Top 5 Payment Gateways in India

Payment gateway is a service that allows businesses to accept payments online. They offer a wide range of features, including support for multiple payment methods, secure checkout, and fraud protection.

Jul 20, 2023 - 16:43 Updated: Sep 26, 2023 - 11:48

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Payment Gateway is a piece of software designed to allow buyers and sellers to securely exchange money online using a variety of methods. LetsPe is an emerging name in the list of Top Payment Gateways in India. They serve as the link between the Buyer and the Seller to facilitate the payment exchange for the goods or services.

Go through the article and learn more in detail about the concept of Payment Gateways along with top 5 Payment Gateway firms in India 2023.

Best 5 Payment Gateways in India 2023

Below we have mentioned the most suitable 5 payment gateways in India at present.

1. CashFree

As a gateway option, Cashfree has a number of eCommerce CMS systems, integrations, and reasonable usage costs that increase its credibility.
Some well-known clients of Cashfree include OlaMoney, Delhivery, Zoomcar, MedLife, Cred, and Zomato.

Costs and Additional Charges:

Set-Up Fee - Free

Annual Fee - Free

Transactional Fees -

1.90% when you use Net Banking, Digital Wallets, Google Pay, and Debit/Credit cards.
3.5% + INR 7 for Visa and Mastercard international Credit/Debit cards
2.95% for Diners Club and American Express cards
2.5% for PayLater and Cardless EMIs
0% for UPI and RuPay

Accepted Payment Methods - Debit/Credit cards, digital wallets, UPI, EMI, and more than 100 additional payment methods

Currencies Supported: The supported currencies include INR, USD, BDT, AUD, CAD, JPY, GBP, NZD, NPR, and 15 others.

Approval and Onboarding Time: 2-4 Days.

Integration with eCommerce platform: Several others include WooCommerce, Magento, and Shopify.

2. Razor Pay

Customers of RazorPay can easily make automatic payments. Due to its low-code integration, SMEs can quickly embrace it, necessitating little to no IT help.
Additionally, you receive extensive business-driven analytical support in the form of reports and insights as a business customer.

Costs and Additional Charges

Set-Up Fee - Free

Annual Fee - Free

Transactional Fees -

2% for credit/debit cards, net banking, upi, and mobile wallets used by Indian consumers.
3% for international cards, EMIs (on credit cards, debit cards, and cardless purchases), Diners and Amex cards, and cards from other countries.
For tools like Flash Checkout, Reports, Dashboard, and others, 2% Razor pays a platform charge.

Accepted Payment Methods - NEFT, RTGS, IMPS, Virtual bank accounts, & UPI IDs, UPI payments, Credit cards, Debit cards, cardless, international cards, EMI, and corporate Credit cards.

Currencies Supported: There are more than 100 different currencies available, including INR, AUD, GBP, and USD.

Approval and Onboarding Time: 4-5 days

Integration with eCommerce platform: Razor Pay's Java SDK connection builds provide seamless integration with the top CMS eCommerce platforms.

3. Paytm

An aggregator of FinTech, Paytm is widely used by both merchants and consumers. Additionally to supporting a variety of payment methods, it has strong security measures.
The payment platform provides Adani Services, Reliance Jio, Uber, Zomato, Swiggy, and many more companies with a B2B/B2C payment gateway solution.

Costs and Additional Charges

Set-Up Fee - Free

Annual Fee - Free

Transactional Fees -

18% GST +
1.80% for Net banking,
1.55% for PayTm Wallets,
1.85% for Credit Cards
AMEX/International: 2.65%
0.4% for Debit cards below

Accepted Payment Methods - UPI, Debit Card, Credit Card, NetBanking, AMEX/International

Currencies Supported: All active currencies

Approval and Onboarding Time: Approvals are subject to KYC completion.

Integration with eCommerce platform: It supports different eCommerce CMS platforms in addition to Magento.

4. Paypal

Elon Musk co-founded and owns PayPal. It serves more than 325 million active consumers and offers PCI DSS-protected electronic payment solutions in 200 other countries in addition to India.
Its widespread presence has given it a valued reputation, which keeps its current consumer base growing.

Costs and Additional Charges

Set-Up Fee - Free
Annual Fee - Free
Transactional Fees - 5% + 3 INR per transaction

Accepted Payment Methods - Netbanking, digital wallets, cash cards, Visa, MasterCard, American Express, and Discover

Currencies Supported: Including INR, USD, GBP, CAD, and more than 56 additional currencies.

Approval and Onboarding Time: Within 30 days of PayPal's acceptance, the request must receive merchant approval.

Integration with eCommerce platform: Any eCommerce CMS platform that has a live service account can be integrated.

5. LetsPe

LetsPe offers Fast Settlements, UPI Autopay Option, and Payment Button Service & is the best alternative for Unregistered Companies as well.

LetsPe is Extremely secure and safe, Working flawlessly, Offering low-cost TDR, Not keeping clients to wait for exwaitinghours to pay, Driving your company's growth and above all it allows the businesses’ to make instant payment settlements.

Costs and Additional Charges

Set-Up Fee - Free

Annual Fee - Free

Transactional Fees - Up to 2% + GST