According to IMARC Group, The India payment gateways market size reached US$ 1,629.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,981.7 Million by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
A payment gateway is a merchant tool that allows customers to use debit or credit cards for transactions. It acts as a safe online pathway transferring payment information from the buyer to the seller’s bank. The payment gateway encrypts customer payment information submitted online to ensure security before sending it to the payment processor. Similarly, the processor communicates with the customer’s bank to confirm if the transaction meets the requirements for approval. If the bank confirms the funds are available and detects no fraud, it authorizes the transaction. This process typically occurs within seconds, allowing for fast and easy online transactions. Payment gateways provide key services like detecting fraud to lessen unauthorized transactions and allowing various payment options such as credit cards, e-wallets, and direct bank transfers to enhance the customer’s payment experience.
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The India payment gateway market is driven by several key factors influencing the landscape in distinct ways. As digital transformation accelerates companies offers comprehensive payment solutions that catered to a wide array of financial transaction which includes utility payments, mobile recharges, and online shopping. In line with this, payment gateway companies in India are at the forefront of financial technology innovations adapting to increasing demand for secure and efficient online transaction solutions. For instance, Razorpay has ventured into building UPI infrastructure, unveiling ‘UPI Switch’ in partnership with Airtel Payments Bank. This cloud-based infrastructure aims to power up to 10,000 transactions per second, boosting success rates by 4-5% and providing 5X faster access to UPI innovations for businesses. Integration of artificial intelligence, machine learning and blockchain are being leveraged in order to enhance security and efficiency of payment gateways. Companies are generally focusing on integrating these technologies because these technologies help in fraud detection and risk management which further ensures safer transactions which are important for gaining consumer trust. The adaptability of rapidly changing consumer preferences and the ability to offer customized solutions for diverse business needs are what makes payment gateways indispensable in current market. As digital landscape evolves payment gateway companies continue innovating to provide solutions that are not only technologically advanced but also user friendly.
List of Top Payment Gateways Companies in India
- 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
- Razorpay Software Private Limited
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