As India’s digital economy surges - propelled by e-commerce, subscription services, SaaS, remote billing, and UPI adoption - choosing the right payment gateway has become mission-critical for businesses big and small. But not all gateways are built equal: while some focus purely on “accept payments online”, others are evolving into full-fledged SaaS + embedded-payments platforms, offering recurring billing, payouts, vendor settlements, BNPL/EMI, and in-store (POS) support.
In this blog, we explore the top 10 payment gateways in India - how they differ, who they serve best, and which are leading the shift toward embedded payments and full-stack financial flows.
What Makes a Modern Payment Gateway “Future-Ready”
Before diving into the players, a quick on-point checklist for what distinguishes a “future-ready” gateway in 2025:
· Support for a wide variety of payment methods - UPI, cards, wallets, net banking, BNPL/EMI, etc.
· Embedded payments + SaaS capabilities — recurring billing / subscriptions, vendor payouts, split payments, automated reconciliation, virtual accounts.
· Easy developer integration / APIs / plugins — for web and mobile, enabling fast go-live.
· Scalability and compliance - PCI-DSS, RBI compliance, multi-currency or global payments (for export/SaaS).
· Flexible settlement and payout options - especially for businesses needing vendor/vendor-payouts, marketplaces, subscription services.
· With these in mind - here are the top 10 gateways / payment-platform players in India in 2025.
Top 10 Payment Gateways & Payment Platforms in India
Easebuzz - The All-In-One Payment + SaaS Platform
Easebuzz is one of the gateways that has fully embraced the “embedded payments + SaaS” model. Their offering includes: 150+ payment methods (cards, UPI, wallets, net banking, BNPL / EMI, etc), plug-and-play APIs, iFrame checkout, payment-links, and a unified dashboard with real-time transaction data.
They go beyond just payment acceptance: they provide modules for split payments (disbursing to multiple sub-merchants), automated reconciliation, refund management, and subscription / recurring billing via APIs — features that are especially relevant for SaaS, marketplaces, or education/fees-based businesses.
Onboarding is quick and integration is easy — making it a great fit for startups, SMEs, or any business wanting minimal friction.
Best for: Startups, small-to-medium businesses, SaaS platforms, marketplaces, businesses needing full-stack payment + billing + payout.
Pine Labs – The POS + Online Gateway Hybrid, Enterprise-Ready
Pine Labs - historically known for POS and in-store payment solutions — has evolved into a top gateway for businesses needing both online and offline payment acceptance.
The gateway supports 100+ payment methods (cards, UPI, wallets, net banking, BNPL/EMI), offers APIs, plugins, and is PCI-DSS compliant.
Pine Labs is built to scale: with robust fraud detection, transparent pricing (including AMC), and support for recurring billing, refund handling, and multi-mode payments — making it suitable for retail chains, omnichannel businesses, and enterprises.
Best for: Retail chains, offline + online omnichannel businesses, enterprises needing POS + web-checkout synergy, high-volume merchants.
Razorpay – The Startup & Marketplace Favourite
Razorpay remains one of the most popular gateways among startups, SMEs, and marketplaces. It supports multiple payment modes including UPI, cards, net banking, wallets, EMI, and offers developer-friendly APIs and easy integration.
Razorpay also supports subscriptions / recurring billing, which makes it useful for SaaS, membership models, or any recurring-revenue business.
Because onboarding is relatively quick and integration simple, many small to mid-size Indian businesses — especially online-first ones — trust Razorpay for reliable payment processing.
Best for: Startups, marketplaces, SMEs, SaaS firms needing UPI + card payments + recurring billing.
PayU – The Enterprise-Grade Gateway for High-Volume & International Reach
PayU enjoys a strong reputation among large e-commerce players and enterprises. It supports multiple payment methods (cards, UPI, net banking, wallets), and offers advanced features like fraud prevention, tokenization, one-click checkout, and multi-currency / international payments.
With its scalability, robust analytics, extensive payment method support, and enterprise-grade reliability, PayU is often favoured by high-volume businesses, travel/regulated verticals, and export-oriented merchants.
Best for: Large e-commerce platforms, export merchants, high-volume enterprises, businesses requiring multi-currency and global payment support.
Cashfree – The API-First Gateway Ideal for Marketplaces & Payouts
Cashfree stands out for its developer-first design, quick onboarding, and strong support for payouts — which makes it especially popular among marketplaces, platforms needing vendor disbursement, BNPL/loan apps, and businesses requiring bulk payouts.
It supports UPI, cards, net banking, wallets, and provides APIs for payout and refund management. Settlement cycles and instant payouts make it attractive for businesses with high transaction volumes.
Best for: Marketplaces, platforms, BNPL/fintech apps, businesses needing vendor payouts or bulk settlements.
Instamojo - The Go-To for Freelancers, Micro-businesses & Side-Hustles
Instamojo is often recommended for small sellers, freelancers, creators, coaches - basically anyone who wants to start accepting payments quickly without building a full-fledged website or onboarding heavy bank processes.
It offers payment links, simple checkout, easy onboarding with minimal friction, and no heavy setup fees — making it ideal for low-traffic, small-scale businesses.
However, it may not scale as well for large enterprises or complex needs (multi-currency, high-volume, advanced payouts).
Best for: Freelancers, micro-businesses, coaches, small online sellers, side-hustles, small-scale services.
CCAvenue - The Legacy Gateway, Still Relevant for Enterprises & Global Payments
CCAvenue is one of the oldest and most established gateways in India, with a broad payment method support (cards, net banking, UPI, wallets, EMI), multi-currency checkout, EMI/prepaid options, and a strong enterprise-grade backend.
