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PingPong vs Adyen (2026): Which Is Better for Receiving International Payments in India?

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Short answer

Neither PingPong nor Adyen publishes enough pricing to estimate the cost of a USD 5,000 receipt, so there is no cost verdict. The better choice depends on how your client pays: PingPong is best for collecting marketplace and processor payouts, and Adyen is best for large businesses with an Indian entity.1234

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareNeither publishes full pricing for this case.
Bank transfer of USD 2,000Cannot compareNeither publishes full pricing for this case.
Client paying USD 2,000 by card or linkCannot compareNeither publishes full pricing for this case.
PingPong is best forPingPongCollecting marketplace and processor payouts.12
Adyen is best forAdyenLarge businesses with an Indian entity.34

1,000 USD = ₹94,243 at the reference rate for 13 November 2026 (European Central Bank data).

Estimated rupees received, on published fees

Sorted by estimated rupees received, highest first. Only providers that publish both their fee and their conversion markup for this currency and method can be estimated.

#Provider and routeBest forFee (+GST)MarkupYou receiveCost
1Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹942plus GST, rate not stated0%₹93,131 to ₹93,3011.00 to 1.18%
2RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,000plus GST, rate not stated0%₹93,063 to ₹93,2431.06 to 1.25%
3WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,4350%₹92,8091.52%
4SkydoPayment link (InstaLinks) paid by ACH debitLocal bank transfers from major markets₹1,885plus GST, rate not stated0%₹92,019 to ₹92,3582.00 to 2.36%
5PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹0no GST stated1 to 4%₹90,473 to ₹93,3011.00 to 4.00%
6PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹4,175no GST stated3 to 4%₹86,465 to ₹87,3667.30 to 8.25%

Not estimated because pricing is not fully published: Cashfree Payments, Dodo Payments, PingPong, Stripe, Tazapay, TransFi, Wise.

Where a provider says GST applies to its fee but not at what rate, the range runs from no GST to 18%, the rate Skydo, Stripe and Winvesta state on their pages. Estimates use each provider's published fee, conversion markup, GST on fees and FIRA charge, checked 2026-10-28, against the reference rate. They exclude charges taken by intermediary banks and your own bank, and the rate a provider actually applies at the time of conversion. Check the provider's pricing page before you choose. The order is calculated only from these published numbers; no provider can pay to change its position, and there are no affiliate links.

How do PingPong and Adyen compare at a glance?

PingPong and Adyen compare on the twelve points below, using each provider's published information as checked on 28 October 2026. Where a provider does not publish something, the table says so.5640

PingPongAdyen
Best forCollecting marketplace and processor payouts12Large businesses with an Indian entity34
FeesPingPong says creating an account and receiving payments is free of charge, and that most virtual accounts are free to use.56Not published for Indian exporters. Adyen's global pricing page shows indicative fees: $0.13 per transaction plus Interchange++ plus 0.60% for Visa and Mastercard, and $0.13 plus 3.95% for American Express.
FX markupNot published as a percentage. PingPong's terms say conversion happens at the rate PingPong determines at the time of the transaction, at its sole and absolute discretion.Not published.
SettlementPingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.72Not published.
FIRAPingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.189Not published.
CurrenciesPingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.12Not published for Indian exporters.
KYC: who can sign upIndividuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.10Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.114
RBI PA-CB statusPingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1213141516The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.151117
SupportEmail cs-india@pingpongx.com, LiveChat, a Bengaluru office for licensing queries, and a dedicated account manager.1281Not published for this use; Adyen's pricing page directs custom pricing and minimum invoice questions to its sales team.
LimitsPingPong's India terms limit eligible receipts to ₹25,00,000 per transaction. The number of virtual accounts you can open depends on account usage level and turnover.1418For its cross-border import product, Adyen restricts foreign merchants from selling goods or services priced above ₹25,00,000 per transaction. No limit is published for Indian exporters.17
How clients payPayment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.121920Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.
Card paymentsPingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.120Not published for foreign customers paying Indian businesses. Adyen's India compliance guide says its India rules apply to local acquiring and do not apply to cross-border payments.

How much INR do you receive on $2,000, $5,000 and $10,000 with PingPong vs Adyen?

The INR you receive with PingPong and Adyen is the invoice at the reference rate, less each provider's fee, conversion markup, GST on fees and FIRA charge. The table works this out from published pricing at today's rate.

None of these providers publishes both a fee and a conversion markup for USD.

Not estimated because pricing for USD is not fully published: PingPong.

Ranked by INR received on USD 5,000. Reference rate: European Central Bank data for 13 November 2026. Fees, conversion markup, GST on fees and FIRA charges as published by each provider, checked 28 October 2026. Ranges appear where a provider publishes a range or does not state its GST rate. Intermediary bank charges are excluded. See the methodology.

