One of the fastest-growing and largest digital transaction economies in the world is happening in India. In just one year, almost 114 billion digital payments were made in India in 2023, proving how much potential this country has for businesses aiming to localize their financial strategy.

If you’re looking to take advantage of this booming market, it’s important to carefully select the most suitable payment gateway for your business. Since every business is unique and has different needs, we’ve compiled a list of the top 10 digital payment services in India that can cater to a variety of businesses in 2024.

Quick Overview: Top 10 Payment Gateways in India 2024

With many different options available out there, we don’t want you to spend hours trying to figure out which is the best payment gateway for your business. So here is a quick look at the top 10 digital payment services in India in 2024:

Company	Supported Currencies	Fees	Accepted Payment Methods	Payout Time
Cashfree	30 +	1.95% – 2.95%	Credit/Debit Card/Prepaid, UPI, Netbanking, Wallets, PayPal, EMI, Pay Later	2 business days
Razorpay	90 +	starts at 2%	Credit/Debit Card (Domestic/International), EMIs (including cardless options), PayLater, Netbanking (58 banks), UPI, 8 Mobile Wallets	2 business days
PayU	130+	2% – 3%	Google Pay, Visa, American Express, Paytm, Mastercard, PayPal, and more (100+ payment options including Cards, Net Banking, UPI, Wallets)	2 business days
PayGlocal	33	Contact Provider	40+ Payment Methods	Payout Time Varies by Region
Paytm	All (processed in INR)	Various rates and charges apply	Credit/Debit Card, Net Banking, UPI, Paytm Wallet, etc.	24 hours
Instamojo	INR (Indian Rupees)	Various rates and charges apply	Credit/Debit Card, Netbanking, UPI, Wallets, NEFT/IMPS	3 business days
Nimbbl	INR (Indian Rupees)	Contact Provider	UPI, Buy Now Pay Later, Credit/Debit Card, Net Banking, Wallets, etc.	Varies from T+2 to T+7 days
Billdesk	70+ major currencies	Contact Provider	Netbanking, UPI, Net Banking, NEFT / RTGS, Wallet / Cash Cards, Pay with Points	3 – 5 days
OPEN	Contact Provider	Various rates and charges apply	Credit/Debit Card, UPI, Net Banking, etc.	24 hours
MobiKwik	Contact Provider	starts at 2.5%	Netbanking, Netbanking, UPI, etc.	24 hours

What is a Payment Gateway?

Before we discuss the best payment gateways in India 2024, let’s better understand what a payment gateway is.

A payment gateway is simply an online service that authorizes online payments, making electronic financial transactions easier and faster. It works as a middleman between the merchant and the bank, encrypting data and ensuring that all payments are secure.

Choosing the right digital payment service can save you time, money, and hassle. Before deciding, think about key factors like transaction fees, how easy the platform is to use, its security features, and whether it fits your personal or business needs. Whether you’re a small business owner, a freelancer, or just need a reliable way to handle cross-border payments, picking the right service is important. For instance, if you need to send money from Australia to India, several options are offering fast, secure, and affordable transfers. The right platform can make managing your finances locally or globally simple and stress-free.

1. Cashfree

Focusing on providing innovative and secure payment solutions, Cashfree Payments has been one of the pioneers in the Indian payment industry, serving numerous services to businesses to simplify the process and offer their customers a better finance experience. all over the world. Their services range from online payment gateways, automated payouts, bulk refunds, instant bank transfers, and more.

Cashfree Features

• Multiple payment options, including NEFT/IMPS bank transfers and UPI transfers
• Easy and instantaneous vendor add/update process
• Bank account verification to avoid settlement failures
• Configurable schedule options for each vendor
• Automated split of payments by amount or percentage
• Option to defer settlement to specific vendors
• Ability to manually credit/debit vendor settlement accounts
• Seamless refund process before or after vendor split is shared

Pros

• Secure and reliable payment processing
• Easy integration with over 120 platforms
• User-friendly dashboard for managing payments and vendors
• Excellent customer support
• Fast settlement and payouts

Cons

• Limited options for international payments
• The customer interface might seem outdated compared to other payment gateways
• The dispute resolution process can take longer than desired

2. Razorpay

Razorpay is an India-based financial technology company founded in 2014 by Harshil Mathur and Shashank Kumar. It provides payment solutions to businesses of all sizes, from startups to large enterprises. With Razorpay, businesses can accept payments from customers through various channels such as credit/debit cards, net banking, UPI, and mobile wallets.

