Are you looking for the best payment gateways in India? I guess so! That is why we have studied and picked the top 5 best payment gateways that work perfectly for your business, be it a small or large business.
Go through this blog till the end to uncover each of the digital payment solutions and pick the most suitable one.
What is a payment gateway?
A payment gateway is a digital cash register, which allows you to accept online payments from customers. It acts as a bridge between the business and the customer when the customer makes a payment using a debit card, credit card, online wallet, or any other online payment method.
Simply put, if you have a business, the payment gateway or digital payment solutions make it easy for you to collect payments and for the customers to pay for it online conveniently.
How it works:
Now that we know the payment gateway, Let’s understand how it works.
1. The customer initiates payment:
When customers purchase something online, they enter their bank details, digital wallet details, debit card details, or credit card details into the payment gateway.
2. Secure transmission:
The payment gateway securely encrypts the payment information before sending it to the payment processor/banks.
3. Authorization:
The bank/payment processor checks the payment details with the customer’s bank to verify it.
4. Fund transfer:
If the transaction is approved by the customer’s bank, funds are transferred from the customer’s account to the merchant’s account.
5. Confirmation
The payment gateway sends transaction messages to both the customer and the merchant.
How Do You Choose a Payment Solution for Your Business?
If you are looking for the best payment gateway for your business, consider the below-mentioned specialties before you make a final decision:
Transaction Fees:
Different payment gateway providers charge different fees as per their convenience. Try to find out the amount that they charge per transaction.
Payment methods:
The payment gateway should have different supported payment methods such as digital wallets, credit cards, and debit cards.
Ease of integration:
Check how convenient it is to integrate the payment gateway with your current system.
Online security and PCI compliance:
Whichever payment gateway you choose, check if it meets industry security protocols or not. Check if the payment gateway is legit under PCI DSS (Payment Card Industry Data Security Standard.
These are the key elements you need to take into account while choosing the payment gateway. Apart from these, you can consider other important features/elements of the payment gateway as per your business needs. It can be any element such as customer support, analytics reports, dependability, multi-currency support, etc.
5 Best Payment Gateways in India
Let’s explore the 5 best payment gateways in India. Go through this carefully and make a final decision based on the information.
1. Wegofin
Wegofin is the fastest-growing AI technology-based payment gateway platform in India. Its AI-powered transaction management feature makes it easy for any type of business to manage bulk transaction details accurately and efficiently.
Wegofin is suitable for small businesses, large businesses, medium enterprises, or even freelancers. It helps your business process the transactions much more quickly compared to the other payment gateway platforms. That is the reason why many businesses switch to Wegofin.
Transaction fees & pricing structure
The transaction fees depend on the debit card, credit card, UPI, or net banking. However, you can expect reasonable transaction fees and prices.
Supported payment options
- Debit card
- Credit card
- UPI/QR
- Mobile wallet
2. Razorpay
Razorpay is one of the most popular digital payment solutions in India. It stands out because it has instant activation and easy-to-integrate features. This platform is easy to use and also the security is high-end, that’s why most freelancers and small businesses prefer Razorpay.
Pricing & Transaction Fees
- 3% on Amex Cards, International Cards, and EMI
- 2% on Indian debit/credit cards, UPI and net banking
E-commerce Integrations
Shopify,
Wix
WooCommerce
Magento
BigCommerce etc
Accepted Payment Options
- Credit and debit cards (Domestic and international)
- EMI
- PayLater mobile wallets
- Net banking from 58 banks
3. PayU
PayU is India’s one of the largest payment gateway platforms. It has the best transaction success rate. PayU has a seamless, easy, and secure checkout process.
Over 5 Lakhs businesses including Amazon, Myntra, Nyuka, and Zomato use PayU as a gateway platform.
transactions Fees & pricing
- 2% for domestic Visa, Net Banking, Mastercard, BNPL, and wallet transactions.
- 3% for foreign purchases made with Diners, American Express, and EMI; 18% GST is charged for all purchases.
Online shopping Platform Integrations:
- Open Cart
- Magento
- Zoho
- Shiprocket
- WordPress
- Shopify
- woocommerce etc
Accepted Payment Options
- Credit and debit cards (Domestic and international)
- Online banking
- Electronic wallets
4. Mobikwik
Mobikwik is the gateway platform with the highest rate of growth in terms of the user base. It prioritises a seamless mobile-friendly user experience. Mobikwik has an automatic OTP detection feature which makes it easy for customers to process smoothly while making online transactions. It displays the analytics for the website and facilitates multiple payments through UPI services.
Transaction fees and pricing
- 90% per transaction for credit card, debit card, net banking, UPI, and wallets (GST Extra).
- 90% per transaction for Diners (GST Extra), AMEX, EMI, and international credit cards:
Integrations for E-commerce Platforms
- OpenCart
- Wix
- Shopify
- WordPress
- Woocommerce
Payment Options
- Credit and debit cards (Domestic and international)
- Cardless and EMI Cards
- Online banking
5. Cashfree
Cashfree is one of the most affordable payment gateway platforms in India. Cashfree provides an instant refund option and an instant payment service. This gateway provides a web link that businesses can provide to customers to receive payment.
Pricing & Transaction Fees
- 75% for Credit card UPI
- 9% for Foreign credit cards:
- 2% for Pay Later and Without a Card EMI
E-commerce Platform Integrations
- Wix
- WooCommerce
- Magento
- OpenCart
- WordPress
- Shopify
- Cashfree Card Payments, and more.
Accepted Payment Options
- Credit card (Domestic and international)
- debit card (Domestic and international)
- UPI
- EMI
- pay later.
The Bottom Line
These are the best payment gateways in India. If you own a business, go with the most suitable one among these. However, if you need high-security transaction management that is AI-powered, you should go for Wegofin.
FAQs
1. What is a payment gateway?
A payment gateway is an online platform that enables businesses to receive payments from clients using digital wallets, credit cards, and debit cards.
2. How does a payment gateway work?
Here are the steps mentioned.
- The buyer enters payment information.
- The data is sent to the bank by the payment gateway.
- The payment is confirmed by the bank.
- Money is transferred from the customer’s account to the merchant’s account.
3. Which factors should I consider while choosing a payment gateway?
- Transactions Fees
- Accepted methods of payment
- Integration Security and PCI compliance
- Client assistance
- Extra features (refunds, analytics, etc.)
4. What are the top payment gateways in India?
Wegofin, Cashfree, Mobikwik, PayU, and Razorpay are the top well-liked payment gateway platforms in India.
5. Is there a best payment gateway for all businesses?
No, the ideal payment gateway is determined by the demands, size, and preferences of your particular business. It’s essential to consider the benefits and costs before choosing a choice.