Crypto Payment Gateway In India: “Cryptocurrency” is a catchphrase that has transformed the fintech industry over the past decade. We can confidently state that cryptocurrency is the future of online payment because millions of online cloud services and eCommerce websites already accept Bitcoin and other cryptocurrencies as payment methods. Recently, Tesla CEO Elon Musk tweeted that Dogecoin could be used to purchase Tesla vehicles. Moreover, crypto transactions have a future in the Indian market, as evidenced by the government’s recent decision to tax crypto profits at 30%.
Like UPI, Crypto could eventually replace UPI as the payment method for online services and eCommerce websites. However, these businesses must integrate a Crypto payment gateway into their website or app to accept Bitcoin. There are numerous Crypto payment providers, but most are unsuitable for the Indian market. Therefore, this article will provide all the information you need regarding cryptocurrency payments and India’s top crypto gateway services.
What’s Crypto Payment Gateway?
Crypto Payment Gateway is a service that enables you to accept cryptocurrency as payment for your goods and services. It can be integrated into your website, mobile app, or a link to receive payment. A payment gateway like CCavenue, RazorPay, etc., processes every online transaction. These payment gateways offer payment options like credit cards, debit cards, net banking, UPI, and others.
On the other hand, a Crypto gateway receives payment from the customer’s crypto wallet and deposits it into the seller’s crypto wallet. Then, after deducting applicable fees, the Crypto payment processor converts and deposits fiat currencies directly into the vendor’s bank account. A suitable Crypto Payment Processor would accept all prominent Cryptocurrencies like Bitcoin, Dogecoin, Litecoin, Ether, Tether, etc.
Crypto Payment Gateway Market Future
Global Market Has Already Accepted It
Companies like Microsoft, Amazon, PayPal, Starbucks, etc., accept Bitcoin as payment, indicating that cryptocurrency has advanced significantly in the global market. According to a survey by Hartford Steam Boiler in 2021, 36 percent of small and medium-sized companies in the United States have also integrated the cryptocurrency payment mode.
Online Businesses In India Are On The Way To Accept Crypto
The Indian online market is catching up to the global market for cryptocurrencies. In addition, India is the center of the world’s service industry, with hundreds of BPOs, service exporters, and SaaS businesses requiring foreign payments.
The crypto payment gateway is among the best ways to receive international payments because it is free from exchange rates and extremely secure, thanks to blockchain technology. In addition, the fact that Income Tax Returns for A.Y. 2023-24 will include a separate field for Crypto transactions is a strong indicator that India’s crypto revolution is imminent.
Offline Businesses May Or May Not Accept It Soon
However, the future of cryptocurrency payments in offline commerce is still being determined. Moreover, the fluctuating prices and advanced, infeasible technology may make Indian vendors uneasy about accepting Bitcoin payments from foreign customers. In short, it is only a question before most online businesses integrate a Cryptocurrency gateway on their website or mobile app.
Why Businesses Prefer Crypto Payment Gateway?
Bitcoin (BTC), the first cryptocurrency, was created as a decentralized digital currency free from government oversight and control. Since then, Crypto has been used as a medium of exchange and a form of investment. Listed below are several reasons why merchants favor Crypto Payment Gateway.
No Geo Barrier
Unlike fiat currency, international remittances can be received promptly and without regulatory compliance.
No Bank Account Required
Since a digital wallet is used to transmit and receive cryptocurrency, vendors are not even required to have a bank account to receive payments.
Lower Transactions Fees
The transaction fee for payments received/made through the payment gateway cryptocurrency is extremely low compared to other payment methods.
Because completed payments cannot be reversed under any circumstances, Crypto Payment Gateways free merchants from chargebacks.
How Does Crypto Payment Gateway Work?
The cryptocurrency payment gateway operates slightly differently than other online payment gateways. Crypto Payment Processors use a decentralized peer-to-peer network to carry out the validation procedure, exchange payment data, and also update them in a distributed ledger.
A vendor/seller must establish a merchant account to accept payment. The Crypto payment service providers themselves typically provide this. It has a unique wallet address that acts as the merchant’s identity. Then, a website or app can be integrated with the Crypto payment gateway service provider’s API to receive payments. Once the website has the cryptocurrency payment option, the following describes how a crypto payment gateway operates during a transaction.
Cryptocurrency Payment Flow
- Customers choose cryptocurrency payment during checkout (on the website or in the app).
- The crypto gateway computes the required payment in the buyer-specified cryptocurrency.
- Through his crypto wallet, the buyer pays the amount in Crypto.
- The integrated payment gateway analyzes Blockchain, where nodes corroborate and validate the transaction.
- After the confirmation of the transaction, the fees are generated. The merchant’s account is credited with the chosen cryptocurrency by the Crypto Payment Gateway.
- A merchant’s bank account or other payment services, like PayPal, is where a Crypto Payment Processor transfers the funds. This is performed at regular intervals or the merchant’s request.
Crypto Payment Gateway Pros & Cons
You now have the option to receive payments directly in your crypto wallet by supplying the address to a buyer. This option may be suitable for a few transactions, but it needs to meet the needs of businesses.
Crypto Gateway Advantages
- Allows you to receive and verify crypto payments securely.
