Know everything about Payment APIs and Top 5 Payment APIs
The payment API has been around for quite some time, but it is still one of the most popular ways to accept payments online. The digital payment trends in India will enable you to process and accept payments quickly with just a few clicks on your smartphone or laptop/desktop screens. According to a report by BCG, the value of digital payments in India to increase three-fold from US$3 trillion today to US$10 trillion by 2026.
In this article, you will learn why payment API are essential for you as well as your business. We will also give a list of top payment APIs.
Whether it is 2022 or 2023, the payment API will remain to trend in India. The reason why we say this is because
- It has become a necessity for businesses to accept payments through platforms such as Google Pay, Amazon Pay, and PhonePe.In fact, there are many companies that have started accepting digital payments from their customers by integrating these APIs into their websites and online stores.
- In India, several Indian startups, companies, and businesses are using payment gateways to provide a hassle-free experience to their customers. A report by PwC, states that India’s digital payments space has been growing at an impressive annual compound growth rate (CAGR) of 30%. UPI has contributed significantly to this growth, reaching a record of 22 billion transactions in 2020–2021.
- Nowadays, people prefer to do transactions via contactless payments. This means that all transactions can be done through mobile and internet-based transactions instead of physical cash payments. You can pay bills, split bills among friends, order food from restaurants, etc., with just a few clicks on your smartphone or laptop/desktop screens.
- You don’t need to carry cash or cards with you; instead of carrying them around everywhere you go (especially when going out), it will be safer for your wallet if we use our phones as a substitute for cash or cards.
With the rise of digital payments, there has been a significant increase in the number of players in this space. Payment gateways are seen as one of the core components that enable consumers to make payments online or offline.
The following are some of the leading payment gateways available today:
Paytm Payment Gateway is a leading payment gateway in India. Paytm Payment Gateway provides technology that is trusted by India’s most promising unicorns. Paytm Payment Gateway provides instant online onboarding as well as simple integration options.
- The payment gateway is compatible with all types of websites and apps, and it includes plugins for all major eCommerce platforms.
- It also provides ready-to-use JS snippets and robust APIs
- There is no setup fee. There are no recurring fees or annual maintenance fees.
Paypal is one of the most popular payment gateways, and it is well known throughout the world. Paypal has been providing services for over two decades and now operates in over 200 markets around the world. It currently has over 237 million active account holders across multiple platforms.
- PayPal allows merchants and consumers to conduct transactions in over 100 currencies, withdraw funds in 56 currencies, and hold balances in 25 currencies in their Paypal registered account.
- There are no withdrawal fees, no startup fees, no termination fees, and no monthly fees.
- Various plans are available to meet your needs.
With its product suite, Razorpay is India’s only payment gateway that enables businesses to accept, process, and disburse payments. It gives you access to all payment methods, such as credit card, debit card, net banking, UPI, and popular wallets.
- There is no one-time setup fee and no annual maintenance fee.
- Transaction fee per successful transaction: 2%; +1% for Diners and Amex Cards, International Cards, and EMI.
- The company’s documentation is excellent.
Stripe was founded in 2010, and it is now one of the most popular payment gateways among developers. Stripe payment API provides methods for accepting payments, managing subscriptions, tracking user accounts, and sending invoices to developers. The user interface is unparalleled in the industry. Its services are used by a large number of reputable businesses. Developers will need vivid and detailed documentation to implement the service.
- The most effective developer and marketplace tools.
- International transactions are feasible.
- Suitable for large corporations that can employ developers in-house or hire web development firms for their projects.
- Fess- 2% for most cards issued in India, and 3% for cards issued elsewhere in the world. An additional 2% is charged for currency conversion.
PayU is one of the best and most straightforward online payment solutions, created to fill the gaps left by complex service providers. They have a simple sign-up and onboarding process, as well as require little development effort. The user interface is quite appealing. The service provides a single integrated solution that allows users to begin receiving local payments in all of its locations. PayU accepts over 250 local payment methods and multiple currencies.
- There are no setup or annual maintenance fees. The transaction fee is 2% + GST for each transaction.
- International Payment and Credit Card Acceptance: Payment methods supported include UPI, debit/credit cards, and net banking
- The documentation is the best in the industry, comparable to Stripe and Razorpay.
This is our list of top 5 payment APIs for developers in India. All of these APIs are easy to integrate and can be used by developers to develop new applications or services. You can also use these APIs in your business or organization to provide a hassle-free experience to your customers.
Along with this, we would also like to tell you about crypto payment APIs. With people seeking more and more secure transactions and getting control over their financials, a lot of big players have started to allow payment via crypto. Hence, it’s important to know which is the best crypto payment API. We at Alpyne Labs are one of the emerging crypto payment platforms offering on-ramp and off-ramp services to businesses to onboard web3 users globally. So, go ahead! Start exploring the available options for API integrations today!
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing