Top 13 Payment Gateways Companies in India

The India payment gateways market reached a value of US$ 1,459.7 Million in 2022. As per the analysis by IMARC Group, the leading companies in the India payment gateways industry are collaborating with banks to offer real-time payment facilities to consumers and merchants and make their payment experience seamless. They are also offering a unified payment interface (UPI) transaction facility for conducting inter-bank person-to-person and peer-to-peer network transactions via digital platforms. In addition, the increasing utilization of smartphones, along with rising preferences for making cashless payments after shopping, is offering lucrative growth opportunities to key players. Leading companies are focusing on strengthening the security of payment gateways to prevent the occurrence of fraudulent activities. They are also utilizing industry-standard encryption to protect sensitive customer and merchant data. Looking forward, the market value is expected to reach US$ 2,897.60 Million by 2028, growing at a CAGR of 11.60% during the forecast period (2023-2028).

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List of Top Companies Operating in the Payment Gateways Industry in India:

The India payment gateways market has several major players, including Cashfree Payments India Private Limited, Easebuzz Private Limited, Fiserv India Pvt Ltd (Fiserv Inc.), IndiaIdeas.com Limited (BillDesk), Infibeam Avenues Limited (IAL), Ingenico International India Pvt Ltd., Instamojo Research and Development Private Limited, IppoPay Technologies Private Limited, One Mobikwik Systems Limited, PayPal Payments Private Limited, One97 Communications Limited, PayU Payments Private Limited, and Razorpay Software Private Limited. More information about these companies has been provided below.

1. Cashfree Payments India Private Limited

Cashfree Payments India Private Limited focuses on fulfilling the payments and banking needs of businesses and enables individuals to make cash-free payments across multiple channels. The company also offers subscription plans and auto-charge future payments-periodic or on-demand with one-time authentication. It also provides cash-on-delivery payments for e-commerce businesses and is contributing to the pace of digitization in India by working closely with traditional banks to provide ease and convenience for last-mile customers.

2. Easebuzz Private Limited

Easebuzz Private Limited offers a software platform that is embedded with payment infrastructure and aids businesses in accepting, processing, and disbursing payments with its API-based product suite. The company assists SMEs with digital payment issues and offers them scalable and reliable solutions that help them grow seamlessly in the market. It also specializes in presenting inside-driven tools and services, along with advanced analytics and real-time payment tracking, to minimize customer dropouts.

3. Fiserv India Pvt Ltd (Fiserv Inc.)

Fiserv India Pvt Ltd (Fiserv Inc.) is one of the leading providers of financial services technology in India. The company focuses on connecting financial institutions, large and small-scale businesses, and consumers to one another, globally and locally. It also helps individuals in optimizing operations and keeps pace with evolving consumer expectations with its future-proof solutions delivered seamlessly.

4. IndiaIdeas.com Limited (BillDesk)

IndiaIdeas.com Limited (BillDesk) is the leading payment solution provider in India that is making payments accessible and easy for all. The company focuses on building and operating payment platforms for businesses, governments, and financial institutions. It also accelerates the growth and digital transformation of its partners through scalable payment solutions.

5. Infibeam Avenues Limited (IAL)

Infibeam Avenues Limited (IAL) is focused on building a digital organization that not only can scale but can also solve problems at a scale. The company has evolved as a global fintech company and is catering to large and diverse business-to-business (B2B) client segments, taking its deep understanding of global e-commerce and digital payment markets. It also specializes in enhancing the way customers and merchants live, trade, and transact via the digitization and democratization of commerce.

6. Ingenico International India Pvt Ltd.

Ingenico International India Pvt Ltd. is one of the most trusted partners of financial institutions, retail chains, and small merchants alike, supplying them with simple and reliable payment solutions. The company specializes in providing a complete range of devices tailored to all use cases, featuring eco-design and the latest embedded components. It also presents tools that cover estate management, security, digitized merchant experiences, and compliance.

7. Instamojo Research and Development Private Limited

Instamojo Research and Development Private Limited is the simplest all-in-one D2C tech platform powering independent e-commerce brands and startups with online stores, landing pages, and payment solutions to help businesses manage and scale their online business successfully. The company offers easy, fast, and free features to set up, along with extremely affordable plans. It also offers fully customizable and flexible services and business tools.

8. IppoPay Technologies Private Limited

IppoPay Technologies Private Limited provides payment infrastructure to small businesses to collect and distribute payments. The company assists businesses, freelancers, homepreneurs, and individuals who conduct business in Tier 2 and 3 cities and rural locations. It also provides comprehensive technology for online and offline businesses to accept payments of any kind.

9. One Mobikwik Systems Limited

One Mobikwik Systems Limited is one of the largest buys now pay later fintech and one of the largest mobile wallets in India. The company focuses on addressing the unmet credit requirements of the fast-growing digitally paying users by combining the convenience of regular mobile payments with the benefits of buy now, pay later. It also offers a payment gateway subsidiary, which allows online websites and mobile apps to collect payments from their users using numerous payment options, including debit cards, credit cards, mobile wallets, UPI, and net banking.

10. PayPal Payments Private Limited

PayPal Payments Private Limited focuses on emerging at the forefront of the online payment revolution by leveraging technology to make financial services more convenient and affordable. The company prioritizes democratizing financial services to ensure that every individual, regardless of background or economic standing and has access to affordable and secure payment products. It also specializes in creating amazing experiences for its customers and thinks differently to present lucrative opportunities to grow.

11. One97 Communications Limited

One97 Communications Limited operates under the brand name Paytm and focuses on offering digital goods and services to mobile consumers. The company also provides mobile advertising, marketing tools, and payment gateways for merchants. It also enables individuals to pay bills online, send money to friends and family, and book movie and travel tickets.

12. PayU Payments Private Limited

PayU Payments Private Limited is one of the leading payment gateways in India that provides payment gateway services to online businesses through its cutting-edge and award-winning technology. The company focuses on creating a safe and secure ecosystem that enables individuals to make and receive payments. It also specializes in bringing convenience and trusts through continuous innovation leveraging technology.

13. Razorpay Software Private Limited

Razorpay Software Private Limited is one of the top payment gateways in India, providing frictionless transactions. The company specializes in revolutionizing money management for online businesses by providing clean, developer-friendly APIs and hassle-free integration. It also offers a fast, affordable, and secure way for merchants, schools, e-commerce brands, and other companies to accept and disburse payments online.

Get an inside look at the India payment gateways market with exclusive insights, including:

• CAGR projections during the 2023-2028 forecast period.
• In-depth information on the factors that will fuel the India payment gateways market growth in the next five years.
• Precise predictions regarding upcoming trends and potential changes in consumer behavior.
• Analysis of the India payment gateways industry's expansion at the regional and country level.
• A thorough review of the market's competitive landscape and detailed information on key players.
• Detailed explanations of the challenges that could impede the growth of the India payment gateways market.

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