An Overview of Payment Gateways in India
Payment gateway technology has transformed the way businesses operate in India. According to a report by the Reserve Bank of India, digital payments have witnessed a surge in India, with the total number of transactions crossing the 5 billion mark in August 2021. It also highlights the growing adoption of digital payments and the increasing need for reliable payment gateway services in India.
The rise of e-commerce platforms and the growing use of mobile phones has been significant driver of the growth of payment gateways in India. As per the recent report by the Internet and Mobile Association of India (IAMAI), the e-commerce industry in India is expected to reach $111 billion by 2024, growing at a CAGR of 27%. This trend has led to increased businesses accepting digital payments, and payment gateways have emerged as key facilitators of this growth.
Payment gateways in India have also become more user-friendly and affordable, with many providers offering low transaction fees, customizable payment pages, and quick sign-up processes. It has made it easier for small and medium-sized businesses to accept digital payments and compete with larger businesses. The COVID-19 pandemic has also accelerated the adoption of digital payments in India, with many consumers preferring contactless payments over cash transactions.
Challenges Experienced by Businesses with Payment Gateways in India
While payment gateways are a convenient way of making transactions, users in India face several challenges. Some of the major problems are:
Limited payment options:
Many payment gateways in India support only a few payment options, which can be a problem for users who prefer different payment methods.
High transaction fees:
Some payment gateways charge high transaction fees, which can increase the cost of online transactions.
Technical issues:
Users may face technical issues while using payment gateways, such as slow processing time, website downtime, and payment failures.
Security concerns:
Payment gateways deal with sensitive financial information, and users may be concerned about the security of their data.
Solutions provided by Easebuzz:
Easebuzz is an outstanding payment gateway provider in India that offers solutions to the problems faced by users. Some of the solutions are:
Multiple payment options:
Easebuzz supports multiple payment options, including credit/debit cards, net banking, UPI, and wallets, making it easy for users to make payments using their preferred method.
Low transaction fees:
Easebuzz charges low transaction fees, which makes it affordable for users to make online transactions.
Robust technology:
Easebuzz’s robust payment gateway technology ensures fast processing time, website uptime, and payment success rates.
Security measures:
Easebuzz uses industry-standard security measures to protect users’ financial information. It is PCI DSS compliant, which means it adheres to the highest security standards.
Easebuzz Payment Gateway vs Other Payment Gateways in India: A Comparative Analysis
| Segments | Easebuzz Payment Gateway | Other Payment Gateways in India |
| Multiple Payment Options | Supports credit/debit cards, net banking, UPI, wallets, EMI | Limited payment options |
| Low Transaction Fees | Charges low transaction fees, starting from 1.5 to 2% per transaction | Charge higher transaction fees, ranging from 2% to 3% per transaction |
| User-friendly Interface | Easy-to-use interface and quick sign-up process | Complicated interface and lengthy sign-up process |
| Advanced Technology | Robust payment gateway technology with fast processing time and high success rate | Outdated technology with slow processing time and lower success rate |
| Customizable Payment Pages | Customizable payment page with brand logo and colour scheme | Non-customizable payment page |
| Recurring Payment Options | Offers recurring payment options, useful for subscription-based businesses | No recurring payment options |
| Security Measures | PCI DSS compliant with industry-standard security measures to protect financial information | May lack adequate security measures, raising concerns about data privacy |
| Integration | Offers API Integration | Limited or no API integration options available |
As seen from the table above, the Easebuzz payment gateway stands out in several key areas compared to other payment gateways in India. It offers multiple payment options, low transaction fees, a user-friendly interface, advanced technology, customizable payment pages, recurring payment options, and high-security measures. It’s making it the best choice for businesses in India looking for a reliable and efficient payment gateway provider.
Unique features of Easebuzz:
Easebuzz has several unique features that set it apart from other payment gateway providers in India. Some of the features are:
Quick sign-up:
Easebuzz has a quick and easy sign-up process that allows users to start accepting payments within minutes.
Customizable payment page:
Easebuzz allows users to customize their payment page with their brand logo and colour scheme, which enhances their brand identity.
API integration:
Easebuzz offers API integration, which allows businesses to integrate payment gateway into their website or application seamlessly.
Recurring payments:
Easebuzz offers recurring payment options, which is useful for businesses that offer subscription-based services.
Advantages of using Easebuzz:
There are several advantages to using Easebuzz as your payment gateway provider. Some of the advantages are:
Affordable:
Easebuzz offers low transaction fees, which makes it affordable for businesses of all sizes.
Easy to use:
Easebuzz has a user-friendly interface that is easy to use, even for those who are not tech-savvy.
Secure:
Easebuzz uses industry-standard security measures to protect users’ financial information.
Reliable:
Easebuzz has a high payment success rate and offers quick processing time, which makes it a reliable payment gateway provider.
Conclusion:
Payment Gateway is an essential technology for online transactions, and Easebuzz is an outstanding payment gateway provider in India that offers solutions to the problems faced by users. Its unique features and advantages make it stand out from other payment gateway providers. Easebuzz is affordable, easy to use, secure, and reliable, making it the preferred choice of businesses in India. Its multiple payment options, low transaction fees, robust technology, security measures, customizable payment.
FAQ’s
1. Payment gateway charges in India?
Easebuzz offers low transaction fees for its payment gateway services in India, starting at just 1.5% per transaction. This makes it an affordable option for businesses of all sizes.
2. Payment Gateway in India for ecommerce?
Easebuzz is a reliable and user-friendly payment gateway provider in India that caters specifically to the needs of ecommerce businesses. It supports multiple payment options, offers customizable payment pages, and has a robust technology that ensures fast processing time and high payment success rates.
3. Free payment gateways in India?
While several payment gateways in India offer free services, it’s important to note that these may not always be the most reliable or secure options. Easebuzz offers low transaction fees and a range of features, making it a more reliable and secure payment gateway provider in India.
4. Best payment gateways in India?
Easebuzz is considered one of India’s best payment gateway providers, with many features that set it apart. It offers multiple payment options, low transaction fees, customizable payment pages, robust technology, and industry-standard security measures to protect user data. Its user-friendly interface and quick sign-up process also make it a popular choice for businesses in India.
5. Payment gateway companies in India?
There are several payment gateway companies in India, but Easebuzz is one of the most reliable and affordable options. With multiple payment options, low transaction fees, robust technology, and industry-standard security measures, Easebuzz is a preferred choice for businesses of all sizes.
6. Which is the top brand for payment gateway services in India?
Easebuzz is a highly trusted and popular brand for payment gateway services provider in India. Their platform offers a variety of payment options and features, making it easy for businesses to accept online payments securely and conveniently.
