Best Payment Gateways In India

1) CCAvenue

Launched in year 2001, CCAvenue is one of the oldest payment gateways in India. It has recently overhauled the UI of their website and merchant dashboard. When I was talking with them for integration with our cloud accounting software in 2014, they had the slowest onboarding period (15-20days). Nowaday, they are claiming to complete the activation in 24hrs.
CCAvenue supports almost every bank and payment option out there. Its reliable and used by high volume eCommerce websites like Snapdeal. I would strongly recommend this payment gateway to startups if they wave off the annual maintenance charges completely.
Go for CCAvenue if you are looking for a reliable payment gateway in India that is tried and tested.
 

    • Setup Fee : Zero for Startup Pro Plan, Rs. 30,000 for Privilege Plan

 

    • Annual Maintenance Fee

 

    • Transaction Fee: From 1.99% + Rs.3 to 2.99% + Rs.3

 
Brief Review Of CCAvenue:
One of the major  advantages I liked about CCAvenue is that it supports multiple currencies. That means you can accept payments not only in INR but also in USD, EURO, etc. However, when I asked them about South African currency, ZAR, they said its not available. Interestingly, its listed on their website. So, its important to talk with their support executives before going for multi-currency option.
CCAvenue also seems to have the support for largest number of banks and payment options. For example, it supports EMI as payment option from over 7 banks, 100+ debit cards, 53+ net banking, 4 cash cards, 2 mobile wallets and 40+ bank’s IMPS.
Top clients of CCAvenue: 
MakeMytrip, ClearTrip, Naukri, AirAsia, Yatra, redBus, Myntra and Snapdeal

payment gateway

       Payment Gateway


 

2) Citrus Pay

Launched in April 2011, Citrus is relatively new payment gateway but within short span of time they managed to acquire 800million user base (end users & merchants). Citrus is a well funded company and growing aggressively in India. It also provides wallet service to the end users.
We are using Citrus at ProfitBooks to collect online payments since past 3 years and so far haven’t faced any issues. However, the response from their support team has been an issue. When we first signed up with Citrus, they asked for a deposit, high setup free and transaction fee. Documentation process was also lengthy. However, they have reduced the onboarding time and charges significantly these days.
 

    • Setup Fee : Zero

 

    • Annual Maintenance Fee: Rs.1200

 

    • Transaction Fee: From 1.99%  + Rs.3

 
Brief Review Of Citrus Pay:
Our personal experience with Citrus support has not been very good and we found it non-responsive. Apart from this, we did not faced any issue with the payment gateway. We extensively use the invoicing feature where we can send a payment link directly to the customers. Integration was fairly easy.
Top clients of Citrus Pay: 
ProfitBooks, Emirates, Etihad, Airtel, Meru, Zivame, Esselworld, Kaya, PVR Cinemas and Healthkart
Update: Citrus has been acquired by PayU in Sep 2016. It will be interesting to see how this merger shapes up and what it means to the existing customers.
 

3) PayUbiz and PayUMoney

The payment payment gateway solution provider, PayU India, rebranded both its products PayU Enterprise and PayUmoney to establish them as clear independent businesses in May 2015. Now, PayUbiz focuses on enterprises and is used by large enterprises such as Snapdeal whereas PayUmoney is the consumer brand of PayU India and has a wallet solution for consumers and payment acceptance solution for SMB businesses.
PayU India is the flagship company of Naspers group which is a $25 Billion internet and media conglomerate listed on London and Johannesburg stock exchanges respectively. In India, they claim to serve more than 4000 merchants.
 

    • Setup Fee : For PayUBiz, plans starts from Rs. 4900 and go upto Rs. 29000. For PayUMoney, its Zero.

 

    • Annual Maintenance Fee: For PayUBiz, its Rs. 2400. For PayUMoney, its Zero.

 

    • Transaction Fee: For PayUBiz, its between 2.20%  to 3.90% based on the plan. For PayUMoney, its 2%.

 
Brief Review Of PayUMoney:
We evaluated PayUMoney for accepting payments in ProfitBooks and were really happy with the overall experience. Signing up is very easy and you can upload the documents directly on their site for verification. We specifically liked the option to create ‘Pay with PayUmoney’ button. Its easy to create invoices and send payment links to your customers. We also found the support to be responsive.
As wallet service is integrated with the payment gateway, it adds extra value to the overall proposition. We are not using it now but would highly recommended this payment gateway for a startup.
Top clients of PayUMoney & PayUbiz: 
Jabong, BookMyShow, Freecharge, Zomato, Goibibo, Olx, Ola, ShopClues, Pepperfry
 

4) EBS

EBS is owned by France based Ingenio group, which is a global leader in payment processing services. You will find mixed reviews for this payment gateway. Some of the ProfitBooks customers are happily using it since past 4-5 users but some reviews are really very negative. All I can say is that EBS has been around since a while and considered as a reliable payment gateway.
EBS has recently lowered their charges due to competition and can be opted by small and medium sized businesses.
 

