Razorpay vs Cashfree

Razorpay publishes a flat 2% platform fee per successful transaction across domestic instruments — UPI, RuPay debit, debit and credit cards, net banking, wallets, Pay Later and EMI — with corporate and business cards at 2.15% and international cards at up to 3%. Setup fee, annual maintenance and refund fees are listed as zero, and 18% GST applies on the platform fee. Rates change and are negotiated at volume, so confirm on Razorpay's own pricing page before you sign.

Cashfree publishes a standard domestic rate of 1.95% covering UPI, cards, net banking and wallets, with RuPay credit card on UPI at 2.15%, international cards at 2.99% for Visa and Mastercard and 2.95% for American Express, EMI from 1.90% plus 0.25%, and Pay Later at 2.20%. Setup and annual maintenance are zero and 18% GST applies. New merchants signing up on or after 21 July 2026 pay 0% on domestic transactions up to ₹20 lakh per month until 31 March 2027.

On published standard rates Cashfree's domestic rate of 1.95% is marginally below Razorpay's 2%, and Cashfree's current 0% promotional offer makes it substantially cheaper for a new merchant under ₹20 lakh a month until 31 March 2027. Above that cap, or after the offer ends, the difference narrows to 0.05% — which on ₹5 lakh a month is about ₹250. At that scale the deciding factors are refund and chargeback terms, product fit and support, not the headline rate.

It is genuine but conditional, and the conditions matter. It applies to merchants signing up on or after 21 July 2026, covers domestic payment gateway transactions up to ₹20 lakh of value per month, and runs until 31 March 2027. Volume above the monthly cap is charged at the standard 1.95%, and Cashfree's pricing page requires UPI to be a minimum 40% of your monthly transaction value or the offer is withdrawn. International cards, EMI and Pay Later are priced separately, and 18% GST still applies on any fee charged.

Razorpay publishes a genuinely flat 2% across domestic instruments, which makes cost prediction simple and means you pay the same on UPI as on a credit card. Cashfree prices per method, which rewards a business whose volume is concentrated in the cheaper methods. If your mix is UPI-heavy — which it is for most Indian businesses — per-method pricing generally works out better; if your mix is unpredictable, a flat rate is easier to budget.

Both support international card acceptance and both price it near 3% — Razorpay publishes up to 3%, Cashfree publishes 2.99% for Visa and Mastercard and 2.95% for Amex. The published gap is small enough that it should not decide your choice. What should decide it is how each handles export documentation for your specific business, since your bank will need FEMA-compliant records of every inward remittance. Ask both before committing.

No. Both Razorpay and Cashfree publish zero setup fee and zero annual maintenance charge for a standard Indian online merchant account. This is now standard across major Indian providers, so being asked for either on an ordinary online account is a reason to look elsewhere rather than to negotiate.

Razorpay's pricing page lists a refund fee of ₹0. Cashfree does not publish a refund fee, so ask for it in writing before signing. Neither publishes chargeback fees on the standard pricing page. For a returns-heavy business — fashion and footwear especially — these two numbers can outweigh the 0.05% difference in headline rate entirely, which is why they belong in your comparison rather than in the small print you read afterwards.

If you are a new merchant collecting under ₹20 lakh a month with UPI as most of your mix, Cashfree's current 0% offer is the clearer arithmetic while it lasts. If you want a single flat rate that never needs re-checking, or your mix is card-heavy and unpredictable, Razorpay's flat 2% is simpler to plan around. Both onboard small businesses, both have zero fixed costs, and both let you collect by payment link with no website.

Yes — nothing stops you holding accounts with both, and larger stores sometimes route between providers for redundancy. For most businesses it is not worth it: every extra gateway is another integration to monitor, another reconciliation at month end and another support relationship. Pick one, configure it properly, and keep the second as a contingency rather than a live parallel system.

Yes, above a certain volume. Published rates are list prices at both providers, and both negotiate on monthly volume, business category and payment mix. A new business has little leverage and should choose on published pricing and promotional offers. A business processing several crore a year should be asking for a rate review annually — nobody offers you one you did not request.

No, and you should know that before you read it. Bill Bazaar is a referral partner for both Razorpay and Cashfree and may earn a commission whichever you choose through the links on this page. That is precisely why every rate here is each provider's own published number, quoted with the page and date it was read, and why anything a provider does not publish is marked unknown rather than filled in with a guess. Verify both on their own pricing pages before you sign.