider authorized by Indian financial institutions.
Customers can transact online through credit cards, debit cards, net banking, digital and mobile wallets, mobile payments, and cash card modes.
The company offers its customers smooth, fast, and secure transactions. Currently, it powers over 85% of businesses in India.
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6. PayUbiz
PayUbiz is an Indian online payment gateway for enterprises that is available in multiple currencies across the world.
It serves businesses around the world to accept online payments with credit cards, debit cards and net banking. More than 80 of the top 100 e-commerce companies in India prefer to use PayUbiz for their payments.
Some of the biggest eCommerce brands and online service providers like Myntra, Grofers, Urban Ladder, Alt Balaji, BookMyShow, Ola, Jabong, etc. are using PayUbiz to accept online payments for transportation and food delivery etc.
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7. Cashfree
The Bangalore-based Cashfree was founded in 2015 by Akash Sinha and Reeju Dat