It remains a viable choice for businesses dealing with high volume, international customers, or global expansion ambitions, especially where multi-currency support and checkout flexibility matter.
Best for: Large e-commerce, global merchants, enterprises needing multi-currency support, businesses targeting international customers.
Paytm Payment Gateway - The Wallet + UPI-First Gateway for Retail & Mobile-First Commerce
Paytm’s strength lies in its massive user base, deep penetration in the Indian market, mobile-first UPI and wallet ecosystem, and ease of use for small / retail businesses.
For businesses targeting mobile-first customers, local retail, or quick checkouts (like kirana stores, small merchants, recharge platforms), Paytm PG offers a familiar checkout experience and easy acceptance.
However, for global or enterprise-grade needs (multi-currency, large-scale payouts), Paytm may have limitations compared to enterprise gateways.
Best for: Small & medium retail, mobile-first merchants, local businesses, domestic-focused commerce, quick UPI/wallet checkouts.
BillDesk – The Trusted Veteran for Recurring, Utility & High-Volume Payments
BillDesk has long been a backbone for recurring payments, bill payments, utility payments, insurance premiums — use-cases where reliability, compliance, and scale matter more than flashy checkout features.
Its strength lies in handling large volumes, recurring payment cycles, and offering stability — making it well-suited for enterprise clients, billers, insurance, utilities, and subscription-based services.
Best for: Utilities, insurance, subscription billing, recurring payments, high-volume enterprise billers.
Stripe - The Global-First Gateway for SaaS, International Merchants & Exporters
Although not India-native in the same sense as other gateways, Stripe remains a go-to choice for businesses — especially SaaS, export-oriented merchants, or software products — that need global payment infrastructure, multi-currency support, recurring billing, and robust developer APIs.
Stripe’s strength is in customization, international reach, fraud detection, subscription tooling — making it attractive for startups and companies selling abroad or to customers beyond India.
Best for: SaaS companies, global businesses, export merchants, startups needing multi-currency, recurring billing, and global payment flows.
Who’s Winning - SaaS & Embedded Payments Market (2025)
If you’re building a SaaS product, marketplace, subscription business, or any platform that needs more than just one-time checkout — the clear leaders today are those providing embedded payments + full-stack financial operations, rather than simple checkout.
- Easebuzz stands out for offering a comprehensive “payments + payouts + vendor management + subscription + split payments” stack via APIs — ideal for SaaS, marketplaces, education platforms, gig-economy apps.
- Pine Labs merges the online and offline world - perfect for omnichannel retail, POS + web checkout commerce.
- Cashfree is a go-to for marketplace operations, payouts, and high-volume payout flows.
- Stripe remains dominant for globally-oriented SaaS / export-first businesses, especially where multi-currency and recurring billing matter.
For traditional e-commerce, retail, and customer-facing online stores - gateways like Razorpay, PayU, CCAvenue, Paytm, Instamojo, BillDesk continue to hold relevance depending on scale, type, and business model.
Conclusion
The Indian payment-gateway landscape in 2025 is not just about “checkout now” - it’s rapidly evolving toward embedded payments, full-stack financial flows, and modular fintech infrastructure that supports recurring billing, vendor payouts, split payments, and hybrid online + offline commerce.
· If you’re building a startup, SaaS, marketplace, or a business that expects to scale - choosing a gateway that offers more than basic checkout is no longer optional; it’s strategic.
· For full-stack SaaS / subscription / marketplace businesses: Easebuzz, Cashfree, Pine Labs are among the strongest picks.
· For export-oriented or global SaaS/e-commerce: Easebuzz, Stripe, PayU, CCAvenue remain relevant.
· For small businesses, freelancers, and lean setups: Instamojo, Razorpay, Easebuzz provide ease-of-use and low-friction onboarding.
· Finally — many businesses may benefit from combining two (or more) gateways: for example, using a global-first gateway for international customers, and a domestic-optimized embedded gateway for Indian transactions.
FAQs
1. Which payment gateway is best for SaaS and subscription-based businesses in India?
For SaaS platforms and recurring billing needs, Easebuzz, Stripe, and Razorpay Subscriptions are among the top choices. Easebuzz is preferred for embedded payments + billing + payouts, while Stripe is best for global SaaS with multi-currency support.
2. What is the difference between a payment gateway and an embedded payment platform?
A payment gateway mainly helps businesses collect money online.
An embedded payment platform (like Easebuzz or Cashfree) offers additional capabilities such as:
· Subscription billing
· Vendor payouts
· Split payments
· Reconciliation
· APIs for automating financial workflows
· This makes it ideal for SaaS, marketplaces, and large-scale platforms.
3. Which payment gateway is most cost-effective for small businesses or freelancers?
Instamojo, Easebuzz, and Razorpay are great choices for small sellers, freelancers, and micro-businesses. They offer low setup costs, quick onboarding, and user-friendly payment links.
4. Which payment gateway supports the widest range of payment methods in India?
Gateways like CCAvenue, Razorpay, Easebuzz, and PayU support the widest variety of methods — UPI, cards, net banking, wallets, EMI, BNPL, and international cards.
5. Can I use multiple payment gateways for my business?
Yes. Many businesses use two or more gateways to:
· Increase successful transaction rates (fallback routing)
· Reduce downtime
· Optimize domestic vs. international payments
This is common among marketplaces, SaaS companies, and high-volume e-commerce merchants.
6. Which payment gateway is best for high-volume enterprises or multi-currency transactions?
Easebuzz, Razorpay, Pinelabs, and PayU are excellent for large enterprises needing scale, multi-currency support, risk management, and advanced fraud detection.