    • Setup Fee : From Rs.4799 to Rs. 23999 based on the plan

 

    • Annual Maintenance Fee: Rs.2400

 

    • Transaction Fee: From 1.25%  to 3.75% based on the plan

 
Brief Review Of EBS:
EBS offers multi-currency processing and has significantly lowered the onboarding time for new users. It offers decent UI and good amount of payment processing options. However, I feel that the features like ‘Auto Pay’ are double edged sword and some merchants may not like it.
Top clients of EBS: 
BabyOye, Snapdeal, FirstCry
 

5) Instamojo

This one is my favorite. Started in 2012, Instamojo initially offered a way to collect payments for digital goods. But now thousands of users are using it to collect payments for ebooks, reports, tickets, tutorials, merchandise, invoices, services, and much more.
Instamojo is super easy to setup. They have recently introduced instant onboarding. Now, you don’t require any documentation to begin a trial account with Instamojo, simply answer a few questions and get started in minutes. For a full account, the bank statement and PAN card remain the only requirements.You can create a payment link or button, a page where you can list your products or services or directly request a payment.
 

    • Setup Fee : Zero

 

    • Annual Maintenance Fee: Zero

 

    • Transaction Fee: 1.9%

 
Brief Review Of Instamojo:
We use Instamojo as an alternate payment gateway for ProfitBooks and are extremely happy with it. Support is very responsive and helpful. They keep releasing new features every now and then. With frictionless onboarding, low transaction rate and intuitive user interface, I would strongly recommend Instamojo as a best payment gateway for small businesses.
Top clients of Instamojo: 
Snapdeal’s app Shopo, Online Prasad, UrbanClap, YourStory, Next Big What and others.
 

Other Payment Gateways to consider

Owned by Times Group, DirecPay has been around since past few years. It has not evolved with changing times and still offers limited payment options as compared to other payment gateways. It asks for lot of unnecessary documents and still takes more than a week to activation. I found it tough to contact then when I inquired last time.
Zaapakpay has also been around since past few years and claims to have 500+ merchant customers. When inquired about the transaction charges, their staff asked too many stupid questions and still didn’t reveal the price for the reasons best known to them. Thats gives an idea about the kind of support one can expect in future. They claim that its used by brands like Explara, Homeshop18 and Hungama.
Last one on the list of Indian payment gateways is Atom payment gateway. It started offering services in year 2006 and claims to have 1500+ merchants onboard. They also offer Point Of Sale (POS), IVR and Wallet options.
Indian banks like HDFC and ICICI also offer payment gateway services. Both – HDFC Payment Gateway and ICICI Payment Gateway are very expensive and difficult to setup as compared to the options mentioned above. These can be useful only when you have very high volume business transactions.
 

Top 3 Mobile Wallets in India

In 2015, we saw the rise of ‘payment wallets’. Suddenly, lot of wallet services popped up and started offering huge discounts to acquire new customers. Some of these popular wallets also offer payment gateway services to the merchants. These wallets can integrated as an add-on along with the above mentioned payment gateways.

PayTM

What started as a mobile & DTH recharge service is now a $4 billion company. You can start accepting payments from PayTM users using their Pay With PayTM service. You can integrate this payment gateway in your website. Unlike other traditional payment gateways, it will allow payments only from PayTM wallet.
This service is used by Uber, Bookmyshow, Domino’s Pizza, Food Panda and many big companies.

MobiKwik

Similar to PayTM, merchants can accept money using MobiKwik wallet. As on 2015, there are over 25 million users that have MobiKwik account and 650+ merchants who are using its payment gateway service.
Its used by online portals like TicketGoose, YepMe, ShopClues and Snapdeal.

Oxigen Wallet

Oxigen Wallet is India’s first RBI approved non-bank wallet to be integrated with NPCI allowing instant money transfer from the Wallet to 60+ banks and vice versa using the Immediate Payment Service (IMPS).
Operating since 2004, Oxigen services already has over 1,30,000 retail touch points with over 40 million monthly transactions. You can use the Oxigen Checkout Services by registering as a merchant partner.
 

Final Notes

Whole payment gateway outlook in India is changing rapidly. Apart from traditional payment gateways, we now have options to accept money using mobile wallets. Earlier, merchants had to rely on international payment gateways like PayPal to collect payments in different currency but now Indian payment gateways also provide multi-currency options. And now Unified Payment Interface has also been launched.
As per my experience, you should give importance to number of payment options provides, ease of integration and most importantly support while choosing a payment gateway in India. I would also recommend to use 2 payment gateways to make sure you never miss a payment from your customer.
I would like to hear your feedback in the comments section below.
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