In the bustling world of e-commerce, choosing the right payment gateway for your business can make all the difference. India, known for its rapidly growing digital economy, is home to a multitude of reliable and efficient payment gateway companies. If you’re looking to expand your online business operations in India or simply need a quick and secure way to handle transactions, this article is your go-to guide.
We’ve sifted through numerous options and come up with a list of the top 10 payment gateway companies in India that truly stand out. Each one provides you with unique benefits that cater to diverse business needs. You’ll learn about their key features, pricing structures, and why they’ve earned their spot on our list.
Selecting a payment gateway isn’t just about picking any service provider; it’s about partnering with an organisation that understands your business goals and can support you at every step of your growth journey. So let’s dive into these top-notch Indian payment platforms that could be perfect for your venture.
Payement Gateway Industry in India
- The India payment gateway market was valued at $1.46 billion in 2022 and is expected to reach $2.9 billion by 2028, growing at a CAGR of 11.6% from 2023-2028
- The market is highly concentrated with the top 5 players (PayU, Paytm, Razorpay, PayPal, CCAvenue) accounting for over 75% market share in 2021
- Razorpay leads the market with a 38% share followed by PayU (18%), CCAvenue (10%), Paytm (5%), and Cashfree (5%) in 2021
- Total payment volume (TPV) processed by payment gateways in India reached $83 billion in 2021, up from $25 billion in 2017
- Mobile payments made up 67% of total online payments in 2021 compared to 30% in 2017
- UPI emerged as the most preferred payment mode with a 60% share of total transactions in 2021
- The RBI has introduced over 90 new guidelines since 2009 to regulate payment gateways and boost digital payments
- Key growth drivers include rising internet penetration, demonetization, COVID-19, and government initiatives like Digital India
Payment Gateway Companies in India
- Razorpay
- PayUbiz
- CCAvenue
- Instamojo
- EBS
- Paytm
- Cashfree
- Citrus Pay
- PayPal
- DirecPay
| Company | Revenue FY 2022 (in INR Crore) |
|---|---|
| Razorpay | 1,485 |
| PayUbiz | 2,130 |
| CCAvenue | 1,294 |
| Instamojo | 50 |
| EBS | 37,933 |
| Paytm | 7,990 |
| Cashfree | 227.33 |
| Citrus Pay | 2,500 |
| Paypal | 2,05,385 |
| DirecPay | 2,130 |
- Razorpay
- Revenue FY 2022: ₹1,485.7 Crore
- Market Share 2021: 38%
- PayUbiz
- Revenue FY 2022: ₹2,130 Crore
- Market Share 2021: 18%
- CCAvenue
- Revenue FY 2022: ₹1,294 Crore
- Market Share 2021: 10%
- Instamojo
- Revenue FY 2022: ₹50 Crore
- EBS
- Revenue FY 2022: ₹37,933 Crore
- Paytm
- Revenue FY 2022: ₹7,990 Crore
- Market Share 2021: 5%
- Cashfree
- Revenue FY 2022: ₹227.33 Crore
- Market Share 2021: 5%
- Citrus Pay
- Revenue FY 2022: ₹2,500 Crore
- PayPal
- Revenue FY 2022: ₹2,05,385 Crore
- Global Market Share 2021: 31%
- DirecPay
- Revenue FY 2022: ₹2,130 Crore
1. Razorpay
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has swiftly climbed the ladder to become one of India’s leading payment gateway companies. Headquartered in Bangalore, this fintech giant employs approximately 2,500 people as of September 2022.
Razorpay’s financials show a robust growth trajectory. In FY 2022, it generated a total revenue of ₹1,485.7 crore – that’s a whopping increase of 75% from the previous year when it raked in ₹844.6 crore. Not just that, its net profit for FY 2022 stood at ₹7.3 crore marking an increase of 18% from the previous fiscal year.
The company offers an array of products and services which include payment gateway solutions, payment links and pages, along with innovative features like RazorpayX and Razorpay Capital. Additionally, they provide payroll services through Razorpay Payroll, invoicing via Razorpay Invoices system and manage multiple transactions conveniently using their unique feature – Razorpay Route.
Boasting key clients like Facebook, ICICI Prudential Life Insurance Company Limited (ICICI Prudential), Swiggy amongst others only strengthens their position in the market.
