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Best picks for Mobile Payment Gateways in India

Best picks for Mobile Payment Gateways in India

A lot of times i get asked with a question — “I wish to have mobile payment service within the app, which Mobile Payment Gateway Should I Use?”

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Indeed it’s a good question especially considering so many service providers and there is no ‘one-size-fits-all’ system. There are a lot of Mobile Payment Service providers in India that one can incorporate into the app and here are some of my best picks, in no specific order, based on the three key aspects of differentiations:

  1. Key Features
  2. Prices
  3. Service

CCAvenue

One of the most popular gateways in the country with support from maximum banks in the country. No wonder it still powers more than 85% of the e-commerce merchants in India.

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CCAvenue panel not only allows you to check your transaction details but also offers you a comprehensive statistical online report and a transparent view of all your transactions in real-time. This feature is called ‘Smart Analytics’. CCAvenue also supports UPI payments.

Features: As per the official site it supports:

  • 7 Credit Cards
  • 53+ Net Banking
  • 98+ Debit Cards
  • 7 ATM Cards
  • 48 Bank’s IMPS
  • 16 Prepaid Instruments
  • 12 Bank EMI options

Localization is such a crucial phenomenon for emerging markets and CCAvenue knows this. CCAvenue’s multilingual checkout page offers 18 major Indian and International languages that provides a wider global reach.

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Collecting payments in foreign currencies is made simple as the company allows to collect payments in 27 major foreign currencies, allowing users to choose the mode, which they know best.

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Pricing: There are two pricing. Startup Pro and Privilege. The Startup Pro is Free for set up and charges 1200 ₹ (+taxes) for AMC. There is a flat fee of 2.00% (+ taxes as applicable), MasterCard & Visa Credit Cards (International) gets charged at 3.00% (+ taxes as applicable), American Express / Amex EMI,JCB & Diners Club gets charged at 3.00% (+ taxes as applicable) and 27 Multi-currency options get charged at 4.99% (+ taxes as applicable). Considering the other players in the market, these prices are bit higher.

For Privilege, the pricing differs based on discussion you have with their team. But the setup cost is ₹ 30,000/- one time, which is lot.

Support: Something that CCAvenue needs to really work on. I personally found they are bit slow in handling support. However, once the ticket is acknowledged, they ensure its fixed without much of your involvement. They also have a chat support to help you resolve your issue.

What Works Best:

  1. Set up time is super quick. Even besides the paper work, they ensure their focus is on setting your account quickly
  2. Great customization available at your service for the checkout page
  3. 3-Retry options using Smart Retry ensuring customer is never sent off the page

Visit the Site: https://www.ccavenue.com

Instamojo

One of the growing payment service provider startups in the country. I have had experience working with the team and its seamless. They are slightly different in the offering than compared to CCAvenues especially with the target audience and feature they cater to. InstaMojo is preferred for merchants looking to sell digital products online such as Music, eBooks or videos.

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Features: Setting up payment is as simple as making a sign up. You can simply receive payments via @ username within 3 days. We had made an account with Instamojo and this is how simple the page looks like. Enter the purpose and payment amount, that’s all. All you have to then look is at your bank account update SMS.

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It also allows integration with your Android & iOS app, thanks to the wonderful documentation at rescue. You can check the documentation here.

What i love about InstaMojo is how they challenge themselves to go extra mile to explore different avenues to make ‘user convenience’ as their goal. Using InstaMojo you can also collect payments via WhatsApp, Facebook, Twitter and more. The video below explains the process:

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One thing that has to be noted is that, WhatsApp is also in talks with SBI and NPCI for Unified Payments Interface (UPI) integration in India. This news follows after WhatsApp disclosed its plans to launch peer-to-peer payment systems in India that will be powered by UPI. With over 200 million active users in India, this new feature would certainly be a feature-boost to the users especially in transit.

