The payment processing solutions market is expected to grow at a CAGR of 10.2% from 2021-2028. Payment services hold the largest market share of 41.51% in 2020 in the payment processing solutions market. The total global non-cash transaction volume was 539.6 billion in 2019, up from 471.2 billion in 2018.
Payment networks are groups that make it possible for people, companies, or financial institutions to transmit money electronically.
To process cashless transactions—moving money from one party to another as quickly, cheaply, and securely as possible—an interconnected ecosystem of financial entities, including banks, credit card companies, and credit unions, is involved in these networks, which are home to well-known brands like Visa, Mastercard, Discover, and American Express.
Payment networks function under the supervision of a particular set of rules and regulations and are typically self-managed and maintained by a group of their members.
Paystack
Paystack is a Nigerian financial technology company that offers payment processing services to businesses and was acquired by Irish-American financial services company Stripe for $200M in 2020. Its headquarters is located in Lagos, Nigeria.
Over 60,000 businesses trust Paystack to help accept online and offline payments from anyone, anywhere in the world.
Website:
Industry:
Software Development
Company size:
51-200 employees
Headquarters:
Sunnyvale, California
Founded:
2015
Specialties:
Online Payments, Card payments, digital payments, fintech, and mobile money
Razorpay
Power your finances, and grow your business.
Razorpay is India’s first full-stack financial solutions company. We are on a mission to enhance the payment experience of over 300 million end consumers. In doing so, we aim to enable Indian businesses – big and small – to accept payments digitally with minimal effort and maximum ease.
Razorpay has grown from being a payment gateway provider to a solutions-driven organization boasting an extensive product suite to accept and disburse payments as well as raise capital and park money. In a nutshell, we fit into every nook and corner where your business touches money.
#OutgrowOrdinary
We identify ourselves as disruptors in the digital payments space and our vision is to power the financial ecosystem for other disruptors. Like attracts like and Razorpay actively looks to partner with established companies and startups that have either broken the glass ceiling in their industry or are set to.
The Razorpay Product Suite today comprises verticals, along with Payment Gateway, like Payment Links, Payment Pages, Subscriptions, Smart Collect, Route, Razorpay Capital, RazorpayX, Payroll,, and Thirdwatch.
Razorpay was started in 2014 by two IIT Roorkee alumni, Harshil Mathur and Shashank Kumar. Just a short few years later, Razorpay has evolved into an 800-odd-strong organization with some of the best talents in the country helping some of the best companies manage their money movement seamlessly.
Certified cool
We are a bunch of spirited, ambitious, and fun folks. And no, we’re not saying this ourselves–leading institutions have recognized Razorpay for the high trust and high-performance culture that we maintain.
Our strength lies in the people we are and we go to great lengths to nurture a family of coders, designers, sellers, marketers, analysts, writers, runners, photographers, gamers, tinkerers, and above all, people who are dreamers and doers at the same time. Be a part of our exciting journey.
Website:
Industry:
Software Development
Company size:
1,001-5,000 employees
Headquarters:
Bangalore, Karnataka
Specialties:
Financial products, Payment processing, Payout processing, Banking services, Neobanking, Working Capital Loans, E-commerce Fraud Detection, and Payroll processing
GoCardless
GoCardless is a fintech company that specializes in bank payments including recurring payments, Direct Debit processing, and Open Banking. GoCardless is headquartered in London.
Welcome to the new era of payments. Collect one-off, automated, or recurring payments – directly from your customer’s bank account to yours. Putting an end to late payments, chasing customers, stress, and expensive fees. It’s just cash, flowing from one account to another. Join 75,000+ businesses of all sizes, worldwide, who trust us to power their payments.
Website:
Industry:
IT Services and IT Consulting
Company size:
501-1,000 employees
Founded:
2011
Specialties:
Online Payments, BACS, Open Banking, Bank pay, Direct bank payments, and Direct debit
Pine Labs
A merchant platform company that provides financing and last-mile retail transaction technology to merchants.
Built for those who mean business.
Enriching commerce across the globe, the Pine Labs platform powers multichannel businesses offline, in-store, and beyond.
To learn more, visit www.pinelabs.com
Website:
Industry:
Financial Services
Company size:
1,001-5,000 employees
Founded:
1998
Specialties:
Payment Solutions, Card Swipe Machine (GPRS, Wifi, NFC, DGPRS), EMI at POS, Business Loan at POS, Mobile Wallet Acceptance at POS, POS Integration with Billing System, Card Points Redemption at POS, and POS Integration with Billing System.
The word “fintech” is simply a combination of the words “financial” and “technology”. It describes the use of technology to deliver financial services and products to consumers. This could be in the areas of banking, insurance, investing – anything that relates to finance.
Paystack – Modern online and offline payments for Africa. (n.d.). Paystack. https://paystack.com/ Pine Labs | leading merchant platform for 360-degree payment solutions. (n.d.). https://www.pinelabs.com/