providers in India and the kind of services they offer. 

Top 5 payment providers in India 

Here are the top 5 payment providers in India in terms of popularity and the volume of digital transactions handled. 

• Razorpay

One of the more recent online payment gateways to have graced the Indian shores is Razorpay. Incorporated in the year 2013, the payment service provider has managed to grow quickly and is now one of the most popular providers in the country.

Razorpay supports multiple payment modes including popular wallets, UPI, netbanking, and credit and debit cards. In addition to this, the provider also supports automation of payments from the merchant side and promises easy integration of the payment gateway with minimal coding involved.  

• CCAvenue

Incorporated in the year 2015, CCAvenue is a subsidiary of Infibeam Incorporation Limited. Although the payment gateway started off as primarily for making payments through credit and debit cards, CCAvenue has more recently upgraded its platform to provide other payment methods such as netbanking, UPI, and wallets as well. 

In addition to supporting domestic cards, CCAvenue also accepts international credit and debit cards too. The platform also supports multi-currency payments as well, making it one of the most versatile payment providers in India. 

• PayU

Established way back in the year 2002, PayU is one of the earliest payment service providers to have set foot in India. Based in the Netherlands, PayU online payment gateway allows merchants to quickly and effortlessly integrate it into their web and mobile applications. 

One of the many advantages of PayU is that it supports almost all payment options such as credit cards, debit cards, netbanking, wallets, and UPI. It even supports card EMI payments as well, enabling consumers to purchase products from merchants on easy EMIs. Of late, PayU has also started to support Buy Now, Pay Later providers like Lazypay and Ola Postpaid as well. 

• BillDesk

Founded in the year 2000, BillDesk is another one of the oldest payment gateways in India. Based in Mumbai, the payment provider offers multiple payment options including cards, UPI, netbanking, and wallets. 

In addition to that, BillDesk even offers autopay solutions via eNACH mandates and UPI AutoPay, which the customers of merchants can use to make regular payments. Despite being acquired by PayU in the year 2021, BillDesk continues to operate as a separate payment processor. 

• Instamojo

Another one of the more recent payment processors in India, Instamojo was established in the year 2012. As with all the other payment service providers that you’ve seen till now, Instamojo also offers nearabout the same services and payment methods. 

With a simple setup, the provider enables small and independent businesses to quickly set up their payment ecosystem. Although Instamojo is not as popular as the other options mentioned above, they’re growing quickly.  

Wrapping up

And there you have it - the top 5 payment providers in India. In addition to the ones above, there are others as well such as Citrus Pay, EBS payment gateway, Zaakpay, and Atom Paynetz, among others. Now that you’ve gotten a good idea of payment gateways and providers, in the next chapter, we’re going to take a look at the electronic wallet. 

A quick recap

• Payment service providers play a major role in enabling customers to digitally transfer funds to merchants. 
• Apart from being the link that enables financial transactions and payments, these payment service providers also help technically connect merchants to various banks, card payment processors, and other payment networks.
• The top 5 payment providers in India in terms of popularity and the volume of digital transactions handled are Razorpay, CC Avenue, PayU, BillDesk, and Instamojo.
• Being incorporated in 2013, Razorpay is one of the more recent online payment gateways to have graced the Indian shores. 
• Razorpay supports multiple payment modes including popular wallets, UPI, netbanking, and credit and debit cards. 
• Incorporated in the year 2015, CCAvenue is a subsidiary of Infibeam Incorporation Limited. 
• In addition to supporting domestic cards, CCAvenue also accepts international credit and debit cards too. 
• Established in the year 2002, PayU is one of the earliest payment service providers to have set foot in India.
• PayU supports card EMI payments as well, enabling consumers to purchase products from merchants on easy EMIs. 
• Founded in the year 2000, BillDesk is another one of the oldest payment gateways in India. 
• BillDesk offers autopay solutions via eNACH mandates and UPI AutoPay, which the customers of merchants can use to make regular payments. 
• Instamojo, established in the year 2012, focuses on enabling small and independent businesses to quickly set up their payment ecosystem.