Not one to rest on its laurels; this dynamic firm processed payments worth $25 billion in 2021 alone! And if projections hold true – they’re all set to reach $90 billion by the end of this year!
One significant achievement worth noting is that Razorpay turned profitable as early as FY 2021. Further recognition came when LinkedIn ranked them at #6 in their Top Startups India list for 2022.
Their commitment towards innovation is evident with partnerships such as NPCI for launching UPI AutoPay for recurring payments back in 2020. Moreover, they’ve made strategic acquisitions such as TERA Finlabs, an AI-based underwriting platform in 2021.
In terms of market share, in the year 2021 alone, Razorpay accounted for a massive 35-40% of all UPI transactions by volume. They also have their dedicated R&D centre located in Bengaluru focusing on AI, ML and blockchain technology.
The company’s accolades include winning the NASSCOM DSCI Excellence Award for Security (2020), and being named as Economic Times Startup of the Year (2022).
Razorpay’s thirst for growth did not stop at that; they acquired TERA Finlabs (an AI-based underwriting platform) in 2021 followed by PoshVine (an ordering and marketing platform) in 2022. And let’s not forget that they raised a cool $100 million during their Series D funding round back in 2020!
Leading from the front are Harshil Mathur as CEO with Shashank Kumar serving as CTO. After raising $375 million in 2021, this dynamic duo saw Razorpay catapulted to a valuation of $7.5 billion!
All these achievements make it clear why Razorpay is an undisputed leader among payment gateway companies in India.
2. PayUbiz
Let’s dive into the impressive world of PayUbiz, a leading payment gateway company in India. This Gurgaon-based gem has been making its mark in the sector with some remarkable achievements. In FY22, it recorded an enormous 50.6% YoY increase in revenue, raking in INR 2,130 crore (USD 285 million). Not only that, but it also turned profitable this year with a whopping INR 126 crore (USD 17 million) profit.
| FY22 Figures | Amount |
|---|---|
| Revenue | INR 2,130 crore (USD 285 million) |
| Profit | INR 126 crore (USD 17 million) |
PayUbiz is not just about financial growth though. It boasts a robust team of nearly two thousand employees who work relentlessly to provide top-notch online payment gateways and processing for businesses. The company supports multiple payment methods including credit cards, debit cards, net banking and mobile wallets like Paytm and Google Pay – ensuring flexibility for end-users.
Working with notable clients such as Grofers, BigBasket, ixigo and Acko General Insurance has propelled PayUbiz to the forefront of its industry. Its commitment to enhancing application performance and security is evident through its partnership with AWS.
PayUbiz’s journey began back in 2002 before being acquired by Naspers group in 2014. Post-acquisition all Naspers online payments companies started operating under the unified brand name of PayU – marking a significant milestone in their history.
Not resting on its laurels, PayUbiz focuses heavily on research and development for continual improvement. The company utilises AI and machine learning technologies to enhance fraud detection capabilities – safeguarding client’s interests at all times.
In recognition of their innovative solutions and growth trajectory, they were featured as a top payment vendor in the prestigious Paladin Report in 2022. PayUbiz hasn’t shied away from expanding its portfolio either. It acquired CitrusPay, PaySense, Wibmo and PayU Turkey – proving that it’s a force to be reckoned with.
3. CCAvenue
When it comes to payment gateway solutions in India, one name that stands out is CCAvenue. Founded in Mumbai in 2001, this renowned company was acquired by Infibeam Avenues Limited in 2018 and has been a game-changer ever since. Today, with its headquarters still based in Mumbai, the firm employs a dedicated team of 581 professionals (as of June 2022) who continue to drive innovation and excellence.
CCAvenue’s main products and services are centred around online payment gateway and processing services for ecommerce transactions. From credit cards, debit cards, net banking to mobile wallets like UPI – they’ve got it all covered. The company’s multi-currency processing capabilities paired with value-added services such as invoices, subscriptions and tokenization make them an attractive choice for businesses worldwide.
Speaking of businesses, some key clients leveraging CCAvenue’s innovative solutions include big names like Air Asia, Lakme, PayTM and Starbucks. This success story doesn’t stop at Indian shores; the company processes payments worth INR 3.9 lakh crore annually as of 2022 and is the second largest payment aggregator in UAE.
