A payment gateway serves as a vital pillar in the realm of e-commerce and online business websites. It is a sophisticated technological infrastructure that plays a pivotal role in allowing digital businesses to seamlessly embrace a multitude of electronic payment methods.
These encompass a wide spectrum of financial transactions, including but not limited to credit card payments, debit card transactions, payments made through digital wallets, and the facilitation of online banking transfers.
Before we dive into the best payment gateways in India for 2023–2024, let’s understand how a payment gateway works.
How Does a Payment Gateway Work?
- Here is the step by step information about how a payment gateway works.
- Entering Card Details: When you’re shopping online and ready to pay, you type in your credit or debit card information on a special payment page.
- Secure Page: This payment page is super secure. It’s either completely managed by the payment gateway or, if it’s on the merchant’s website, the card details you enter are turned into a secret code right there before being sent to the payment gateway.
- Encryption and Checks: The payment gateway receives this secret code, and it’s like a digital bouncer at the door. It checks for fraud and then passes your card details and the transaction info to the next stop.
- Merchant’s Acquirer: The next stop is called the “acquirer,” which is like the middleman between the payment gateway and the card companies (like Visa or Mastercard). The acquirer gets the details and starts the journey to the card company.
- Card Scheme and Issuing Bank: Now, the acquirer shares your payment request with the card company (like Visa) and then to your bank (the one that issued your card). Your bank also checks for fraud and has the final say.
- Approval or Decline: Your bank decides whether to approve or decline the payment request based on various factors, including available funds and security checks.
- Verdict Returns: The decision (approval or decline) makes its way back through the same path. It goes from your bank to the card company, then to the acquirer, and finally back to the payment gateway.
- Payment Outcome: The payment gateway informs both you and the merchant whether the payment was approved or declined.
Top 10 Payment Gateway In India 2023–2024
- Here are the top 10 payment gateway in India or in the fintech industry.
- LetsPe — The best Payment Gateway In India or In Fintech Industry
In the bustling world of fintech, LetsPe stands out as one of India’s most popular payment gateway companies. It burst onto the scene in 2019 and has since earned a stellar reputation, boasting a client base of over 1 lakh satisfied users.
What sets LetsPe apart is its commitment to simplicity and speed — qualities that have made it a preferred choice among businesses of all sizes, including small ventures, medium enterprises, and even freelancers and self-employed individuals.
Key Features of LetsPe Payment Gateway:
- Diverse Payment Methods: LetsPe understands that customers have different preferences when it comes to making payments. That’s why it offers a wide array of payment methods, ensuring that businesses can cater to a broad customer base with varying payment choices.
- Real-Time Dashboard Updates: With LetsPe, you get access to real-time updates right on your dashboard. This feature provides valuable insights into your transactions, helping you stay on top of your financial data and make informed decisions.
- Simple Integration: One of the standout features of LetsPe is its user-friendly integration process. Businesses can seamlessly integrate LetsPe’s payment gateway into their websites or platforms without encountering complex technical hurdles.
- Round-the-Clock Support: Customer support is crucial in the world of payments. LetsPe takes this seriously by offering 24/7 support. Whether you have questions or encounter any issues, their support team is there to assist you at any time.
- Instant Settlement: Quick access to funds is a priority for businesses. LetsPe provides instant settlement options, ensuring that your hard-earned money reaches your account promptly, enhancing your cash flow management.
- Low TDS Deduction: LetsPe understands the importance of maximizing earnings. With low TDS (Tax Deducted at Source) deduction, businesses can retain more of their revenue.
- T+0 Service: In the world of payments, time is money. LetsPe offers T+0 service, which means you can enjoy near-instant transaction processing, reducing delays and enhancing efficiency.
- Paytm
- Paytm, a trusted name in online transactions, offers a robust payment gateway for businesses. Built on the same technology that fuels their consumer app, it’s used by some of India’s biggest firms.
- This gateway supports all payment methods: domestic and foreign cards, net banking, UPI, Paytm Wallet, and Paytm PostPaid. It’s designed to be user-friendly, catering to all customer types.
- What makes Paytm stand out is its unique offering: it’s the only payment gateway in India that accepts UPI payments at 0% transaction cost and settles funds swiftly with a T+1 timeline.
- CC Avenue
- CCAvenue, a top payment gateway provider in South Asia, including India, is known for its simplicity, speed, and security.
- It offers a wide range of payment methods, including credit cards, net banking, debit cards, and more (about 200 options). It’s easily integratable into websites and apps, with mobile-friendly transaction pages for speedy checkouts.
- For security, CCAvenue employs FRISK (Fraud and Risk Identification System & Knowledge) to ensure safe transactions. The cherry on top is that there are no withdrawal fees with this payment gateway.
- CashFree
- Cashfree, listed among India’s most affordable payment gateways, is known for its speed and quick refund options.
- Since its inception in 2015, it has served over 15,000 businesses. Cashfree accepts credit and debit cards, net banking, and UPI payments. It even allows funds to be collected from international sources.
- An interesting service called “Cashgram” enables businesses to generate a payment link for customers to make payments conveniently.
- NTT Data Payment Service
- Atom is a rapidly growing payment gateway in India, serving over 150,000 businesses. It provides access to 50+ banks and 256+ payment options, including credit cards, debit cards, and IMPS, with an accelerated checkout page for quicker transactions.
- Security is a priority with strong encryption. Payment retries are supported, and customers receive invoices after purchases.
- Merchants can manage payments and traffic through merchant consoles, and Atom offers multi currency support and seamless integration with websites and apps.
- Pay U
- PayU, a fintech company originally from the Netherlands and now operating in 17 countries, is a top payment gateway in India. It offers over 100 payment options, including net banking, cards, wallets, EMI, UPI, and “purchase now, pay later.”With support for more than 100 currencies, it enables businesses to accept payments from around the world.
- A standout feature is the ability for consumers to customize their checkout page. PayU provides a user-friendly dashboard to track transactions, an attractive user interface, and supports integration with websites and mobile apps.
- Paykun
- PayKun, a new payment gateway, prioritizes secure and speedy transactions. It ensures PCI DSS Level 1 security for all payments and boasts a payment settlement time under three days, faster than many competitors. With over 100 supported payment methods, it’s versatile.
- Integrating PayKun with websites and apps is straightforward, and there’s a handy feature for sending payment links to customers. Best of all, there are no setup or maintenance costs.
Conclusion
So these are the top 7 best payment gateway of Fintech Industry. I hope you like it and don’t forget to share your valuable comments and opinions with us.
