back Back

4 popular digital payment gateways in India

By Leandra Monteiro

September 26, 2022

  • Cashfree Payments
  • CCAvenue
  • Digital Payment Platform
Share

payment gateways, IndiaIndia is slowly but surely paving its way to a cashless society. The rise in digitalisation, modern technology and the easy availability of mobile devices has transformed the way the payment gateway industry is growing. This has given rise to several mobile wallets or e-wallets. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed – depending on the type of usage and payments that can be made.

The use of digital wallets is growing rapidly as they help in increasing the speed of transactions, for e-commerce companies and all online marketplaces have integrated with such mobile wallets to make transactions seamless. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet. Here are 4 payment gateways that are making waves in the Indian industry:

Cashfree Payment gateway

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect — a virtual account solution to match inbound payments to customers.

Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree is among the leading payment service providers in India processing transactions worth USD 30 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.

CCAvenue Payment Gateway

Infibeam Avenues Limited (IAL) is a leading digital payments and e-commerce technology platforms company in India and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms. Its Digital Payment Platform operates through flagship brand-CCAvenue-which is a PCI DSS 3.2.1 compliant payment gateway platform.

With over 240 payment options connecting more than 55 Indian banks on a real-time basis, CCAvenue is one of India’s largest direct debit engines. It processes payments through net-banking, all types of credit cards, debit cards and digital wallets, including UPI payments. With operations in India and the Middle East, this business offers multi-lingual and multi-currency payment solutions to users.

Instamojo

Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises that enables them to build, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse business needs by leveraging technology, data and design.

Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo has raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others.

Razorpay Payment Gateway

Razorpay is India’s first full-stack financial solutions company. Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. It enables access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.

The company is on a mission to enhance the payment experience of over 300 million end consumers. And in doing so, it aims to enable Indian businesses both big and small to accept payments digitally with minimal effort and maximum ease.

Razorpay has grown from being a payment gateway provider to a solutions-driven organization boasting of an extensive products suite to accept and disburse payments as well as raise capital and park money.

ALSO READ: Global Payments Vendors and Landscape Report Q2 2022

Previous Article

September 26, 2022

Bharat Billpay and Federal Bank partner with LuLu Financial Group

Read More
Next Article

September 26, 2022

Wise Platform rolls out its new International Receive Service

Read More










IBSi Daily News Analysis

Gen Z, Banks

December 05, 2022

Cashfree Payments

Banks must keep up with Gen Z’s high expectations, thanks to Neobanks

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Svea Bank acquires Arex’s FinTech operations in Finland

Read More

Today

Emirates NBD announces partnership with Arab payment system Buna

Read More

Today

Intuit to acquire financial health start-up SeedFi

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022