Fantastic Five Payment Gateways in India for Online Sellers!
Post pandemic, payment gateways are on a hike in India. People prefer to pay online for any order they have placed, and marketplaces have also limited the option of cash on delivery. After covid-19, non-contact payment modes are on-trend. That is why the Indian payment gateway market is rising. As per research, this market was estimated to grow up to 447.9 million dollars in 2017 and it may take a rise to 1706.2 million dollars in 2025. The scope and competition both are upsurging rigorously side by side in this field. That is why payment gateways companies try to provide a robust payment experience to their users. The government has also promoted digital payments, and it's on boom in Indian markets. For the eCommerce industry, it is nothing but a blessing that eliminates the issues related to COD orders. Sellers must integrate various payment gateways with their business. The new generation is widely using the online payment mode; they have less concern with cash.
Payment gateways are online payment software that makes the transaction much more accessible. Sellers can integrate these gateways with their order management system to process the online orders placed by the customers. After retrieving the customer's details, it automatically debits the specific amount from their bank account. These payment gateways have the option of debit cards, credit cards, wallets, net banking, and UPI. Here in this blog, you will learn about the fantastic five online payment gateways in India that you must add to your online business.
Top Five Trending Payment Gateways in India
Paytm
It has become one of the magnificent payment gateways in India, and “Paytm Karo'' is the payment anthem. It has been used by all small and big sellers, customers, and vendors in India. Surprisingly there will be someone who won't be aware of this. It offers a digital payment gateway for eCommerce and financial services. Mr. Vijay Shekhar Sharma founded this tremendous payment gateway in 2010. The head office of Paytm is situated in Noida, Uttar Pradesh. Initially, it provided the service for DTH and mobile recharge. But today, it is available in eleven various Indian languages, and more than 20 million sellers and merchants in India rely on it. Along with a wide range of domestic payment modes, it supports international cards such as Amex, Visa, Master, Maestro, etc. It provides a dedicated key account manager for your 24×7 customer support by the merchant helpdesk. More than 325 million users are using this payment gateway in India.
RazorPay
In the year 2013, this payment gateway was founded by Harshil Mathur and Shashank Kumar. It has been used by numerous eCommerce sellers, merchants, and vendors. It provides the users with an end-to-end payment service. They can integrate it with their order management software, websites, and apps as well. This company is based in Bangalore, and people can use it after they procure a payroll management firm. The set-up, withdrawal, and annual maintenance price for the Razorpay payment gateway is zero. But the sellers and merchants have to pay 1 to 3 % of transaction fees. However, it also depends on the method and type of transaction used internationally or domestically. This efficient payment gateway is integrated with various security compliances. It provides the feature of smooth integration and an easy understanding of this software. It includes more than a hundred domestic payment modes along with international ones. It has the feature of an email alert that lets your customers know about their payment status.
PayU
This ultimate payment gateway was founded in the Netherlands in 2002. Later on, in the year 2014, PayU made its way to India. It was founded by Nitin Gupta, Shailaz Nag, Jose Velez, and Martin Schrimff. This payment gateway provides three mind-blowing plans to sellers: A starter plan, a Business plus plan, and a Business premium plan. Transaction fees for sellers are 2% plus GST at PayU. It accepts various payment modes such as debit cards, credit cards, net banking, wallets, UPI, etc. It also accepts various international cards as well along with multi-currency support. Sellers can easily integrate it with various platforms for hassle-free payment. PayU also allows customization as per the brand.
CC Avenue
With the help of this payment gateway, sellers can easily start their business operations as they can make an easy transaction with CCAvenue. This Indian payment gateway was founded in 2007 by Vishal Mehta, based in Mumbai. More than 80% of Indian sellers have used this for their business. It offers a privileged and a free version of transactions. The free version includes a zero transaction fee, and the privileged version includes 2-5% percent of transaction fees. CC Avenue provides the checkout page in eighteen international and Indian languages. It helps in expanding the customer base globally. It has the tremendous feature of multi-currency transactions in more than 25 major currencies. It allows the sellers to customize their payment page as per their choice and requirements. They can add their logo and preferred colors to the transaction page. It also supports diversified payment modes, including credit, debit, UPI, and wallets.
PayPal
This astounding payment gateway was founded by Palo Alto in December 1998 in the United States. Apart from all over America, it operates in various countries, including India. It operates pan India and has its headquarters in Bangalore, Chennai, and Hyderabad. Sellers and vendors are charged 4.4% transaction fees for using this payment gateway. PayPal also supports the exchange rate of specific currencies. However, it doesn't support the Indian currencies; that's why Indian sellers have to choose international currencies. Whenever an international customer pays for your product, the amount will be converted into US dollars with extra charges. After that, Indian sellers can convert that amount into Indian currency from their bank. This payment gateway is best if you are dealing with international customers. PayPal supports more than a hundred currencies on its platform. This twenty-year-old payment gateway has more than four hundred million active users.
Conclusion
So these are the top five payment gateways in India that sellers can use to make the payments a hassle-free process for their customers. All the above gateways can get integrated with their order management system. Online sellers need to integrate their business with these various payment gateways in the emerging eCommerce industry. However, along with managing the payments digitally, managing the multichannel orders is also a part of this digital world. eVanik innovative software makes it easier for you to manage your eCommerce business.
