Electronic Payment Solutions are the backbone of India’s digital economy. From UPI and payment gateways to API-led banking and embedded lending, these platforms ensure seamless transactions for millions of businesses and consumers every single day.
With over 130 billion UPI transactions in FY24, India now operates the world’s largest digital payments ecosystem. This explosive growth has unlocked massive opportunities for solution providers offering:
- Payment gateways & merchant acquiring
- API-driven banking & BaaS platforms
- Payouts & settlements for enterprises
- Digital wallets, cards & neobanking
- SME lending & financial inclusion products
These firms function as invisible infrastructure, powering sectors like e-commerce, logistics, retail, mobility, and even government services. The Top 10 companies by revenue reflect a mix of unicorns, global players, and agile challengers shaping India’s financial future.
💳 Razorpay Software Private Limited (Razorpay)
City: Bangalore
Founded: 2013
FY24 Revenue: ₹ 2501.43 Cr
Valuation: ₹ 6795.24 Cr (as of 24 Jul 2025)
About: Razorpay stands out as one of India’s largest payment and BaaS platforms. It not only runs a robust payment gateway but also powers banking and lending APIs. Through RazorpayX, it has scaled into SME lending, payroll, and neobanking.
💳 Paytm Payments Gateway (Paytm PG)
City: New Delhi
Founded: 2020
FY24 Revenue: ₹ 2311.20 Cr
About: Acting as the backbone of Paytm’s vast ecosystem, Paytm PG enables merchants with card, UPI, wallet, and recurring payment solutions. It continues to anchor the group’s merchant and enterprise payments business.
💳 Resilient Innovations Private Limited (BharatPe)
City: New Delhi
Founded: 2018
FY24 Revenue: ₹ 1486.02 Cr
Valuation: ₹ 19810 Cr (as of 20 Aug 2021)
About: BharatPe began with QR-based UPI solutions for kirana stores and small merchants. Over time, it has grown into a merchant-first fintech, offering credit and working capital products that drive financial inclusion.
💳 Mastercard India Services Private Limited (Mastercard)
City: Gurgaon
Founded: 2012
FY24 Revenue: ₹ 1006.59 Cr
Valuation: ₹ 263.04 Cr (as of 24 Oct 2018)
About: Mastercard’s India arm provides card network infrastructure and APIs for digital transactions. It helps Indian banks and fintech’s launch card programs, embedded finance, and secure payment solutions.
💳 Better World Technology Private Limited (Zeta)
City: Mumbai
Founded: 2011
FY24 Revenue: ₹ 898.28 Cr
Valuation: ₹ 678.46 Cr (as of 28 Mar 2017)
About: Zeta delivers API-first, cloud-native banking and card issuance platforms. Its technology stack is used by banks and fintechs worldwide to design and scale neobanking and credit offerings.
💳 O2Pay Private Limited (O2Pay)
City: Mumbai
Founded: 2021
FY24 Revenue: ₹ 770.73 Cr
About: O2Pay focuses on digital wallets, payments, and BaaS integrations. Its rapid scale has been fueled by strong partnerships in the mobility and services ecosystem.
💳 Balancehero India Private Limited (True Balance)
City: Gurgaon
Founded: 2016
FY24 Revenue: ₹ 673.19 Cr
Valuation: ₹ 1510.53 Cr (as of 30 Mar 2022)
About: What started as a mobile balance-check app is now a full-fledged digital lending and payments platform. True Balance focuses on financial inclusion, offering credit and digital banking to underserved users.
💳 Cashfree Payments India Private Limited (Cashfree Payments)
City: Bengaluru
Founded: 2015
FY24 Revenue: ₹ 644.77 Cr
Valuation: ₹ 986.12 Cr (as of 27 Jul 2024)
About: Cashfree powers payouts, bank verification, recurring transactions, and international payments. Its API-driven solutions enable thousands of businesses to scale digital payments.
💳 Mindsarray Network Private Limited (Pay1)
City: Mumbai
Founded: 2019
FY24 Revenue: ₹ 508.49 Cr
Valuation: ₹ 25.38 Cr (as of 02 Dec 2019)
About: Pay1 empowers rural and semi-urban India through a strong retail agent network. It offers cash-in/cash-out, recharges, bill payments, and neobanking products for financial inclusion.
💳 M2P Fintech Private Limited (M2P)
City: Chennai (Alandur)
Founded: 2014
FY24 Revenue: ₹ 391.42 Cr
Valuation: ₹ 6025.60 Cr (as of 30 Jun 2025)
About: M2P is a global API infrastructure firm, enabling card issuance, embedded lending, and digital banking. It supports banks, NBFCs, and fintechs across India, Southeast Asia, and the Middle East.
Conclusion
India’s Electronic Payment Solution providers are no longer just local enablers, they are exporting Embedded Finance and BaaS models to global markets. With scalable APIs, deep merchant bases, and innovative product stacks, these companies form the hidden rails behind India’s fintech revolution.
At PrivateCircle, we help you track these fast-scaling companies, their financial journeys, and market impact before the headlines do.