As of now, Instamojo processes payments in Indian Rupees (INR). They currently do not support multi-currency payments.

Pricing: They make it very simple. It’s just 2% +₹3 per successful transaction. The price is 5% + ₹3 for selling digital goods. They also allow you to host the files and sell it at 5% + ₹3 per transaction. You can read more about the pricing here. There is no setup cost.

Support: They care and the user’s know it. They are prompt in their replies. Not just their support, but even their case studies and ebooks help users to understand growth hacking tips.

What works best:

  1. Takes hardly anytime to set up the account. Its simple and efficient. Zero Set up cost.
  2. Own no website? Need not worry. InstaMojo helps to kick off your own brand in less than 60 seconds. Yes, it’s forever free. Check this video to know more.
  3. Receiving payments via Email and SMS.

Visit the Site: https://www.instamojo.com

RazorPay

Founded in 2013, RazorPay became the only Indian Startup to be selected in Ycombinator in 2015. This organization primarily focuses on small e-commerce setups and makes it easier for organizations to accept online payments. Over the last 4 years, this brand has been trusted by several companies such as NestAway, ClearTax, Udacity and many more.

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Features: The company provides several features such as Auto Fill OTP on Android, No Redirects on payment process, Accepts payments through 50+ banks using netbanking and wallet support for payments such as Mobikwik, PayUMoney, Freecharge, Jio Money, Ola Money and many more. According to the company, the SDK is as light as 100kb which makes it light for developers to incorporate it with their projects. There is also a support for UPI Payments. Currently, they only support INR as the final payment currency.

Pricing: There is not setup cost. For the standard payment options like: Domestic Credit and Debit cards, Net Banking, UPI and Wallet, there is a flat fee of 2% (+ ST) per transaction. For Diners and Amex Cards, International Cards and EMI there is 3% (+ST) as the fee. Check out more about the pricing here.

Support: Prompt for Enterprise Level of account with 24×7 Priority Support. Support for Standard Account is limited to Email, Chat and Call Support. For enterprise level, there is a key account manager too for quick responses in case of escalations.

What works best:

  1. Less paperwork to setup account with RazorPay.
  2. Go Cashless on Delivery with eCOD. No Internet required or wallet access needed by customers.
  3. Device authentication and card saving across apps for the fastest payment experience.

Visit the Site: https://razorpay.com/

PayUBiz

With 80 of top 100 ecommerce portals in India using PayUBiz, this service provider is certainly amongst the top 5 choices by Indian Merchants. To name a few top brands that use PayUBiz: SnapDeal, Jabong, OLA, Groupon, Goibibo, RedBus.in, Myntra and many more.

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Features: The company provides several features and one of its USP’s is OneTap™ Payment. This feature allows merchants to set up white labelled vault to store your customer’s card data, easing out the process of check out without customer having to re-enter the details again. The company has also achieved a major technological breakthrough allowing repeat users to never input their CVV again. Magic retry allows users to retain on the transaction page than adding to frustration in case of network drops or failures. The payment process also includes Auto-read OTPs, Multi-Currency Gateway, Great Analytics Dashboard for merchants to understand payment performances.

Pricing: The chart below explains the pricing. You can also read more about the pricing here.

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Support: Honestly, i have not yet used PayUBiz, but based on several research points, people rate PayUBiz amongst their top 3 choices in case of support. Some even suggest that, their support is prompt and follow up goes higher than expectation.

What works best:

  • Dynamic Switching Algorithm which enables PayUBiz engine to automatically detects the health of different acquiring gateways and routes the transaction to the best gateway. Up To 12% increased conversion rates are assured.
  • Earnings are transferred to your bank account on a 2-day rolling basis.

Visit the Site: https://www.payubiz.in/

At Androcid, we build many apps that support Payment Gateways. If you are looking for building your own apps, check Androcid at: http://androcid.co. We are a premiere mobile application engineering company based out of the sunny state of India, Goa.

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