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Last month, I started a new project at work. This work involves the implementation of a payment gateway. So, an immediate task before implementation was to identify the best payment gateways in India. I did some research on this and here are some answers and tips.

The first thing you need to understand is that there is no one preferred payment gateway that suits everyone. All available options on the market come with their own set of pros and cons. Therefore, the term 'best payment gateway' is subjective and depends on your specific needs. Let's delve deeper!

What is a payment gateway?

Simply put, a payment gateway is a service that authorises credit cards or other electronic forms of payment (e.g. online banking, debit cards, cash cards, etc.). This facility is not only vital for large, established businesses, but can also be very beneficial for home-based online entrepreneurs.

Payment gateways act as intermediaries between banks and merchant websites or mobile applications. When a user wishes to make a payment, the merchant website encrypts the credit card details and forwards them to the payment gateway. The payment gateway then verifies these details with the bank to ensure the validity of the funds required to transfer from the user's account to the merchant's account.

The following flowchart illustrates a typical transaction flow that occurs through a payment gateway.

Functions of the Payment Gateway

Best Payment Gateway in India

Here are some of the leading payment gateway service providers in the Indian market. These gateways have been selected based on their market share, commissions and reputation for driving growth. Please note that these payment gateways are not listed in any particular order. To remain competitive, these companies constantly adjust their commission charges and often offer discounts. It is recommended to visit their websites for the latest discount offers.

InstaMojo

If you're a startup entrepreneur selling digital products such as eBooks, music, video tutorials, etc. for independent freelancers, InstaMojo is an excellent choice.

InstaMojo is an Indian startup founded in 2012 by Aditya Sengupta, Akash Gehani, Harshad Sharma, and Sampad Swain. They offer competitive pricing with attractive and seamless payment collection facility.InstaMojo can host your digital content and provide a 'Buy Now' button on your website. By clicking on this button, customers can buy your products without even leaving your website!

Instamojo charges 1.9% for successful transactions. If you want to host your own website content, they charge 5% per transaction.