What is PingPong and who is it for?

PingPong is a cross-border payments company founded in New York in 2015 that gives Indian sellers, freelancers and service providers virtual receiving accounts in foreign currencies and withdraws the money to an Indian bank account.131

  • Regulated by: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1213141516
  • Used by: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.10
  • Best for: Collecting marketplace and processor payouts.12

What is Adyen and who is it for?

Adyen is a payments platform for enterprises; in India it is authorised by the RBI as an online payment aggregator and as a cross-border aggregator for outward (import) transactions, and it publishes no product for Indian exporters collecting from foreign customers.111517

  • Regulated by: The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.151117
  • Used by: Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.114
  • Best for: Large businesses with an Indian entity.34

How do PingPong and Adyen fees and FX markup compare?

PingPong and Adyen charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does PingPong charge?

Transaction typeFeeFX markupGST on feesBest for
Payment into a PingPong virtual receiving account, then withdrawal to an Indian bank1%56114Not publishedNot statedClients paying by local bank transfer

What does Adyen charge?

  • Fees: Not published for Indian exporters. Adyen's global pricing page shows indicative fees: $0.13 per transaction plus Interchange++ plus 0.60% for Visa and Mastercard, and $0.13 plus 3.95% for American Express.40

How do PingPong and Adyen compare on settlement speed?

PingPong and Adyen publish these settlement times for money reaching an Indian bank account.

PlatformSettlement timePayout to IndiaBest for
PingPongPingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.72Withdrawal to your own Indian bank account, manually or by auto withdraw, in INR or in foreign currency to an EEFC account. PingPong's help centre says withdrawals are charged 1% per transaction and that the fee standard may vary by region.175Collecting marketplace and processor payouts12
AdyenNot published.Not published.Large businesses with an Indian entity34

Do PingPong and Adyen provide FIRA and e-BRC, and are they RBI PA-CB authorised?

PingPong and Adyen publish the FIRA position and RBI status below, checked on 28 October 2026. An e-BRC is generated by the exporter on the DGFT portal from bank remittance data, so it does not depend on the provider issuing one.41

PlatformFIRARBI PA-CB statusBest for
PingPongPingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.189PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1213141516Collecting marketplace and processor payouts12
AdyenNot published.The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.151117Large businesses with an Indian entity34

Which currencies, countries and payment methods do PingPong and Adyen support?

PingPong and Adyen accept the currencies and payment methods below, as each publishes them.

PlatformCurrenciesHow clients payCard paymentsBest for
PingPongPingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.12Payment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.121920PingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.120Collecting marketplace and processor payouts12
AdyenNot published for Indian exporters.Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.Not published for foreign customers paying Indian businesses. Adyen's India compliance guide says its India rules apply to local acquiring and do not apply to cross-border payments.Large businesses with an Indian entity34

What are the strengths and limitations of PingPong and Adyen?

PingPong and Adyen each suit some exporters better than others. These points come from each provider's own pages.

What are the strengths and limitations of PingPong?

Strengths:

  • You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.12
  • You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.1
  • You want a free digital FIRC from the dashboard for each receipt.19

Limitations:

  • PingPong does not appear among PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026, and its India authorisation status under the PA-CB rules is not published on the pages checked.1512
  • The FX rate is set by PingPong at its discretion and no markup percentage is published.14
  • The 1% withdrawal fee is published in a help article that says the fee may vary by region and to check with customer service or an account manager.5
  • Eligible receipts are capped at ₹25,00,000 per transaction.14
  • The contracting entity for India is PingPong Global Solutions Inc., a New York corporation, with California law and courts.14

What are the strengths and limitations of Adyen?

Strengths:

  • You are a large business with an Indian entity that needs domestic card, UPI and online banking acceptance in India on one platform.34
  • You are a foreign merchant selling to Indian buyers through Adyen's cross-border import product.17

Limitations:

  • Adyen's RBI cross-border authorisation is for outward (import) transactions, not inward export receipts.1517
  • Adyen publishes no product, fee, FIRA or purpose code process for Indian service exporters collecting from foreign customers.11404
  • Pricing shown is global and indicative, and a minimum invoice may apply depending on industry or business model.40
  • Adyen positions itself for enterprises; eligibility for freelancers or small agencies is not published.11

Should you choose PingPong or Adyen?

Choose between PingPong and Adyen by how your clients pay and your usual invoice size.

Choose PingPong if:

  • You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.12
  • You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.1
  • You want a free digital FIRC from the dashboard for each receipt.19

Choose Adyen if:

  • You are a large business with an Indian entity that needs domestic card, UPI and online banking acceptance in India on one platform.34
  • You are a foreign merchant selling to Indian buyers through Adyen's cross-border import product.17

For example, say a designer invoices a US client USD 2,000. Because neither provider does not publish full pricing for that case, ask for a quote in writing and compare it with the FIRA rate after the first payment.1440

Which other platforms should you consider besides PingPong and Adyen?

