TimesofMoney, a Times Group company, has entered the electronic payment gateway space. The company has launched DirecPay.com, a real-time payment gateway for e-commerce websites. The merchants can implement net banking, credit cards & debit cards as collection options. It has a tie up with over 20 banks for net banking, and claims to have a customer base of 200 merchants across the country. TimesofMoney currently provides services like money transfers to India, NRI services, and co-branded cards.
In India, there are only few e-payment gateway providers like CCAvenue, ICICI Bank's Payseal and Transecute. There are also banks like Citibank, HDFC Bank and Axis Bank that provide payment solutions. The entry of TimesofMoney will provide one more option to merchants (e-commerce companies), and hopefully a faster integration. Indian merchants also use PayPal, however, it does not provide transactions in Indian rupee, which is a major drawback. But the biggest positive for PayPal is its easy integration process. The others follow very stringent and time consuming documentation to instal the gateways.