Top 10 Online Payment Service Providers in India For 2021

“The internet created a global village, but payment service providers enabled an intricate trade forum.” ~ Anonymous 

Owning a bank account has become a mandate for everyone, and the multi-taskers have their monetary print in various nations because they aspire to grow in every possible tangent.

In this section, we’ll study how payment service providers operate and what are the top 10 online payment service providers in India in 2021.


After the coming up of the internet, people started to move out of their shells and started communicating with countless across the globe via e-mail and other social media tools. Once the internet came into the world, there was no turning back. We all evolved collectively in various genres, and from there, fintech introduced transitions and expanded multi-folds in every manner. 

Earlier, we had to go to the bank and wait in long queues to make national payments and even longer to perform international monetary deeds. But, as technology is advancing and fintech is thriving, we have evolved from banks to paying at counters via smartwatches or gestures. 

With the increasing demand for cross-border trade and other expanding enterprises, fintech has become a home for numerous payment service providers that cater to individuals, businesses, merchants, freelancers, and so on.

What is a Payment Service Provider? 

Payment Service Providers (PSPs) are the third-party funding facilitators who create a bridge between the payee and recipient, ensuring the security of both transaction and data. 

They work irrespective of borders and helps the recipients accept a wide range of online payment alternatives such as: 

  1. Online banking 
  2. Credit/debit cards 
  3. E-wallets
  4. Cash cards
  5. Cryptocurrency 

You can tag them as the watchdog of payments where they keep a safe eye on the transaction from the beginning till the recipient receives the payments. PayPal, PingPong, Paytm, Razorpay are a few examples of payment service providers operating in India. 

How does a payment service provider work?

Let’s look at the speed and complexity of payment service providers that assist you to process a payment in as little as 3-5 seconds. 

For instance, I am a customer in India and purchasing from 

  1. After placing the order, I would proceed to the check-out stage, where I’ll fill in my card details and click ‘pay’. Then the payment request is sent to the payment gateway that you have signed up to facilitate your payments.
  2. Once the request is processed, the payment service checks the legitimacy of the payee and assures whether the person has enough funds in the account or not. 
  3. Once the details get a green signal, the designated PSP performs the transaction within a blink of an eye and sends a notification to both parties. 

Too long for a blink of an eye?

Technology is blooming and trying to conquer the unimaginable means to make payments (completing payment via tap or gesture is one such innovation). After understanding the technicalities of the payment service providers, let’s have a brief peep into the best handpicked online payment service providers in India for 2021.

Top 10 Online Payment Service Providers in India For 2021

Just like it’s hard to select a single dog out of a bunch of cute ones, similarly, it is a task to chalk out the perfect payment service provider out of a bunch especially, when all of them offer the same thing with minor differences. 

But, before opting for a payment service provider, you should understand what the PSP offers and is it worth your requirements. Therefore, before giving a thumbs up for any PSP, here is the checklist to examine:

  1. Is it secure and compliant?
  2. Is it transparent?
  3. Does it fulfill your requirements (currency and region)?
  4. Are there any additional costs to use that PSP?
  5. If yes then, is it pocket-friendly?
  6. How much will forex cost me?
  7. Are there any hidden charges?
  8. Do they have any additional offers/discounts or benefits apart from facilitating payments?
  9. Do they have decent reviews?
  10. Does their customer case study support their features?
  11. Is the customer service prompt and knowledgeable?
  12. What is their hold in the fintech market?

Answers to these questions shall arrive only after good research. Now, we know it’s hard to skim and scan through hundreds of payment solutions to get a suitable option. But, don’t worry, we are here to share your baggage of research and chalk out the 10 best payment service providers one can use for 2021

They are as follows:


PingPong International Payments Services

PingPong is a six-year-old cross-border company working in liaison with the Reserve Bank of India (RBI) to facilitate a secure and transparent international payment.  

How does PingPong work? If you are an Indian Amazon seller with a customer base in Singapore and Japan, PingPong will create a virtual monetary window in the foreign land (in their currency type). This provision helps you in receiving the foreign currency without the tension of conversion. 

Apart from opening a virtual payment window on the other side of the globe, this genie in the bottle offers exclusive benefits to freelancers, Amazon sellers, service providers, e-commerce merchants, and commoners. The perks are as follows:

  1. PingPong offers free signup and zero maintenance fees. You log in and enjoy the free services.
  2. If you are an Amazon seller, you can receive payments in – USD, GBP, EUR, JPY, AUD, and CAD. You can merge your PingPong account with Amazon by copying the Routing number and Account number from your PingPong account and paste them on the Amazon Seller Central Account.
  3. If you are an Indian freelancer, you can receive payments in – USD, EUR, GBP, CAD, JPY, and AUD. 
  4. It’s an easy platform to pay your VAT and GST without currency conversion.
  5. You can pay your suppliers and vendors anywhere on the globe. 
  6. After every transaction, you will get a free digital Foreign Inward Remittance Certificate (FIRC). No more long wait in the bank.  
  7. Highly competitive forex rate (definitely not 4% – 5%) 

PingPong also offers its customers a conversion calculator that gives you the exact amount you will receive once the forex is deducted from the foreign remittance. 