Other platforms to consider besides PingPong and Adyen are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.2223242526272930323335373839

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets210.68%222324252627Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2628Skydo review
Karbon BusinessUS bank transfers and marketplace payouts291.00 to 1.18%2930Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.29Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone311.00 to 1.18%3233Razorpay provides a Foreign Inward Remittance Statement (FIRS), sent to the contact email within 24 hours after settlement for bank transfers, and downloadable from the dashboard, which shows bank-provided certificates and Razorpay-generated statements. The pricing page lists FIRC or eFIRC as included and auto-generated for international cards. No separate charge is published.313433Razorpay review
WinvestaLocal transfers with a published per-payment fee35361.24%35373839Free e-FIRA, emailed within 24 hours of funds reaching the Indian bank account and downloadable from the dashboard; it shows the purpose code and exchange rate.3837Winvesta review

Compare every provider on your own invoice in the platform cost comparison.

How did we verify this?

We checked this page against the sources below on 28 October 2026. Provider fees, conversion markups and RBI payment aggregator (PA-CB) status were checked on 28 October 2026. Rupee amounts use European Central Bank reference rates for 13 November 2026. Read our methodology or report an error.

  1. [1]PingPong India, home page (checked 2026-10-28)
  2. [2]PingPong India, Freelancers and Service Providers (checked 2026-10-28)
  3. [3]Adyen press release, Adyen expands to India, 15 August 2024 (checked 2026-10-28)
  4. [4]Adyen Docs, Payments India compliance guide (checked 2026-10-28)
  5. [5]PingPong India Help Center, What is the charging standard? (checked 2026-10-28)
  6. [6]PingPong India Help Center, How does your virtual account charge? (checked 2026-10-28)
  7. [7]PingPong India Help Center, How can I withdraw funds from my PingPong account? (checked 2026-10-28)
  8. [8]PingPong India, Value Added Services (checked 2026-10-28)
  9. [9]PingPong India Help Center, How can I get a FIRC? (checked 2026-10-28)
  10. [10]PingPong India Help Center, What steps should I follow for registering a PingPong account? (checked 2026-10-28)
  11. [11]Adyen India, home page (checked 2026-10-28)
  12. [12]PingPong India, License and Regulation (checked 2026-10-28)
  13. [13]PingPong India, About Us (checked 2026-10-28)
  14. [14]PingPong Service Terms and Conditions, section 3.1, section 9.3 and Exhibit A (Applicable to Customer Location in India) (checked 2026-10-28)
  15. [15]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), dated 16 October 2026 (checked 2026-10-28)
  16. [16]RBI: Master Direction on Regulation of Payment Aggregator, 15 September 2025, paragraphs 11(d) and 19
  17. [17]Adyen, India merchant onboarding policy overview, version 1.5, 9 June 2026 (checked 2026-10-28)
  18. [18]PingPong India Help Center, Are there any requirements to increase the amount of receiving accounts that I have? (checked 2026-10-28)
  19. [19]PingPong India Help Center, Can I receive funds from purchaser through wire transfer? (checked 2026-10-28)
  20. [20]PingPong India Help Center, What are the payment methods available for paying e-invoice? (checked 2026-10-28)
  21. [21]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  22. [22]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  23. [23]Skydo, Home page (checked 2026-10-28)
  24. [24]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  25. [25]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  26. [26]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  27. [27]Skydo, Terms of use (checked 2026-10-28)
  28. [28]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  29. [29]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  30. [30]Karbon, PayPal alternative (checked 2026-10-28)
  31. [31]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  32. [32]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  33. [33]Razorpay, Pricing (checked 2026-10-28)
  34. [34]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  35. [35]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  36. [36]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  37. [37]Winvesta, Multi-currency account (checked 2026-10-28)
  38. [38]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  39. [39]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  40. [40]Adyen, Pricing (global page, checked 2026-10-28)
  41. [41]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  42. [42]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, PingPong or Adyen?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.1440 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do PingPong and Adyen give a FIRA to Indian exporters?+

PingPong: PingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.189 Adyen: Not published.

Can individual freelancers use PingPong and Adyen?+

PingPong: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.10 Adyen: Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.114

Are PingPong and Adyen authorised by the RBI?+

PingPong: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1213141516 Adyen: The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.151117

How fast do PingPong and Adyen pay out to an Indian bank?+

PingPong: PingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.72 Adyen: Not published.40

Do I still need an LUT if I am paid through PingPong or Adyen?+

Yes, if you are registered under GST and want to invoice the export without IGST. The Letter of Undertaking is a GST filing for the financial year, and it does not depend on how the money reaches you, whether through PingPong, Adyen or a bank wire.42

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.