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Payment Gateway's: The Future Of Online Payments

  Merchants use payment gateways to accept debit and credit card payments. The future of payments is an open system that is powered by token...

Payment Gateway

 

Merchants use payment gateways to accept debit and credit card payments. The future of payments is an open system that is powered by tokens. 


The end of payments is open, interoperable, and customizable to meet the needs of merchants and consumers. The future of payments is for everyone. 


Mobile can offer many benefits to consumers, merchants, and the entire payments ecosystem. But it also comes with its own set of challenges. Razorpay, Instamojo, Paypal, PayU, Cashfree are the leading and trusted payment gateway options.


 

What is a Payment Gateway?


A payment gateway is a type of computer program installed on the merchant's merchant terminal. Payment gateways allow merchants to accept credit cards or electronic payments and store these payments securely in a vendor-specific memory. 


It acts as a bridge between the two systems. Merchants can see their customers' account balances and transaction history. The companies are looking to the Payment Gateway as a conduit in place of the credit card processor. 


They can access the full transaction record and also have full visibility on the customer's experience. For example, if you had a third-party processor, you would not know that a customer had ordered a pizza.

 


How do Payment Gateways work?


Payment gateways are a security technology used by online merchants and payment service providers to process credit and debit card payments. 


This is a safe and secure way of making payments online. The payment gateway process works like this: The online merchant requests the details of the card used for making a purchase. 


The merchant generates a unique token that the payment gateway keeps with him. Once the token is generated, the merchant enters the payment amount and requests a token number for confirmation. 


After this, the payment gateway creates a secure connection with the payment processor to initiate the entire transaction. The payment gateway notifies the processor to create the token.

 


Benefits of Payment Gateways


The need for payment gateways has been around since 2000. But most companies/merchants are still not using the services. As a consumer, one of the main reasons for not using payment gateways is lack of trust, the fear of fraud, and transparency. 


You have to trust the wallet provider to protect your transactions. Most users, especially in India, trust their local exchange. But, with all the fraud cases, consumers slowly realize they need to explore other options. A few payment gateways have recently started rolling out mobile apps, which are fast and secure, making their customers feel safe.


 

Razorpay


Established in 2007, Razorpay is India's most trusted and acclaimed payment gateway. Razorpay is simple and fast to use but offers the most advanced features of any payment gateway. 


They have a wide variety of merchant solutions that are flexible, customizable, and the most cost-effective. Razorpay is currently processing more than 50 million transactions a month with a Payments Merchant Base of more than 500,000 merchants. 


They are also processing more than Rs 3,700 crore in GMV every month. Razorpay provides full solutions to merchants and the user. They provide payment gateway services, payments API, and merchant solutions.


 

With Razorpay, businesses can accept, process, and disburse online payments across the globe. Customers can accept payments, and cashouts can be automated. 


Customers can use new products such as recurring payments, EMIs at no cost, pay later, etc. A payment button helps businesses accept payment quickly and flag risky transactions immediately. 


Razorpay's products can also be used by unregistered businesses such as consultants, freelancers, professionals, and homemakers. The Razorpay payment suite allows users to mix and match different products to suit their specific needs. Subscriptions, Smart Collect, Payment Links, and Payment Gateways, among others, are the products that are included here. 


Activate this tool in a few seconds, integrate quickly, use APIs to automate, integrate multiple payment methods, stay compliant with PCI DSS Level 1, and get real-time data for insights. Providing customers with an excellent checkout experience helps businesses increase sales.

 


Instamojo


Instamojo has already conquered the mobile market by making digital shopping easy. Instamojo's user-friendly app allows buyers to browse through thousands of products at their fingertips and then pick what they want. 


If the buyer is too busy to research and choose things, Instamojo's built-in checkout-from-all-devices feature lets buyers check out in the app itself instantly. 


Additionally, with the launch of its Snap+Sale feature, which can be used on its iOS and Android apps, shoppers can keep track of all of the products they want to buy and buy everything they need while at home. 


And, of course, Instamojo also offers shoppers added value such as instant payment and shipping options. Paypal is one of the best-known names in digital payments.


 

Paypal


PayPal is the leading digital payment solution in the world. It is one of the major payment gateways available for payments online. More than 550 million users globally use PayPal in their everyday lives. 


More than $360 billion in payments are processed annually through PayPal. PayPal was originally a virtual cheque service established in 1999. This was the start of the now prominent digital payments marketplace. 


PayPal has become the easiest and the most popular way for consumers to send, receive and pay. PayPal provides its customers with a payment platform, mobile app, and online account. Paytm is India's most popular mobile payments platform. It is used to pay bills, make purchases and send money to friends and family.


 

PayU


PayU is the digital payment platform of Experian and the second-largest globally. It provides interoperable, integrated, and flexible digital payment solutions for merchants across the globe. 


The platform is one of the most downloaded Android, iOS, and desktops. PayU leverages its extensive customer base to drive market penetration, increase transaction volume and achieve cost reduction. 


PayPal is the leading global digital payments company, serving hundreds of millions of consumers and more than 60,000 businesses worldwide. 


The company enables consumers and merchants to send and receive payments online, mobile devices,, and real-time through the PayPal app. PayPal makes payments easier and enables people to shop, find and pay for things, all from one location.

 


Cashfree


Cashfree offers online payments and cash-on-delivery for Indian companies. Payments can be collected and disbursed quickly and easily through this service. 


Bulk payments can be disbursed instantly through Cashfree, making it more efficient than banks and simpler to use. Cashfree can verify the account and holder name of your customerse before any money is transferred. 


Your customers can subscribe to your services with Cashfree so they can pay for recurring services. Clients can receive money from local and international payments through a simple integration within two days. 


Payouts are also available through Cashfree's API to send money to UPI addresses, PayTM wallets, or bank accounts simply by uploading one file.



What is the future of payments?


Mobile money is still limited to a small number of markets as we know it. Take Kenya, for example, and there is a shortage of M-Pesa services within Kenya. 


Around the world, the credit penetration is still low and remains at less than 2%. In comparison, the digital payments industry in India is dominated by wallets. These wallets are gaining popularity, but only in urban areas. 


Mobile payment apps have given an extra push to mobile money adoption. A high percentage of mobile phone users still prefer cash-based services and believe that plastic money and cards are more convenient. The digital payment ecosystem is at an exciting crossroads where many options are available.

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