PayNet
PayNet (Carnelian Payment Networks India Pvt Ltd) is an India-based payment gateway and fintech solutions provider offering online payment processing, M-POS, M-ATM, Soundbox, and QR products to SMBs, enterprises, and public-sector verticals across e-commerce, utilities, education, government, and gaming.
- Company typePrivate
- Founded2015
- HeadquartersVasai, India
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What PayNet does
PayNet, legally Carnelian Payment Networks India Pvt Ltd, is an India-based payment gateway and fintech solutions provider founded in 2015 and headquartered in Thane West, Maharashtra. The company operates a unified payment platform that combines an online payment gateway supporting domestic and international credit/debit cards, UPI, net banking across 58+ banks, eight mobile wallets, EMI, and PayLater options with a suite of physical payment devices including M-ATM (mobile cash withdrawal), M-POS (smartphone/tablet point-of-sale), Soundbox (audio transaction confirmation), and a secure QR solution for fintech enterprises. Technical delivery is centered on a REST API architecture with v1.0 and v2.0 endpoints, authentication via merchant email and secret key, payout operations via NEFT/IMPS/RTGS, and developer resources including SDKs for PHP, Java, GoLang, and Android plus official plugins for WooCommerce, Magento, PrestaShop, OpenCart, and WHMCS, supported by a publicly accessible developer portal and Postman collections.
The company monetizes primarily through per-transaction fees that vary by payment method and business vertical, with published rates ranging from 0.00% for Government UPI up to 1.90% for net banking in e-commerce, and additional charges possible for setup, monthly fees, and certain payment methods. Go-to-market combines a self-serve merchant onboarding portal for SMBs with a direct sales function for enterprise and partnership opportunities, supplemented by content marketing, SEO, and developer relations. Customers span six vertical segments — e-commerce, utilities, education, government, skilled gaming, and offline/merchant retail — with named references including Excalibur, Kenlid Enterprise, Bluth Finance, and Jadeson Global. Compliance posture includes PCI DSS handling, RBI-aligned KYC and data processing, and alignment with India's Digital Personal Data Protection Act, 2023. The firm operates with 11-50 employees and shows no disclosed institutional funding or parent company based on available data.
PayNet firmographics
Firmographics- Name
- PayNet
- Legal name
- Carnelian Payment Networks India Pvt Ltd
- Website
- https://paynet.co.in
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- PayNet (Carnelian Payment Networks India Pvt Ltd) is an India-based payment gateway and fintech solutions provider offering online payment processing, M-POS, M-ATM, Soundbox, and QR products to SMBs, enterprises, and public-sector verticals across e-commerce, utilities, education, government, and gaming.
- Ownership category
- akta.pro rank
PayNet industry classification
Industry- Product category
- Payment Gateway / Payment Processing Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)
- akta.pro secondary industries
- Merchant Acquiring & Card Processing (PSPs) (CRAFALAB), Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.) (CRAFALAG), Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods (FSAGAKAD)
Keywords
Where PayNet is headquartered
LocationHeadquarters
- HQ city
- Vasai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
PayNet business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction Processing Fees: PayNet charges transaction fees as a percentage of each payment processed. Fees vary by payment method and business vertical, with rates ranging from 0.00% for Government UPI to 1.90% for net banking in e-commerce. The company also charges setup costs, transaction fees, and monthly fees based on transaction volume and payment methods supported.
- Payment Gateway Services: Revenue generated from providing payment gateway infrastructure, including API access, SDKs, plugins, and merchant dashboard services. The company offers both hosted checkout and API-driven integration options.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Ecommerce transaction rates |
| Transaction based/ take rate | Pay-as-you-go | Utilities sector transaction rates |
| Transaction based/ take rate | Pay-as-you-go | Education sector transaction rates |
| Transaction based/ take rate | Pay-as-you-go | Government sector transaction rates |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
PayNet product offering
Product offeringCore offering
PayNet provides a payment gateway platform for Indian merchants that processes online transactions across cards, UPI, net banking (58+ banks), wallets, EMI and PayLater, exposed via REST APIs, SDKs and ecommerce plugins. The company also sells physical payment acceptance solutions — M-ATM (mobile cash withdrawal), M-POS (smartphone-to-POS), Soundbox (audio transaction alerts) and Secure QR — plus a Payout API for merchant disbursements via NEFT/IMPS/RTGS and UPI.
