Top 10 Indian payment methods in 2024 www.deekpay.com

Indiais undergoing an unprecedented fintech revolution. Fintech brands see India and its large population base as a core solution for digital payment innovation. India is increasingly moving towards a cashless economy with advantages such as transaction transparency and competitive service fees.

Analogue finance is on the wane across India due to a range of factors such as:

Government of India's 2016 demonetisation bill Number of smartphone users to reach 750 million by 2021 Reserve Bank of India imposes infrastructure sanctions on e-payments and fintech innovations, focusing on the 5Cs: Coverage - Diversity of e-payment devices Accessibility Convenience Confidence (Security) Convergence (Interoperability), and Costs Epidemic to drive shift to contactless and cashless transactions

Payment Solutions Landscape in India

As a result, the digital payment habits of Indian consumers and retail vendors have led to an influx of payment solutions in the country.digital paymentsolutions are a reliable alternative to traditional cash and cheque payments and are becoming the new normal across India. The massive adoption of digital payment solutions and gateways has led experts to speculate that by 2035, India will spend $2 trillion on mobile payments.

This momentum has further mobilised global fintech giants to open operations in India. As an aggregator of digital financial services, the current Indian payments solutions landscape has many players offering different services. These include:

Issuers and acquirers Credit card networks Payment processors and service providers Independent sales organisations Value Added Reseller Payment Gateway Solution Provider

With a dozen or soPayment GatewaySuccessful operations in India and a positive shift in consumer mindset is critical for monetisation. Currently, 10 Indian payment gateways are driving large-scale digital payments.

Standards for Payment Gateways in India

If you are a merchant or a retail service provider who wants to streamline and increase conversions across the Indian population, it is important to choose an option that fulfils the following criteria:

1. Reliability: A reliable payment gateway provides your customers with a seamless, lightning-fast payment experience without frequent and troublesome transaction failures.

2. Supported Currencies: The greater the number of supported currencies, the more customers will transact with you in their home currency without having to pay high conversion fees. This relationship will result in higher sales for the merchant.

3. Payment options: If your business is compatible with multiple payment options, you should always consider a payment gateway that supports your business methods.

4. Marketplace integration: As a rule, choose a payment gateway solution that offers local integration services with your retail platform, as it helps to reduce payment errors.

5. Security: It is desirable to combine payment gateways with strict cybersecurity hygiene implementation through OTP systems, IP/device monitoring, adaptive authentication, defence-in-depth methodologies, integrated blockchain, sonic technologies, etc.

6. Pricing and other fees: Always consider using a payment gateway with lower prices and service feature rates to enhance your organisation's profitability on every transaction.

10 Best Payment Methods in India

If you are a consumer or merchant in India, you should check out the following options to see which one is right for your business.

1. CashFree India Payments

Cashfree Having multiple e-commerce CMS systems, integrations and low usage fees as a gateway solution adds to its credibility.Organisations such as OlaMoney, Delhivery, Zoomcar, MedLife, Cred and Zomato are some of the prominent customers using Cashfree's services.

Pricing and other costs

Setup fee: Free

Annual fee: Free

Transaction fees:

1.90% for online banking, digital wallets, Google Pay and debit/credit cards. 3.5% + INR 7 for Visa and Mastercard international credit/debit cards 2.95% for Diners Club and American Express cards 2.5% for PayLater and cardless EMIs 0% for UPI and RuPay

Accepted methods of payment

UPIEMIs, digital wallets, debit/credit cards and more than 100 other payment options.

Supported currencies

INR, USD, BDT, AUD, CAD, JPY, GBP, NZD, NPR and 15 other supported currencies.

Approval time

2-4 days.

E-commerce platform integration

WooCommerce, Magento and Shopify, among others.

2. Razorpay India Payments

Razorpay Allows its customers to make automated payments seamlessly. Its low-code integration allows for quick adoption by SMEs, so little technical support is required.

In addition, as an enterprise customer, you can get in-depth business-driven analytical help in the form of reports and insights.

Pricing and other costs

Setup Fee: 2%'s Razorpay platform fee for Flash Checkout, reports, dashboards and other features.

Annual fee:

2% for Indian consumer credit/debit cards, internet banking, UPI and mobile wallets. 3% is applicable to Diners and Amex cards, international cards, credit card instalments, debit cards and cardless transactions), international cards and instalments.

Accepted methods of payment

NEFT, andRTGS, andIMPSThe following are examples of the types of payments, UPI payments, virtual bank accounts, and UPI ID, credit cards, debit cards, no cards, international cards, instalments and corporate credit cards.

Supported currencies

More than 100 global currencies, including INR, AUD, GBP, USD and more.

Approval time

4-5 days.

E-commerce platform integration

With its integrated version of the Java SDK, Razor Pay integrates with all leading CMS e-commerce platforms.

Recommended Reading:Indian Payment Gateway Razorpay User Guide

3. Paytm

Paytm It is a fintech aggregator that is widely adopted by merchants and end users. It has excellent security features and supports multiple payment sources. The payment platform is a B2B/B2C payment gateway service for Adani Services, Reliance Jio, Uber, Zomato, Swiggy and many others.

Pricing and other costs

Setup fee: Free

Annual fee: Free

Transaction fees:

18% GST + 1.80% for cyberbanking. 1.55% for PayTm wallet. 1.85% for credit cards AMEX/International: 2.65% 0.4% for the following debit cards

Accepted methods of payment

UPI, debit cards, credit cards, internet banking, AMEX/International.

Supported currencies

All active currencies.