Paypal International Payments services

This renowned payment solution brand allows you to open up either an individual or business account. It gives you the following options to receive payments, and they are as follows:

  1. Website Payments
  2. PayPal Checkout
  3. Customizable invoicing
  4. links
  5. Email Payments

If we talk about the fees, PayPal charges 4.4% + a fixed charge (varies from country to country and currency) as transaction fees.

When you are in India and want to convert your currency into INR, a currency conversion fee of 3% is levied, along with the exchange rate, that you will pay while converting the foreign currency. 


Wise International Payments services

It is a UK-based cross-border payment solution that offers a secure web for receiving and sending payments irrespective of borders. It is a feasible option for freelancers, commoners, sellers, and e-commerce merchants.  

The positives of Transferwise are as follows:

  1. This British payment solution supports over 750 currency routes.
  2. Low transaction and forex rate.
  3. Link your account to various digital marketplaces 
  4. Helps in creating invoices for the client.
  5. Help in keeping track of your payment processing. 


Stripe International Payments services
This Irish American cross-border payment service provider is a walking platter that has solutions for all. 

The following are the attractive features they offer:

  1. Free sign up and no monthly maintenance fee 
  2. Stripe makes it easy to cancel recurring monthly charges as well as refunding clients.
  3. Stripe is certified to the highest compliance standards.
  4. It helps in providing the payee with payment links. 
  5. Stripe Tax lets you calculate and collect sales tax, VAT, and GST with one line of code or the click of a button.
  6. This cross-border payment solution also provides a set of products to help you collect recurring payments from global users.


Payoneer International Payments services

This US-based international payment solution is a more than a decade-old player in the fintech market that holds more than 4 million users in more than 200 countries worldwide and facilitates cross-border payments in over 150 currencies. 

It is a haven for freelancers and merchants and offers them an android and IoS mobile-friendly app that would allow them to withdraw funds, check transaction history, instantly check account balance and currencies. 

This virtual monetary window allows you to transfer the foreign funding to the local bank account to convert it into the local currency. 


Skrill International Payments services

Skill is a digital wallet service located in the United Kingdom that facilitates secure and rapid money transfers in over 120 countries and 40 currency kinds.

You can consider using Skrill because: 

  1. Any individual utilizing Skrill can send you money using your bank credentials or send it to your email address.
  2. People trust this brand because it is one of the oldest competitors in the fintech sector.
  3. It provides very competitive exchange rates.
  4. You will not be charged a transaction fee if you make an international payment from Skrill to Skrill.
  5. It offers iOS and Android mobile applications.
  6. Cryptocurrencies are accepted.

Read more about Skrill’s digital wallet.


Verifone International Payments services

2Checkout now, known as Verifone, is a renowned brand in the fintech market that has its footprints in more than 200 countries across the globe. 2 checkout is recently changed into Verifone.

This fintech brand has been surviving in the industry for a long time, and the reason for their successful float are the following features:

  1. Supports more than 45 types of payments 
  2. Operates in more than 30 languages (this gives assurance to the consumers).
  3. Offers customized subscription plans
  4. They have customized check-out options
  5. It can be one of the useful means for recurring billings
  6. It is secure and fraud repellant as they offer level 1 Payment Card Industry (PCI) Data Security Standard.


Xoom International Payments services

Xoom Corporation is a PayPal service that is more like a wallet. This payment solution helps in paying bills, initiating foreign payments, and many more. This mobile-friendly wallet supports both Android and iOS users and has its trail in over 130 nations. 

Via Xoom, one can transact a maximum limit of $10,000 in a day. 

Read More: PayPal’s Xoom adds UPI payments enabling NRIs and PIOs to remit money to India in real time


Cashfree International Payments services

This payment solution supports more than 30 currencies, including the currency biggies. Cashfree payments also help you in integrating your Xoom account with PayPal (it’s free).

If you decide to enable PayPal on your Cashfree check-out page, you will be bearing only PayPal standard pricing, as Cashfree does not charge any additional fees. Xoom also backs internationally acclaimed cards including, VISA, Master Card, Diners Club, Amex, etc.


CC Avenue International Payments services

Last but not least, we have CCAvenue payment solutions. It offers more than 200 types of payment methods in 27 foreign currencies. 

They also offer you the following benefits:

  • Itemized invoicing
  • Electronic Check Processing 
  • Efficient customer support
  • International payments at a cost efficient forex rate.


There are numerous payment service providers in the market that would offer you multiple luring points, but one must be wise and vigilant enough to not just fall into the attractive perks, but check for yourself, research, understand the dynamics, undergo testimonials because only you can guard your money.

Therefore, always check before handing over your monetary gear to a payment solution. Let it be a long drive rather than an uninvited catastrophe on your savings.