The financial performance of CCAvenue speaks volumes about its solid market presence:
| Consolidated Revenue FY 2022 | Consolidated Net Profit FY 2022 |
|---|---|
| INR 1,294 crore (USD 174 million) | INR 84 crore (USD11 million), a growth rate of +19% from previous year |
Interestingly enough, this accounts for a significant six percent share of parent company Infibeam Avenues’ total revenue.
The company’s research and development initiatives focus on developing proprietary technology and payment products – demonstrating their commitment to technological advancement within the industry. They’re not just recognised domestically either; international acclaim followed suit when they bagged Superbrands India award consecutively in 2023 and 2022, as well as the prestigious ET Best Brands award in 2021.
CCAvenue’s noteworthy partnerships with major Indian banks like State Bank of India, Bank of Baroda, Federal Bank and South Indian Bank reflect its trusted position within the financial sector. This is further complemented by collaborations with fintech companies such as Twid and Simpl.
To conclude, CCAvenue’s success story continues to be written with their international business consolidated under the same brand name since September 2022. Their track record of consistent growth, strong client portfolio and recognition for innovation makes them a formidable player in India’s payment gateway landscape.
4. Instamojo
When you’re looking for a robust payment gateway in India, it’s impossible to overlook Instamojo. This homegrown fintech powerhouse, based out of Bangalore, specialises in providing an array of e-commerce solutions designed specifically for the growing market of small and medium businesses (SMBs), freelancers, creators and Direct-to-Consumer (D2C) brands.
Instamojo’s journey began back in 2012 when founders Sampad Swain, Akash Gehani, Aditya Sengupta and Harshad Sharma decided to create a solution that could cater to the needs of India’s burgeoning SMB sector. Fast forward nine years and the company now boasts impressive figures: around 135 employees managing over Rs 50 crore ($6.5 million) revenue in FY22 alone!
But what sets Instamojo apart is their unique suite of products/services that includes not just online payment solutions but also an intuitive online store builder and strategic logistics integrations. This holistic approach allows clients to run their businesses more efficiently by integrating key operations under one platform.
They’ve integrated with popular ecommerce platforms like WooCommerce as well as with trusted logistics providers such as Delhivery – making it easier than ever for SMBs to compete on a larger scale.
Instamojo’s innovative approach to serving the SMB sector has seen them bag several prestigious awards including the ET Startup Awards in 2016 and Nasscom Emerge 50 Award in 2018. Currently, they power over one million MSMEs across India – a testament to their influence in the market.
Instamojo’s continued success is driven by its commitment to research and development with a focus on payments, ecommerce, and logistics for MSMEs and D2C brands. It’s this dedication that keeps them at the forefront of India’s fintech industry and makes them a key player in our list of top payment gateway companies.
5. EBS
Delving into the financials, we find that EBS had quite a successful fiscal year in 2022-2023. The company reported total revenue of Rs 37,933 crore (₹379.33 billion). Their net profit wasn’t far behind with a staggering Rs 5,945 crore (₹59.45 billion) by March 2023.
| Fiscal Year | Total Revenue | Net Profit |
|---|---|---|
| 2022-23 | ₹379.33 billion | ₹59.45 billion |
Now, let’s take a closer look at their workforce size and business operations. As of December 2022, EBS proudly housed approximately 2,500 employees across all its offices.
EBS is well-known for providing cloud infrastructure and platform services such as databases and analytics engines while also offering block storage solutions to businesses worldwide. In addition to these services, they’ve also made strides in the bio-solutions sector where they offer contract development and manufacturing services for vaccines and therapeutics.
US Federal Program Agencies along with tech giants SAP, Oracle, Microsoft are among some of their major clients who have put their faith in EBS’ expertise.
With regards to geographical presence – EBS has established its roots solidly on both sides of the globe with headquarters both in Bengaluru India as well as Gaithersburg Maryland USA.
In just one year (2022), EBS accomplished several significant feats including enabling transformation of various clients from their own system ‘EBS’ to Oracle Cloud. Meanwhile Emergent BioSolutions arm secured a whopping $680 million contract from the US government; reinforcing their standing in the industry.
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6. Paytm
Stepping up as one of the top payment gateway companies in India, Paytm’s growth has been nothing short of remarkable. With a revenue of ₹7,990 crore for FY 2022-23, it’s experienced an impressive 61% YoY increase. Not only that, but their net loss has also narrowed by 44% YoY to ₹1,704 crore.
