In India, payment aggregator has gained much popularity over the last decade, providing businesses with a variety of solutions for paying. These solutions make it easier for businesses to manage their financial operations, accept payments, and grow their customer base.
Businesses can benefit from increased security, convenience, and efficiency by partnering with a payment aggregator. In this article, we will basically take a closer look at the top 10 payment aggregators in India, including their key features, pricing, and how they can help businesses succeed.
Indias Top 10 Payment Aggregators List
Whether you are a small business owner looking to accept online payments or a large enterprise looking to streamline your financial operations, a payment aggregator is a valuable tool to have. So, this list will give you detailed information on the top ten payment aggregators in our country.
1. Paytm
Paytmis a leading payment aggregator in India, known for its user-friendly platform and wide range of payment solutions. Their payment gateway allows merchants to accept payments from customers through their website or mobile app. Paytm’s QR code-based payments allow merchants to receive payments in person, making it a convenient option for brick-and-mortar businesses.
In addition, the Paytm mobile wallet provides a secure and convenient way for customers to make payments. Paytm also offers a suite of financial management tools, such as invoicing and transaction tracking, to help merchants streamline their financial operations. With its extensive range of payment solutions, Paytm is a popular choice for businesses of all sizes in India.
2. Razorpay
Razorpayis a top aggregator for paying in India, known for its secure and reliable paying gateway. Moreover, they provide businesses with a range of features designed to meet their diverse needs, including multi-currency support, recurring payments, and an intuitive dashboard for managing transactions. As a result, the multi-currency support enables businesses to expand into new markets and increase their customer reach by offering local payment options.
The recurring payments feature makes it easy for businesses to set up recurring billing for subscriptions or memberships. Additionally, the easy-to-use dashboard provides businesses with real-time insights into their transactions and helps them make informed decisions about their financial operations. With its robust features and commitment to security, Razorpay is a trusted payment aggregator for businesses in India.
3. Instamojo
Instamojois a popular payment aggregator in India, offering a range of paying solutions for small businesses. They not only provide a payment gateway, but also provide invoicing, and serve to be a marketplace for selling products and services. They also offer a range of tools for managing finances and keeping track of transactions.
4. Cashfree
Cashfreeis a leading payment aggregator in India, offering businesses a range of spending solutions. They provide a payment gateway, recurring payments, as well as a range of tools for managing finances and transactions. They also offer a range of APIs for integrating their solutions into businesses’ existing systems.
5. CcAvenue:
CcAvenueis one of the oldest payment aggregators in India, offering a range of payment solutions for businesses. They provide a payment gateway, recurring payments, and a range of tools for managing finances and transactions.
6. PayU
PayUis a well-established aggregator for payment in India, offering businesses with diverse solutions. They provide a payment gateway, recurring payments, and a range of tools for managing finances and transactions. They also offer a range of APIs for integrating their solutions into businesses’ existing systems.
7. MobiKwik
MobiKwikis a leading payment aggregator in India, offering businesses various other solutions. They provide a payment gateway, QR code-based payments and a mobile wallet.
In addition to this, they also offer a range of tools for managing finances and keeping track of transactions.
8. Pine Labs
Pine Labsis a leading payment aggregator in India, offering businesses a range of paying solutions. Additionally, they provide financing and retail transaction technology, a payment gateway, and recurring payments. They also offer a range of APIs for integrating their solutions into businesses’ existing systems.
9. Billdesk
Billdeskis one of the oldest payment aggregators in India, offering a diverse range of payment solutions for businesses.
Furthermore, they offer recurring payments, a payment gateway, and a number of tools for handling money and transactions.
10. PayZapp
PayZappis a popular payment aggregator in India, offering businesses a host of payment solutions. Furthermore, they provide a payment gateway, QR code-based payments and a mobile wallet. They also offer a range of tools for managing finances and keeping track of transactions.
What Is the Difference Between a Payment Gateway and a Payment Aggregator?
An online payment gateway has an interface that handles payment transaction data at the front end and at the back end, it works with a bank to issue merchant accounts. On the other hand, payment aggregators can go through the acquiring bank’s underwriting process and process payments using either the same Merchant Identification Number (MID) or different MIDs.
Therefore, while a payment gateway is an intermediary, the payment aggregator is the interface where the payment gateway processes the transactions. So, most payment aggregators own payment gateways to offer various exclusive services to their merchant customers.
FAQs on Payment Aggregators in India
The following FAQs will help you better understand the concept of payment aggregators.
What is a payment aggregator?
A payment aggregator is a comprehensive solution that allows businesses to manage all aspects of their electronic payment transactions. This includes accepting payments from customers through a range of channels, such as a website or mobile app, processing transactions, and settling funds into the business’s account.
Badically, payment aggregators simplify the payment process for businesses by offering a single platform for managing multiple payment methods and currencies.
How does a payment aggregator work?
To use a payment aggregator, a business must first set up an account with the platform. This involves providing basic information about the business and its operations and configuring the payment gateway to meet the business’s specific needs. Once the account is set up, the platform provides the business with a range of tools and resources to accept payments from customers.
What are the benefits of using a payment aggregator?
Using a payment aggregator can simplify the payment process for businesses and help them grow their customer base. It offers a secure and convenient way for customers to reduce the risk of fraud and provides businesses with tools for managing their financial operations.
Payment aggregators can also help businesses expand into new markets and increase their reach by offering multi-currency support and local payment options.
What are the most popular payment aggregators in India?
Some of India’s most popular payment aggregators are Instamojo, Cashfree, CcAvenue, PayU, MobiKwik, Pine Labs, Billdesk, and PayZapp. Each aggregator offers a range of payment solutions for businesses, including payment gateways, recurring payments, mobile wallets, and more.
What should businesses look for when choosing a payment aggregator?
When choosing a payment aggregator, businesses should consider factors such as security, ease of use, customer support, and the range of payment options offered. It is also important to consider the fees and charges associated with using the aggregator, as well as the integrations that are available with other business systems.
Who is a payment aggregator according to RBI? Is Paytm approved by RBI?
A payment aggregator has been approved by RBI. After Paytm got approved by RBI, Paytm has shifted to digital adoption of payment of bills. The merchants can process secure, fast and convenient transactions through Paytm Payments Bank now. With this, RBI has granted approval for 32 already existing payment aggregators including Zomato, Pine Labs and more.
Is Amazon Pay a payment aggregator?
Amazon has been approved by RBI as the payment aggregator along with 32 other existing payment aggregators in India.
In short, the payment aggregator market in India is highly competitive, with a range of options available to businesses of all sizes. By choosing a reputable and reliable payment aggregator, businesses can simplify their financial operations, increase their customer reach, and grow their business.
Whether you are a small business owner looking to accept online payments or a large enterprise looking to streamline your financial operations, a payment aggregator is a valuable tool to have. Payment aggregators play a crucial role in facilitating transactions and ensuring the smooth functioning of the financial ecosystem in India. By choosing the right payment aggregator, businesses can take the first step towards growth and success.
Read More: