Starting a New Business? Here’s Why You Need Paytm for Startups

Understanding the Startup Ecosystem

Startups are often misjudged but play a crucial role in any country’s economy. Though startups are considered small or new businesses, their contribution to the overall economic growth of a country is quite significant. How the startup ecosystem in a country works is directly proportional to the rise and fall of the GDP of a country as it renders mass employment to the youth of the nation. According to reports, the total number of startups in India rose to around 9,000 in 2019, making it the third-largest startup ecosystem in the world, only behind the US and China. Given that startups have single-handedly raked in about $50 billion revenue since 2014, it is important to understand the usage of payment gateways and payment gateway benefits for startups to flourish alongside established tech-giants.

Fintech, logistics, healthcare, e-commerce, and online gaming are some of the popular startup sectors in India currently and are also the ones expected to flourish in the post-COVID era. During the pandemic, we saw the surge of delivery related apps and many retailers switching to online/delivery business right from groceries and clothes to food and medicines. Payment gateways are essential elements in this crossover to digital payments by most local entrepreneurs and retailers.

Payment Gateway Benefits for Startups

Before listing the payment gateway benefits for startups, it is important to understand what is a payment gateway first. Payment gateways are facilitators for digital payments that act as a medium between the merchant’s website or payment portal and the customer’s bank by verifying the bank details. Post verification, the payment gateway processes the transaction by debiting the amount from the customer’s bank account and crediting the same in the merchant’s account for the purchased product.

You may wonder why one would need a payment gateway to do so. A merchant would ideally require a convenient medium to collect payments from customers, and payment gateways enable them to do so without the trouble of processing each transaction by reaching out to the respective banking partner. The payment gateway ideally enables accepting customer payments via your website or app. Some of the top payment gateway benefits for startups are




Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Lagos Innovates Center Alimosho Review

We’re moving to SUBSTACK

Blog 9: Why Venture Capital has grown over 2000% in the last ten years?

My Side Hustle is Turning into a Fumble

Is There a Place for New People in the American Telecom Business?

Russel Razhko, co-founder and CEO of telecom company Rullex, member of the Young Business Club New York City

Starting Speak_

TaskTrain — Keep Your Team On Track

Jan 2022: The ESOP Momentum Continues with Liquidity Programs from Ninjacart, Porter, BSC among…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store


More from Medium

Maximum Viable Product

10 things I realised when recruiting IT professionals in 2022

Knowing When to Stop is Part of the Victory

Work & Life & Balance