Payment aggregators in 2024 are a crucial component of online transactions. In today’s digital world, online payments have become an integral part of daily lives. They act as a bridge between merchants, customers, and banks.  

Most businesses want to look for ways to start accepting payments online with payment failures and a seamless customer experience. 

 By the year 2040, more than 95% of purchases are expected to be made online. To make the most of this strategy, UAE startups must simplify their payment solutions to ensure their present and potential clients can conduct monetary transactions easily and safely.  

E-Commerce is a rapidly growing market in the UAE, during the pandemic when people had to force themselves to shop for everything online. In the year 2021, we have seen every kind of business executing e-commerce.   

With online shopping gaining so much rage, the demand for secure and strong payment systems is also growing. If you run a small startup or a large company, you should have a dedicated payment gateway solution to climb your e-commerce business.  

If you are going to start an online business in UAE, then odds are that you are in search of the best payment solution. Hence you might have come across phrases like Payment Gateway or Payment Aggregators.   

Selecting the right payment solution for your business requires you to know what works in this industry.  

In this blog, we will walk through everything you need to know about payment aggregators in 2024.  

What are Payment Aggregators?  

As per definition, A payment aggregator is a service provider that processes online payments on behalf of merchants.   

It acts as an intermediary between the customer and the merchant to facilitate secure and smooth transactions.   

Payment aggregators enable merchants to accept various payment methods, including debit and credit cards, net banking, e-wallets, and UPI.   

They also offer additional features such as refunds, chargebacks, and fraud prevention.  

How Do Payment Aggregators Work?  

Payment aggregators work by integrating with different payment pipelines and processors. When a customer begins a payment, the aggregator accepts the transaction details and passes them on to the relevant payment processor. The processor then checks the transaction for fraud, verifies the customer’s details, and initiates the payment transfer. Once the payment is complete, the aggregator notifies the merchant and transfers the funds to their account.  

 
We have created a process on how payment aggregators work  

Bank Who Issues -> Network of Cards -> Bank Will Acquire -> Payment Gateway  

Can a payment aggregator act as a payment gateway?  

Payment aggregators do offer a payment gateway but the opposite is not true. This is all you need to know if you make a comparison between a payment aggregator vs payment gateway.  

Payment aggregators in UAE offer multiple payment gateways to merchants and enquire about them for specific charges of payment gateway. These providers help them with accepting money from customers and then transferring the whole amount to the merchant account during the settlement period as per the policies of the payment aggregator.  

Benefits of Payment Aggregators  

Payment aggregators offer several benefits to merchants, including:  

• Multiple Payment Options

Payment aggregators enable merchants to accept payments from various sources, including credit and debit cards, UPI, net banking, and e-wallets.  

• Cost-Effective  

Payment aggregators eliminate the need for merchants to set up multiple payment gateways, which can be expensive and time-consuming.  

• Secure  

Payment aggregators use advanced security measures to protect customer data and prevent fraud.  

• Easy to Use  

Payment aggregators provide a user-friendly interface that makes it easy for merchants to manage transactions, refunds, and chargebacks.  

• Customization  

Payment aggregators allow merchants to customize their payment pages with their branding and design.  

Challenges of Payment Aggregators  

While payment aggregators offer several benefits, they also face some challenges, which include:  

• Regulations  

Payment aggregators must comply with various regulations, including data privacy, anti-money laundering, and payment card industry standards.  

• Payment Disputes  

Payment disputes can occur between customers and merchants, which can be time-consuming and costly for payment aggregators to resolve.  

• Integration Issues  

Payment aggregators need to integrate with different payment channels and processors, which can be complicated and time-consuming.  

• Competition  

The payment aggregator market is highly competitive, with many players offering similar services.  

 Payment Aggregator Trends in 2024  

As we are very well into 2024, many of the several trends are shaping the payment aggregator market, including:  

• Mobile Payments  

With the rise of mobile commerce, payment aggregators are increasingly focusing on mobile payments. They are developing mobile apps and mobile-friendly payment pages to make it easier for customers to pay using their mobile devices.  

• Blockchain Technology

Payment aggregators are exploring the use of blockchain technology to improve security and transparency in transactions. Blockchain-based payment systems can provide faster settlement times, lower transaction fees, and enhanced security.  

• Artificial Intelligence  

Payment aggregators are using artificial intelligence to improve fraud detection and prevention. AI-based fraud prevention systems can identify suspicious transactions and prevent fraud in real time.  

• Payment Analytics  

Payment aggregators provide merchants with detailed analytics to help them understand customer behavior and optimize their payment processes.  

• API Integration  

Payment aggregators increasingly offering API integration with third-party applications, making it easier for merchants to manage payments across multiple platforms.  

Conclusion  

Payment aggregators play a critical role in boosting online transactions. They offer several benefits, including multiple payment options, cost-effectiveness, security, and ease of use.    

Top Payment Aggregators in 2024  

There are multiple payment aggregators available in the market, each with its own set of features and benefits. Some of the top payment aggregators in 2024 are:  

1. Safexpay: Safexpay is also one of the popular payment aggregators in 2024 for UAE that offer a simple and secure payment process to transform any kind of business for merchants.
     
2. PayPal: PayPal is one of the oldest payment aggregators in the UAE market & offers a wide range of payment options.  
   
3. CC Avenue: One of the most widely used payment aggregators in the UAE & offers flexible pricing plans that suit all sorts of businesses – small, medium, and large.  
   
4. Stripe: Stripe is a popular payment aggregator in UAE among developers and offers a simple integration process.  
   
5. Razorpay: Razorpay is an Indian payment aggregator that offers a range of payment options and features.  

Why Safexpay is The Best Payment Aggregator for Merchants  

Safexpay is a payment aggregator in 2024 that offers a simple and secure payment process for merchants. With Safexpay, merchants can accept payments through multiple payment options, including credit/debit cards, net banking, e-wallets, and UPI.   

With Safexpay, you can experience a seamless checkout. With Safexpay, you can develop a customized payment gateway by integrating with our explementary documentation for APIs and SDKs. 

Read More

How Safexpay’s Payment Aggregator in UAE Works

Choose Right Payment Platform in UAE for your business success