The 5 Most Popular Online Payment Gateways

The ecosystem of online payment services may seem complicated, but its purpose is to provide convenience. No matter the size of your organisation, if you want to reach potential customers, it’s essential to offer an online payment option. 

For instance, Saurabh Agarwal, CFO, Medlife wanted to reduce manual efforts and simplify payments. By using Razorpay Route, a completely automated solution, Medlife auto-routed its daily fund collection to business units spread across different cities. 

Well, choosing the right payments solution that supports your unique business case can be quite challenging and demanding.

Here’s a list of payment service providers that we think are not constrained by geographies.

1. Razorpay

Razorpay is the only payments solutions provider in India that allows businesses to accept, process and disburse payments with its product suite. Customers can avail access to all payment modes like credit and debit cards, UPI, and popular mobile wallets. With flash checkout, they can also transact seamlessly by just entering the CVV and 3D-secure. If you’re wondering how payment gateway works, Razorpay simplifies the process for you.

Also, Razorpay’s International Payments feature has introduced multi-currency support for up to 100 currencies, including United States Dollars, Great Britain Pounds, Singapore Dollars, Euros and UAE Dirham. 

With complete online onboarding, Razorpay’s product suite supports 50-plus banks for net-banking, and the solutions are PCI DSS Level 1 compliant and ISO 27001: 2013 certified. Businesses, as well as individuals and freelancers, can accept payments using Razorpay.

2. PayPal 

Nah, we aren’t going to talk about Elon Musk here. 

PayPal has been on the market for a long time. It is an electronic platform that allows users to send, receive and request money online by registering your bank account. With the aid of PayPal’s services, people from more than 200+ countries can process online payments. 

It offers two accounts: 

• PayPal Business helps e-commerce merchants accept payments
• PayPal Personal is commonly used to transfer and receive money from friends and families

3. Stripe

Stripe is a payment processor that supports credit card and recurring payments, Apple Pay and others. It offers customers quick onboarding, secure and flexible integration, good API services, simple interface, etc. 

This payment service provider allows individuals and businesses to accept online payments. Stripe also provides technical, fraud prevention, and banking infrastructure required to operate online payment systems.

4. Alipay

According to research, Alipay has a 54.26% share of the third-party payment market in mainland China, and it continues to grow. 

Launched in 2004 by the Alibaba Group, Alipay is a third-party online payment app. Alipay claims to have the most significant market share in China with 400 million users, which is close to half of China’s online payment market in 2016. 

It operates with more than 60 financial institutions, including Visa and MasterCard, to provide payment services to online and local Chinese businesses. 

Alipay can be used in smartphones with Alipay wallet app. It also provides other options like P2P transfer, ticket purchase, credit card bill payment, bank account management, etc.

5. Payoneer

Headquartered in New York City, Payoneer specialises in cross border B2B payments. Present in almost 200 countries, the payment service provider allows account holders to send and receive funds into their bank account.

Payoneer offers multiple ways to get paid from international clients and global marketplaces – quickly, securely and at the lowest costs. Its users can load funds to their prepaid MasterCard, and after loading, they can withdraw their money from any bank’s ATM where the logo of MasterCard is displayed.