Approval time

Approval is dependent on the completion of KYC.

E-commerce platform integration

Magento is recommended, but it also supports other eCommerce CMS platforms.

4. PayPal

PayPal offers PCI DSS-protected payment gateway solutions in India and 200 other countries and serves more than 325 million active customers.

Pricing and other costs

Setup fee: Free

Annual fee: Free

Transaction Fee: 5% + INR 3 per transaction

Accepted methods of payment

Online banking, digital wallets, cash cards, Visa, MasterCard, American Express and Discover.

Supported currencies

56 different currencies including Indian Rupees, US Dollars, Pounds Sterling, Canadian Dollars and more.

Approval time

Merchants need to approve their requests within 30 days of PayPal's approval.

E-commerce platform integration

Integration with any eCommerce CMS platform that offers active service accounts.

5. PayU

India Payments

PayU Highly customisable as it helps to enhance your digital payments with native OTP and one-click payments for recurring transactions, instant refunds for your business and a convenient summary of all customer transactions for your e-commerce site.

Pricing and other costs

Setup fee: Free

Annual fee: Free

Transaction Fee: 2% + GST per transaction

Accepted methods of payment

Supports 100 different payment methods including EMI, UPI, Internet Banking, Cards, Wallets, Buy Now Pay Later and more.

Supported currencies

Over 100 foreign currencies, including Indian rupees.

Approval time

1-2 days.

E-commerce platform integration

Highly customisable and can be integrated with any e-commerce CMS.

6. OPEN

OPEN Payment Gateway remains one of the top-ranked payment gateways in Asia. Since its inception in 2017, it has maintained a high customer base of 3 million customers who use these facilities to manage their business needs.

With the Payment Gateway, you can view real-time transactions using its uniquely styled dashboard, take full advantage of its security standards, and transact in over 200 payment methods.

Accepted methods of payment

More than 200 ways.

Annual Fee: The minimum fee is Rs. 15,000 per annum depending on the size of the operation.

Supported currencies

All active currencies.

Approval time

Approval is dependent on the completion of KYC.

E-commerce platform integration

WooCommerce, Magento, CS-Cart and OpenCart.

7. Bill desk India Payments

Bill desk A government-owned Bharat Bill Payment operation and one of the most trusted payment gateways in India, Bill Desk simplifies day-to-day payments and utilities such as telephone, gas, insurance, ISPs, credit cards, gas and other conveniences through its diverse range of banking services.

Pricing and other costs

Setup fee: Free

Annual fee‍:

Start-up programme free of charge Privilege Programme, INR 30,000

Transaction fee‍

0.90% + 18% GST per transaction.

Accepted methods of payment

More than 120 credit cards, debit cards, banks, online banking, wallets.

Supported currencies

More than 70 major currencies, including, of course, the Indian rupee.

Approval time

1-2 days.

E-commerce platform integration

Magento is recommended as an eCommerce platform to benefit from its diverse plugin integrations.

Recommended Reading:BillDesk, India's Payment Gateway, Explained

8. CCAvenue India Payments

CCAvenue It is a merchant-centric service that supports local Indian SMEs and helps them get access to premium digital transaction gateway services for free. It also provides them with enterprise-grade PCI DSS certified security and intelligent dynamic routing.

Pricing and other costs

Setup Fee ‍ : Free with Economy Package, INR 1200 from the first year onwards.

Annual fee:

2% for domestic credit/debit card, digital wallet, internet banking and UPI transactions 4.99% for all international debit/credit cards 3% for all domestic corporate/commercial credit cards 4% for all American Express, American Express EMI and Diners Club cards 4.99% for all 27 multi-currency options

Accepted methods of payment

Over 200 payment options, including EMI options.

Supported currencies

INR + 27 other foreign currencies.

Approval time

1-2 days.

E-commerce platform integration

Magento, Opencart, Zencart, Prestashop, Drupal and more.

9. Next Gen Payment Gateway (formerly known as EBS) India Payments

Next Gen Payment Gateway is one of the first Indian merchants to achieve PCI DSS 3.0 compliance. It is regularly audited to ISO 27001-2013 standards, making it one of the most secure payment gateways in India today.

Pricing and other costs

Set-up fee‍: free of charge

annual fees

A 2% fee is charged for any transaction using a domestic credit/debit card and internet banking if the Starter Pack is owned. A fee of 3% is charged for payments made using Amex, ezeClick, JCB, Diners, Wallets and Cash cards. Additional TDR for Axis Bank, Kotak Bank and HDFC Bank transactions is 0.3% Fraud management charges of INR 7 for international transactions

Transaction Fee: GST of 18% is payable.

Accepted methods of payment

Over 100 different payment options including wallet and EMI.

Supported currencies

Support for 27 international currencies, including the Indian rupee.

Approval time

1-2 days.

E-commerce platform integration

Magento, OpenCart, Woo Commerce and Shopify are among 19 different leading CMS.

Recommended Reading:Indian payment gateway EBS

10. Worldline India Payments

Worldline allows businesses of all sizes to sign up for its e-commerce platform, collect and make online payments through its gateway service. You can customise your payment page to build your brand, accept payments in different currencies and protect your business with modern, real-time fraud tools.

Pricing and other costs

Setup fee: Free

Annual fee: Rs. 1200

Accepted methods of payment

100 payment options.

Supported currencies

24 currencies worldwide.

Approval time

2-3 days after application submission.

E-commerce platform integration

More than 20 popular e-commerce platforms.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.

Top 10 Indian payment methods in 2024 www.deekpay.com