Razorpay Features

• Recurring Billing
• Instant Payment
• Accepted Credit Cards and Debit Cards
• Real-Time Payments
• Online payment portal
• Reporting/Dashboards
• E-Commerce Software Integration
• Customization (Fields, Objects, and Layouts)

Pros

• Secure and easy-to-use payment gateway
• Robust customer support system
• Fast and hassle-free setup process
• Offers a wide range of payment options for customers
• Reasonable pricing for small businesses and startups
• User-friendly interface and well-designed dashboard

Cons

• High transaction fees for international transactions
• Integration with certain platforms may require technical expertise

3. PayU

PayU has been one of the leading India payment gateways among other large payment gateway enterprises in the market, serving over 4,50,000 merchants with reliable and secure payment solutions for more than a decade. The company offers a diverse range of services that cater to businesses of different sizes such as small startups or large enterprises. With a wide range of payment options, such as credit and debit cards, net banking, UPI, and mobile wallets, PayU is the go-to payment gateway for numerous e-commerce companies and airlines.

PayU Features

• Subscriptions: Easy setup and management of recurring payments
• International Payments: Accept payments in 100+ currencies
• Same-Day Settlements: Receive settlements on the same day of the transaction
• Payouts: Automated bulk payment disbursements via IMPS, NEFT, or UPI
• PayU Assist: Comprehensive customer support platform

Pros

• Easy onboarding and integration process
• Variety of payment methods, including domestic and international options
• Robust security system
• Integration with multiple payment options under one gateway

Cons

• Lack of certain features, such as subscription payments or custom payment pages
• Limited currency acceptance compared to other payment gateways

4. PayGlocal

PayGlocal is a widely known and trusted payment gateway in India. It is known for its speed, reliability, and global reach. It offers the highest level of security for online transactions, making it an ideal choice for many businesses seeking an online payment solution.

PayGlocal Features

• 100+ payment methods to cater to a global customer base
• Dynamic Checkout for a seamless and intuitive payment experience
• Comprehensive monitoring and debugging for security and insights
• Easy integration with APIs and a wide range of plugins and integrations
• Simple onboarding process and multiple currency account options
• Robust security system with fraud detection and 3D Secure authentication

Pros

• Wide range of payment methods and currency options
• Advanced security features to protect against fraudulent transactions
• Real-time monitoring and debugging for seamless operations
• User-friendly interface design and easy integration options

Cons

• Limited Global Reach

5. Paytm

Paytm, short for “pay through mobile” is India’s most widely used mobile wallet, offering a wide range of payment solutions for businesses and customers alike. Paytm has evolved from a mobile wallet to a full-fledged payment gateway that provides businesses with multiple payment options for domestic

Paytm Features

• Paytm Assist
• Cashback
• EMI offers
• Municipal payments
• Paytm POS Billing software
• Wide acceptance
• Cyber fraud insurance
• Fuel surcharge waiver
• Payment gateway
• Subscriptions
• UPI integration

Pros

• Facilitates smooth and seamless transactions across various platforms and merchants.
• Offers various reward schemes such as cashback offers, discounts, and loyalty points on transactions.
• Integrates with Unified Payments Interface (UPI) for instant bank-to-bank transfers.
• Provides a user-friendly interface on both its mobile app and website.
• Ensures compatibility with a wide range of devices and operating systems.

Cons

• Occasional instances of payment processing delays.
• Longer loading times during usage.
• The user interface (UI) lacks clear section separation, requiring improvement.
• Enhancements are needed in application speed, click responsiveness and routing efficiency.

6. Instamojo

Instamojo is India’s leading #D2CTech platform, empowering independent eCommerce brands and startups to sell online with ease. Founded by Nitisha Sham, a passionate entrepreneur and founder of Aurora Hope Pins, Instamojo offers a suite of products, including an eCommerce website builder, smart landing page builder, and payment links to help sellers start, manage, and scale their online businesses successfully. With over 1 million registered users and a presence in 220+ countries, Instamojo is committed to making online selling accessible, affordable, and hassle-free for everyone.

Instamojo Features

• Customisable links
• Integrate online payments
• Simplified Integration
• Analytics
• Flat transaction fee
• Landing page
• Manage orders
• Multiple bank connection
• Payment analytics
• Payment processing
• Secured server
• Shipping integrations

Pros

• User-friendly interface with comprehensive business features
• Comprehensive payment solution ideal for startups; valuable free version for initial use
• Facilitates efficient client management with streamlined login processes
• No setup costs and free registration
• Supports multiple payment methods, including credit/debit cards, net banking, UPI, and EMI options

Cons

• Lack of wallet support for transactions
• Challenges in accepting payments above INR 10,000
• Higher transaction fees compared to competitors
• The absence of an iOS app limits accessibility for iOS device users

7. Nimbbl

Nimbbl, India’s leading multiple payment gateway provider, is proud to announce the launch of their one-click checkout platform. This revolutionary product promises to change the game for businesses, providing a seamless payment experience for customers and increased conversions for merchants. With a unified integration that covers multiple payment methods and technologies, Nimbbl is set to revolutionize the universe of online payments.