Supported by a dedicated team of over 12,800 employees (as of September 2022), they’ve proved themselves to be a force to be reckoned with in the digital payments sector. They offer a wide range of products and services including their notable Paytm Wallet and UPI services, merchant payment facilities and financial offerings like personal loans and insurance products.
They’ve amassed a considerable customer base; boasting over 300 million consumers and more than 20 million merchants who trust them for their transactions. Headquartered in Noida, Uttar Pradesh – they’re very much at the heart of India’s digital revolution.
Paytm’s list of achievements is quite extensive. In fact, they made headlines with the largest IPO in India at the time back in 2021. Furthermore, their Gross Merchandise Value (GMV) reached an astounding ₹13.2 lakh crore in FY23! Their user engagement is also on an upward trajectory with 85 million average monthly transacting users recorded in Q3 FY23 – that’s up by 32% YoY!
Paytm continues to innovate as it builds its AI stack for Indian as well as global markets. This commitment to improvement hasn’t gone unnoticed either; they bagged ‘The Most Innovative Fintech App’ award at Fintech Forum’s IFTA event held in 2022 and were named ‘Best Prepaid Wallet’ at Rural & Urban Development Summit & Awards the same year.
As you can see, Paytm is not just surviving in the competitive payment gateway industry, it’s positively thriving. It has successfully positioned itself as a leading digital payments company and super app across India – a testament to their forward-thinking strategies and relentless pursuit of excellence.
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7. Cashfree
Stepping into the limelight, Cashfree is a prominent player in the Indian payment gateway landscape. With its headquarters nestled in Bengaluru, this company has been making waves since its inception in 2015. Founded by Akash Sinha and Reeju Datta, Cashfree started as a mere payment gateway but didn’t stop there. The firm expanded its portfolio to include Payouts (bulk disbursals), split payments, and bank account verification API.
Reflecting on the financial growth of Cashfree, it’s quite evident that they’ve had an impressive run. Their revenue surged from Rs 99.6 crore in FY20 to a whopping Rs 227.33 crore in FY21 – that’s more than double! Furthermore, their net profit also saw an increase of 48%, escalating from Rs 17.06 crore in FY20 to Rs 25.22 crore in FY21.
As of June 2022, Cashfree boasted a strong force of 853 employees – marking a remarkable growth rate of around 75% within just one year!
Their client base includes some serious heavyweights such as Xiaomi, Zomato, Cred and Swiggy among others. In total terms, they’re currently powering payments for over an impressive number of 300k merchants!
To ensure seamless transactions for their clients and customers alike, Cashfree has integrated with renowned platforms like Shopify, PayPal and Google Pay.
They’ve bagged themselves seats on Deloitte Fast50 list for two consecutive years! And if we take a look at their market share – it stands tall at over half amongst Indian payment processors.
In terms of expansion through acquisitions – they acquired Zecpe which was later rebranded as Ecom360 in 2022. This move has further broadened their horizons and capabilities within the digital payment ecosystem.
In conclusion, Cashfree’s journey thus far has been marked by rapid growth, strategic partnerships, and noteworthy achievements. It’s clear that they’re a force to be reckoned with in India’s digital payments landscape!
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8. Citrus Pay
Rolling into the digital payments space in India, Citrus Pay has made a mark. Founded by Amrish Rau and Jitendra Gupta back in 2011, it’s now among the top 5 digital payments companies in India. With its origins rooted in Mumbai, this fintech star can boast of being the fastest growing one on Indian soil.
Citrus Pay’s services aren’t limited to mobile payments alone. It offers a range of solutions that cater to your needs like digital wallets and payment processing APIs. Dominating their client list are top airlines and utilities along with more than 10,000 merchants that rely on their services. They’ve also managed to win over an impressive base of over 25 million consumers.
Financially speaking, they’re performing well too. Posting revenues approximating INR 2,500 crores ($330 million), they witnessed an upward swing of around 11%. However, profits didn’t follow suit as there was a dip by about 39%, landing at INR149.6 crores ($20 million). Operating under the wings of parent company PayU since its acquisition for $130 million back in 2016, it remains committed to delivering robust financial performances.