- Reduces volatility risk because the majority of gateways offer fixed purchase and sell rates.
- Automate the payment & verification system on your website with relative ease.
- Customer service for the crypto payment procedure addresses various issues and delays.
- Create a solution like a bank account that is simple to use for non-technical users.
- Allows users to effortlessly exchange cryptocurrencies for fiat currency or from one Crypto to another.
- Functions for billing and reconciliation.
Crypto Gateway Disadvantages
- The payment is routed through a third party and becomes traceable, thus subverting the fundamental premise of cryptocurrency.
- Transaction fees are significantly higher when payment is received through a crypto gateway.
- As the gateway processes the payments in multiple stages, there are more downtimes and payment delays.
- Your account with the payment gateway is protected by a login id and password, which could be compromised.
Best 7 Crypto Payment Gateways In India
Indian sellers must seek out crypto payment gateways that offer services in India and permit adding an Indian bank account to receive payments. Here are a few of the most reputable Crypto payment gateways.
Coinbase is a well-known crypto brokerage platform that allows merchants to transact in seven prominent cryptocurrencies. In addition, it offers billing features that enable vendors to generate invoices based on a specified cryptocurrency. In addition, Coinbase Crypto has an extremely straightforward user interface, and merchants can get started with just an email registration.
- There are hosted checkout pages.
- Personal account advisor.
- Centralized billing.
Spectrcoin is an extensive crypto payment gateway that provides users with more than just an exchange. Its unique features, like an instant pre-order form, customizable payment icons, POS URLs, and cross-cryptocurrency transaction settlement, make it a viable crypto gateway for Indian online service providers. In addition, Spectro Crypto offers thousands of modules that can be readily integrated into eCommerce websites.
- Instant settlement.
- Order creation in bulk.
- A transaction with a fixed exchange rate.
Prodoge is a global crypto payment gateway that enables merchants to receive payments from more than 200 countries. It supports transactions of DogeCoin, Bitcoin, USD Coin, Digibyte, and Ethereum wallet. This payment gateway cryptocurrency also enables users to list their goods and services on a global marketplace, aiding business expansion.
- Simple Invoicing function.
- Mobile POS link development.
- Listing on the Global Market.
Blockonomics is a prominent cryptocurrency gateway known for its ease of use and pleasant checkout process. It enables users to create a payment link for a specified amount, making Blockonomics flexible for service providers. It integrates seamlessly with WordPress and Shopify and supports Bitcoin and Bitcoin currency.
- No KYC/Documentation.
- Free Initial twenty transactions.
- Custom link for payment.
payWALA is an innovative cryptocurrency payment service that provides QR code-based immediate payment receiving solutions. Well, Merchants can integrate their payWALA account on their website to receive cryptocurrency payments swiftly. In addition, the mobile app makes it very simple for the vendor to manage and reconcile payments. payWALA also offers a card that can be used to withdraw funds from any ATM.
- Android app.
- QR code scanner.
- ATM key.
The CoinGate payment gateway supports more than seventy cryptocurrencies, making CoinGate one of the most inclusive crypto payment processors. It provides multiple payment options to users, such as retaining the Crypto, converting it to fiat currency, or exchanging one cryptocurrency for another. In addition, its built-in billing feature and robust integration option make it the most popular option among Indian vendors.
- Multiple payout options.
- Plus than 70 Cryptocurrency support.
- Instant billing solution via email.
The BitPay crypto gateway is one of the most prominent crypto processors, supporting over 90 crypto wallets in 299 countries. As a result, merchants can resolve their payments in either cryptocurrency or directly into their bank account risk-free and without price volatility. In addition, it provides multiuser login access and email billing tools in addition to daily payment settlement, which is important for small businesses to maintain cash flow.
- Payment processing in more than 138 countries, including India.
- Handles payment exceptions automatically.
- Multiple user authentication.
Who Accepts Crypto Payment?
Online businesses and retailers across the globe generally recognize the cryptocurrency. Microsoft, Tesla, and Amazon are prominent companies that offer crypto payments.
What’s A Crypto Gateway?
Thanks to the Crypto Gateway platform, businesses can accept cryptocurrency payments on their websites and mobile apps.
What’s A Cryptocurrency Payment?
Cryptocurrency payment is a mechanism in which consumers pay businesses with cryptocurrencies like Bitcoin, Dogecoin, or Ethereum in exchange for goods or services.
Which Payment Gateway Is Best For Cryptocurrency?
Each cryptocurrency payment gateway may have unique features and specializations. BitPay and Coinbase are the most prominent cryptocurrency payment gateways.
How Can I Accept Payments With Cryptocurrency?
There are typically two ways to receive payment in cryptocurrency.
- Integration on an app or website enables users to pay with digital currency at checkout.
- POS link permits merchants to create a link to receive a particular payment.
The crypto market has enormous potential for inclusivity and advantages over bank transfer and PayPal, which are restricted by geo-boundaries and lengthy payment cycles. Businesses could receive payments from around the globe in real-time by integrating a cryptocurrency payment gateway into their websites and apps. It is time for Indian merchants to adopt this state-of-the-art payment technology for expansion, growth, and profitability. A Crypto Payment Gateway is important for small and medium-sized businesses because it simplifies the cryptocurrency to be used like a bank account.