Lately there has been buzz on the payment processor companies around the world, and so there so many companies trying to break into the market in India too. Its huge market, though not much regulated and still people rely on cash for most of their transactions/ at least small transactions.
Here are some of the companies in the space. I'll try to update the list periodically.
Square type of -
ezetap - dongle
mobiswipe - dongle
prizmpayments - payment gateway, ATM
mosambee - dongle (in UAE as well)
aasaanpay - dongle
paypos - dongle
swiftpay - dongle
payU - payment gateway, popular
ebs - payment gateway, Axis bank collaboration, popular
CCAvenue - payment gateway, this one is most successful and most expensive
ZaakPay - payment gateway
DirectPay - payment gateway, times group payment service
payzippy - payment gateway, getting popular because of flipcart
citrus - payment gateway
atom - payment gateway
payumoney - payment gateway
transecute - payment gateway
epaymentglobal - payment gateway
fethr - new one
billdesk - not sure why this one is popular
There are few other services, but can't really understand their stand or competitive advantage over others.
The issues you can smell from the online comments and threads -
1. Merchants don't have devices (cellphones which can accept the cash).
2. People carrying cash, also some merchant prefer cash.
3. Door to door service while setting it up and spread knowledge of the advantages, though if its executed sophistically, it sure has a good future. At the same time it requires proactive merchants who are willing to do technology way, which anyway going to be future.
For the payment gateways
- The integration takes at least 3 weeks, which is really bad. Unlike stripe its mostly a day or two.
- On top of none of them are transparent in terms of the charges. Lot of different charges and for someone to setup online store withpayment gateway is really tough. Thats why people rely on Shopify, which makes it little bit easy. even after integrating payU, its such an awful service you can read in the comments.
- Here is some comparison between leading payment gateways, and some more (Its little older so some already been demised).
- Also banks like ICICI, HDFC and AXIS have their own gateways.
- The most common complain is none of them are responsive, if anything happens you cant reach the support and sometimes for months.