Product overview
PayNet is a payment gateway and fintech solutions provider operated by Carnelian Payment Networks India Pvt Ltd. The company offers a unified payment platform comprising: a core Payment Gateway (supporting cards, UPI, net banking, wallets, and international payments), QR Solution for fintech enterprises, M-ATM Solutions for cash withdrawal services, M-POS Solutions for mobile point-of-sale, and Soundbox Solutions for real-time audio transaction confirmations. Developer access is provided via REST APIs (v1.0 and v2.0) with SDKs for PHP, Java, GoLang, and Android, plus e-commerce plugins for PrestaShop, Magento, OpenCart, WooCommerce, and WHMCS. Payout services enable merchant disbursements through bank accounts and UPI.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Failed transactions credited within 5-7 business days
- +1 more outcomes
Companies that use PayNet
Customer profileNamed customers4 records
Segments6 records
Ideal customer profiles4 records
PayNet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability1 record
Feature11 records
PayNet partnerships and signals
Strategic signalScale indicators3 records
Recent moves5 records
Expansion highlights5 records
PayNet competitors and assessment
Company assessmentDirect peers
- Cashfree Payments: Cashfree Payments is an India-focused payment gateway and payouts provider with developer-first APIs, plugins for major e-commerce platforms, and a Payouts product that competes head-to-head with PayNet's acceptance and NEFT/IMPS/RTGS payout suite.
- BillDesk: BillDesk is an Indian online payment and bill collection gateway serving merchants, utilities, and government billers — directly comparable to PayNet's vertical-pricing strategy in utilities, education, and government.
- Instamojo: Instamojo is an India-focused SMB payment gateway and storefront provider, competing with PayNet in the small merchant and self-serve onboarding segment using developer-friendly APIs.
- Razorpay: Razorpay is India's largest payment gateway and fintech platform, offering online payment acceptance, payouts, and developer APIs directly competing with PayNet's core gateway, Payout API, and plugin ecosystem.
- CCAvenue: CCAvenue is a long-standing Indian payment gateway offering multi-method acceptance (cards, UPI, net banking, wallets) and merchant onboarding, competing directly with PayNet for Indian online merchants.
- PayU India: PayU India is a major payment gateway and merchant acquirer supporting cards, UPI, net banking, and wallets for Indian merchants, directly overlapping with PayNet's gateway and broad payment method coverage.
- PhonePe Business: PhonePe Business offers UPI-led payment acceptance, Soundbox, and merchant devices in India, overlapping with PayNet's M-POS, Soundbox, and UPI gateway offerings.
Broad incumbents
- PayPal: PayPal offers global online payment acceptance and developer APIs and serves merchants in India, comparable to PayNet's international card acceptance and cross-border ambitions as a broader incumbent.
- Stripe: Stripe is a global payment platform with developer-first APIs, hosted checkout, and extensive integrations — a broader incumbent benchmark for PayNet's API design and developer experience, though India is not Stripe's home market.
- Pine Labs: Pine Labs is a large Indian POS and merchant payments platform offering in-store acceptance devices and software; comparable to PayNet on the M-POS/Soundbox side of the business as a broader, better-capitalized incumbent.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
PayNet social profiles
Digital presencePayNet compliance and trust
Trust signalCompliance3 records
PayNet financial estimates
Financial estimateRevenue estimate
Valuation estimate
PayNet leadership team
Management profileNumber of profiles
Profiles1 record
PayNet funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PayNet M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PayNet
What does PayNet do?
PayNet provides a payment gateway platform for Indian merchants that processes online transactions across cards, UPI, net banking (58+ banks), wallets, EMI and PayLater, exposed via REST APIs, SDKs and ecommerce plugins. The company also sells physical payment acceptance solutions — M-ATM (mobile cash withdrawal), M-POS (smartphone-to-POS), Soundbox (audio transaction alerts) and Secure QR — plus a Payout API for merchant disbursements via NEFT/IMPS/RTGS and UPI.
Is PayNet a public or private company?
PayNet is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was PayNet founded?
PayNet was founded in 2015. It employs 11 to 50 people.
Where is PayNet based?
PayNet is headquartered in Vasai, India, in the Asia region.
How does PayNet make money?
Two revenue lines are on record. Transaction Processing Fees are the primary driver. The others are payment Gateway Services.
Who are PayNet's main competitors?
Direct peers on record are Cashfree Payments, BillDesk, Instamojo, Razorpay, CCAvenue, PayU India and PhonePe Business. Broad incumbents are PayPal, Stripe and Pine Labs.
Does PayNet have an API?
Yes. PayNet offers a RESTful API for payment processing. The API provides endpoints for: ValidateSecretKey (merchant authentication), CreatePayPage (hosted payment page generation), VerifyPayment (transaction status verification), RefundTransactions (full and partial refunds), TransactionReports (transaction history), CreateOrder (seamless/server-to-server orders), Payout GetBalance, MakePayout (supports NEFT/IMPS/RTGS), and Payout StatusCheck. The API uses merchant_email and secret_key authentication. Two API versions are available: v1.0 (production at https://merchants.paynet.co.in) and v2.0 (production at https://apis.paynet.co.in). No explicit sandbox/testing environment is offered; demo accounts are available for testing. Prebuilt Postman documentation and JSON collections are accessible. Developer documentation is at devportal.paynet.co.in.
What industry is PayNet in?
PayNet's product category is Payment Gateway / Payment Processing Software. Its primary akta.pro industry code is FSAMACAA, Merchant Payment Gateways (API/Hosted Checkout), with a secondary code of CRAFALAB, Merchant Acquiring & Card Processing (PSPs). Its NAICS code is 522320.