Nimbbl Features

• Dashboard
• Payment Gateway Integration
• Onboarding & Documentation
• Track & Control
• Payment Analytics
• Payment Processing
• One-Click Checkout

Pros

• Access to multiple Buy Now, Pay Later (BNPL) providers.
• Integration with multiple payment gateway partners

Cons

• Delayed development of crucial dashboard enhancements for reconciliation
• Manual UPI ID entry during checkout

8. Billdesk

Mumbai, India – In a rapidly evolving digital landscape, online transactions have become the preferred mode of payment for consumers and businesses alike. At the forefront of this revolution in India is BillDesk, a Mumbai-based company that has been revolutionizing online payment solutions since its inception in 2000.

Billdesk Features

• Wide range of payment methods to accommodate customer preferences
• Simplified onboarding process with customizable integration solutions
• 24/7 support is provided by dedicated teams for merchants and enterprises
• Utilization of enterprise-grade technology ensuring high system availability and acceptance rates
• Compliance with rigorous regulatory standards and robust risk controls for secure transactions
• Neutral platform enabling various electronic payment types and solutions

Pros

• Multiple payment options are available
• Easy integration

Cons

• Complex fee structure
• Penalties imposed on failed transactions

9. OPEN

OPEN is a fintech platform that is revolutionizing the way small and medium businesses manage their finances. Founded in 2017, OPEN has quickly become India’s largest business payment platform, trusted by over 3.5 million businesses and 65,000 accountants. Through partnerships with leading national and international banks, OPEN is modernizing business finance and simplifying banking, payments, and accounting for businesses. Headquartered in Bangalore, India, OPEN has a team of over 600 passionate and curious employees. With the backing of renowned investors and strategic partners, OPEN is poised to scale globally and continue its mission to empower SMEs with smarter and more efficient finance solutions.

OPEN Features

• Connected Banking
• ICICI Bank Connected Banking
• SBI Connected Banking
• Axis Bank Connected Banking
• Yes Bank Connected Banking
• Apply For Current Account
• Accounting Automation
• Account Payables Automation
• Account Receivables Automation
• Invoice Management
• E-Invoicing

Pros

• Convenient interface with the ability to create different expense cards
• The cloud-based platform ensures data safety
• Numerous payment automation

Cons

• Occasional transaction failures
• No customer support on weekends

10. MobiKwik

MobiKwik is a revolutionary digital banking platform that is transforming the way financial services are accessed and utilized in India. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has become the go-to destination for millions of Indians seeking a secure, convenient, and efficient way to manage their finances. Driven by the latest technology and data science, MobiKwik has established a reputation for continuously delighting its customers and merchants. From utility bills and eCommerce shopping to dining out and shopping at retail stores, MobiKwik offers a seamless solution for all daily financial needs.

MobiKwik Features

• Recharge & Bill Pay
• Transfer to Bank
• Offers & Deals
• Local Stores
• Redeem Payback Points
• Wallet Transfer

Pros

• Easy integrations
• Supports international payments
• Facilitates easy payments
• High security
• Fast transaction speed

Cons

• Customer support could be improved
• Setup may be challenging for some users
• Some users experience integration issues

Are You Looking for Alternative Digital Payment Services in India?

Now that you’ve learned all about 10 of the most popular payment gateways in India in 2024, you may be wondering if there are any other options available.

While these payment gateways are among the best in the industry, it’s always good to explore and compare different options to find the one that suits your business needs and budget. DSGPay is a smart alternative you may want to explore.

Why Choose DSGPay for Your India Transactions?

• Global Virtual Accounts: Easily set up dedicated business accounts to make and receive local payments within India.
• Multi-Currency Support: DSGPay connects to over 30 countries, enabling smooth currency conversions across INR, USD, EUR, GBP, HKD, KRW, and many others.
• Competitive Rates: Benefit from low transaction fees and attractive exchange rates.
• Cross-Border Collections & Payouts: Receive payments from global customers, marketplaces, and platforms, and settle funds in your preferred currency.
• Fast and Secure Transfers: Send and receive funds with real-time processing.
• Licensed & Regulated: DSGPay operates under a licensed Money Service Operator (MSO) in Hong Kong, aligning with international compliance and anti-money laundering (AML) standards.

Our top priorities are security, user-friendliness, and affordability, making DSGPay a great alternative for businesses of all sizes. Start using DSGPay today and experience hassle-free, secure, and efficient payment processing.