Razorpay, Cashfree and PayU all list pay-per-transaction pricing with no setup fee, and about 2% on domestic cards, netbanking and wallets, plus 18% GST on the fee. As listed on 9 October 2026: Razorpay 2%, Cashfree 1.95%, PayU 2%. The headline rate rarely settles it. What does is the payment methods you need, international cards or subscriptions, your platform, and the fine print on holds. None is best for everyone, and you can integrate more than one.
Standard fees
Quoted from each gateway's own page, as listed on 9 October 2026: Razorpay pricing, Cashfree pricing FAQ, PayU pricing.
| Item | Razorpay | Cashfree | PayU |
|---|---|---|---|
| Domestic cards, netbanking, wallets | 2% + GST | 1.95% standard | 2% |
| UPI | Zero MDR, 2% platform fee | 1.95% standard | Varies by merchant type |
| International cards | Up to 3% + taxes | 2.99% Visa/Mastercard, 2.95% Amex | 3% |
| Setup and annual fee | Rs 0 and Rs 0 | No setup fee or AMC | No setup, onboarding or annual fees |
| Settlement as listed | Typically T+1 or Instant | Default T+2 | Standard T+2 |
Notes from the same pages:
- GST is charged on the fee, not on the sale. Razorpay lists "18% applicable", Cashfree "18% (or the prevailing rate)", PayU "18% GST applicable on all transactions".
- Razorpay says there is zero MDR on standard bank-to-bank UPI, but "a standard platform or technology fee of 2% will be applied". MDR is the fee a bank charges a merchant on a payment.
- PayU lists 3% for Diners, American Express, EMI and international transactions. Cashfree lists separate EMI and Pay Later rates.
- Cashfree offers new merchants who sign up on or after 21 July 2026 a 0% platform fee on domestic transactions up to a cumulative Rs 20,00,000, until 31 March 2027. GST is not waived, and its page lists exclusions.
- T+2 means two working days after the payment (Cashfree settlements FAQ).
Features
| Feature | Razorpay | Cashfree | PayU |
|---|---|---|---|
| Payment links | Links, Pages, Buttons at the same cost | Links and Forms, no extra cost | Links and Buttons listed |
| Subscriptions | Cards, UPI AutoPay, eMandate | Cards, e-mandate, NACH, UPI Autopay | "Recurring payments suite" |
| Platform plugins | Shopify, WooCommerce, Wix, Magento and more | Shopify, WooCommerce "etc." | WooCommerce, Shopify, BigCommerce, Shopmatic |
| International | Needs activation | 140+ currencies, PayPal | Visa, Mastercard, Amex |
Opening an account
From each gateway's own onboarding pages:
- Razorpay: an unregistered individual gives a personal PAN, identity verification through Central KYC, DigiLocker or a video call, then bank details checked with a Rs 1 deposit. A registered business gives any one of a GST certificate or a Udyam (MSME) certificate, plus one more document. There is an "I don't have a GSTIN" option. See Razorpay account setup.
- Cashfree: a sole proprietor gives PAN or Form 60, a bank account in the owner's name, and Aadhaar or Central KYC. If automated checks cannot confirm the business, it needs at least two business proofs. Its FAQ says: "No, GSTIN is not mandatory." It requires a live website with Terms and conditions, About us, Contact us, Privacy policy and your registered business name. See Cashfree onboarding FAQs.
- PayU: a sole proprietorship gives bank account proof, any two government proofs from a list that includes GSTIN, MSME, IEC, FSSAI, ITR and shop establishment, plus the signing authority's PAN and address proof. A company gives its certificate of incorporation, MOA, AOA, company PAN and an authorisation letter. See PayU's document checklist.
Razorpay also asks for links to your policy and contact pages: see our Razorpay integration guide.
Holds
A gateway can hold money or close an account. Read the agreement.
Razorpay's terms say it may "immediately suspend Services and settlement of any monies or payments to You" in listed cases, including a breach of the terms, a "high-risk score as per Razorpay PA's internal fraud assessment tools", and "pending, anticipated, or excessive disputes, refunds, or reversals".
Cashfree's onboarding FAQ says that if an account "is later found non-compliant, it may be deactivated at Cashfree's discretion". We could not open a general merchant agreement for Cashfree or PayU, so we say nothing on their hold terms.
How to choose
Choose by what you will run, not by 0.05% of fee.
| You need | Check |
|---|---|
| Shopify or WooCommerce | All three list plugins. Check which gateways your platform supports for India first: Shopify payment gateway guide. |
| Subscriptions with UPI AutoPay | Razorpay and Cashfree list it. PayU lists a recurring suite without naming methods. |
| International cards | All three list it: Razorpay up to 3%, PayU 3%, Cashfree 2.99% for Visa and Mastercard. |
| EMI or Pay Later | Compare the separate rates Cashfree and PayU list. |
| No website yet | Razorpay says Payment Links "let you accept payments without a website or app". |
| Support | Cashfree says a payment expert calls within 24 working hours of account creation, and ties 30-minute priority support to a paid tier. Razorpay offers an onboarding manager "for an additional fee". |
A second gateway gives you a fallback during an outage or hold, and a method the first lacks. The cost is separate KYC, keys, webhooks and two sets of statements to reconcile. Nothing we read bars it, but check each agreement.
Build steps are in Razorpay integration in a website. For a store with checkout, see our concept project Odd Dozen, not client work. Want payments built? Tell us about your project.
Frequently asked questions
Which is better, PayU or Razorpay?
Neither wins on every point. Both show 2% for domestic cards, netbanking and wallets and no setup fee. Razorpay lists T+1 or Instant settlement, PayU T+2. Razorpay documents UPI AutoPay subscriptions, PayU lists a recurring suite.
Which is better, Cashfree or Razorpay?
Cashfree lists 1.95% against Razorpay's 2%, both plus GST. Both list UPI Autopay subscriptions, payment links and platform plugins. The deciding points are usually your platform, international needs and the hold terms.
Do I need GST to get a payment gateway in India?
Not always. Cashfree's FAQ says GSTIN is not mandatory. Razorpay offers an "I don't have a GSTIN" option. PayU lists GSTIN as one of several accepted government proofs for a sole proprietorship.
Can I take payments without a website?
Yes. Razorpay's documentation says Payment Links and Payment Pages work without a website or app. Cashfree and PayU also list payment links.
Can I use more than one payment gateway on the same site?
Technically yes: each is a separate integration with its own keys and webhooks. Nothing on the pages we read forbids it, but each agreement may have its own terms.