Housing between 200-500 employees led by CEO Amrish Rau – one of the founders himself – dedication is deeply ingrained within the company culture here.
Their partnerships echo their commitment towards offering superior service quality too; having associations with giants like Visa and RuPay speaks volumes about their credibility.
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9. PayPal
Let’s dive into the world of PayPal, one of the most recognised names in the digital payment sector. With a whopping revenue of ₹2,05,385 crore and a net income of ₹2,420 crore, it’s clear to see why they’re at the top. A workforce of 29,900 dedicated employees contributes to this success.
Their main services range from digital payments and online money transfers to providing online shopping carts and processing payments for online vendors. This wide array of solutions has attracted key clients like eBay, Facebook, Uber, Airbnb and Expedia.
Despite being headquartered in San Jose, California USA, their influence is global. They’ve processed over $1.2 trillion in total payment volume with 4.9 billion payment transactions just in 2021 alone! As of 2022 they boast more than 430 million active accounts worldwide.
PayPal has also made notable strides through various projects and partnerships; teaming up with Apple to enhance PayPal and Venmo offerings on Apple devices was a significant move. The tech giant also acquired Happy Returns and Paidy while launching PayPal Zettle and Hyperwallet.
A look back at their history reveals an impressive journey; founded in 1998 went public in 2002 then got acquired by eBay that same year before eventually spinning off from eBay in 2015. Currently owning a massive 31% share of the global digital payments market as per data from 2021.
Investing heavily into research & development forms a key part of their strategy too; they parted with $1.2 billion for R&D efforts focused on security user experience and platform resiliency during last year alone.
Fortune ranked them #9 on World’s Most Admired Companies list for this year (2022). They’ve grown through acquisitions too with major subsidiaries such as Venmo Braintree iZettle Hyperwallet under their wing.
As for notable personalities, Dan Schulman stands out as the company’s President and CEO. His leadership has been instrumental in steering PayPal to its current position of prominence.
In conclusion, PayPal continues to be a dominant force in India’s digital payments landscape with an impressive portfolio of services, key partnerships and innovative solutions under its belt.
10. DirecPay
One of the top digital payment gateway companies in India is DirecPay. Nestled at the heart of Mumbai, this financial powerhouse was founded in 2010 and later acquired by Prosus, a part of the Naspers group, in 2017.
DirecPay has made significant strides over the years, standing out for its robust online payment gateway solutions. It’s not just about credit and debit card processing; they’ve got net banking and mobile payments covered too. In FY 2022 alone, they reported a revenue of ₹2,130 crore – that’s a hefty 51% increase from the previous year!
DirecPay also turned profitable with an enviable profit of ₹126 crore in FY 2022 after suffering losses in earlier years. This remarkable turnaround can be attributed to their diligent team (which stood at 107 members as of June 2022), strategic decisions and innovative offerings.
What distinguishes DirecPay even further is their impressive portfolio of projects and partnerships. Most notably, they acquired BillDesk – one of India’s leading online payment gateway businesses – for $4.7 billion back in 2021. Gartner included them in their Market Guide for Online Payment Gateway Solutions back in 2015.
In conclusion, While there may be many players on the field when it comes to online payment solutions within India, DirecPay undoubtedly holds its own with strong revenue growth, notable acquisitions and industry recognitions under its belt.
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Conclusion on Payment Gateways in India
Expanding your business into the exciting world of Indian e-commerce, then you’ll need a reliable, secure payment gateway. It’s important to choose a company that understands the unique needs and preferences of Indian consumers. Let’s round up what we’ve learnt about the top 10 payment gateway companies operating in India today.
Firstly, it’s clear that these companies offer an impressive array of features to support both businesses and customers alike. They’re providing top-notch security measures, seamless checkout experiences and comprehensive customer support services. These are essential factors when it comes to building trust with your potential customers.
Additionally, these companies have adapted their solutions to cater for India’s diverse population. Recognising that not everyone has access to credit or debit cards, they’ve incorporated numerous alternative payment methods such as UPI (Unified Payments Interface), mobile wallets and even cash on delivery options.
Ultimately, choosing the right payment gateway can be a game-changer for your business’ success in India’s vibrant e-commerce scene. Equip yourself with knowledge and make an informed selection – after all, it could make all the difference in how smoothly transactions are processed, and how satisfied your customers end up being.
