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Razorpay, Cashfree or PayU: The Best Stripe Alternatives for Indian Businesses

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Editorial team, serviceexportguide.com
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Short answer

Razorpay, Cashfree and PayU are listed by RBI as PA-CB I & O in 2026.1 Stripe India is listed as PA-O only and offers cross-border services by invite.12 PayU charges 3% for international transactions, GST extra.3 Cashfree charges 2.99% for Visa and Mastercard international cards.4

Applies toRules involvedPlatforms comparedLast verified
Indian businesses taking international card and bank payments56PA-CB authorisation and ₹25 lakh limit; FEMA 2026 Regulations from 1 October 202678Razorpay, Skydo, Payoneer, Cashfree, PayU, Stripe131 October 2026

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.

Razorpay, Cashfree and PayU are Indian payment gateways that hold the RBI authorisations Stripe India does not: all three appear on RBI's payment aggregator list as cross-border aggregators for inward and outward transactions (PA-CB I & O), while Stripe India Private Limited is listed as an online payment aggregator (PA-O) only.1 Stripe says it continues cross-border services for Indian businesses on an invite-only basis.2 This page compares them for Indian businesses that sell to customers abroad. For every provider this site covers, see Stripe alternatives.

How do Razorpay, Cashfree, PayU and Stripe compare for Indian businesses?

Razorpay, Cashfree, PayU and Stripe all accept international card payments for Indian businesses, and Razorpay and Cashfree also offer bank transfer collection accounts.56910 The table adds the lowest-cost providers for card or link payments on a USD 5,000 receipt on published fees, cheapest first, followed A to Z by providers this site cannot estimate on that route.111213

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
RazorpayLocal transfers from the US, UK and eurozone5Bank transfers 1% (flat ₹1,000 below ₹1,00,000); cards up to 3%; GST extra14110% on MoneySaver bank transfers14T+1 for bank transfers; T+7 working days for cards515FIRS emailed within 24 hours of settlement5PA-CB I & O1Official pages51411151
SkydoLocal bank transfers from major markets16USD 19 up to USD 2,000, USD 29 up to USD 10,000, 0.3% above, plus GST170% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)1830Within 24 hours (product page); T+1 to T+3 business days (terms)1830Free FIRA on every payment18PA-CB I & O, authorised 8 January 20261Official pages1617181
PayoneerMarketplace payouts such as Amazon or Upwork19Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); card requests 2.90% + $0.4920131% to 4% to withdraw to INR from another currency13Within 24 hours (multi-currency account page); within 48 hours (pricing page)1320Free digital FIRA per transaction from a partner AD bank21In-principle PA-CB authorisation on 22 January 2026; not on the authorised list22231Official pages1920132122231
Cashfree PaymentsRegistered businesses paid by local transfer6Global Collections: price on request; cards 2.99% (Visa, Mastercard), 2.95% (Amex)4No forex markup claimed on Global Collections; spread not published24Global Collections not published; cards T+22425e-FIRA within 1 day at no extra cost, per its page24PA-CB I & O1Official pages6424251
PayUCard or PayPal checkout with INR settlement93% for international transactions, GST extra3Margin not published26Typically T+2 business days9FIRC on request through a Key Account Manager26PA-CB I & O1Official pages93261
StripeCard checkout and subscriptions103% Visa or Mastercard issued abroad, 3.5% Amex, 4.3% non-INR presentment27Additional 2% if conversion is required27Daily payouts of card payments made 5 business days earlier28Payment advice from Standard Chartered Bank; FIRC from your own bank29PA-O only; cross-border services invite-only12Official pages1027282912

On card routes Skydo's published fee is for InstaLinks ACH Debit, 2% per transaction with a $9 minimum, and it publishes no card fee.12 See the best payment gateway for international payments.

Which platforms are named as Stripe alternatives, and can Indian businesses use them?

The platforms usually named as Stripe alternatives in India are open to Indian businesses, but only some can take payments from abroad. PhonePe Limited appears on RBI's list as an online and physical payment aggregator (PA-O, PA-P) and does not appear as a cross-border aggregator.1

PlatformWho can sign upReceives export payments into India?Best for
RazorpayIndian businesses with Razorpay KYC; MoneySaver lists individuals, proprietorships, partnerships, LLPs and companies5Yes, by ACH, FPS, SEPA or SWIFT to virtual account details5Local transfers from the US, UK and eurozone5
SkydoIndividuals aged 18 or over, proprietorships and companies, for business payments only30Yes, through local account details and a SWIFT account16Local bank transfers from major markets16
PayoneerFreelancers and businesses verified with ID such as Aadhaar or PAN20Yes, with automatic withdrawal to an Indian bank in INR19Marketplace payouts such as Amazon or Upwork19
Cashfree PaymentsRegistered businesses in India only6Yes, through Global Collections and the international card gateway625Registered businesses paid by local transfer6
PayUInternational payments are enabled separately by a PayU Key Account Manager; eligible entity types not published31Yes, international card checkout with INR settlement9Card or PayPal checkout with INR settlement9
StripeInvite only; sole proprietorships, LLPs and companies; individuals get domestic payments only1032Yes, card and wallet payments from abroad for invited businesses10Card checkout and subscriptions10
PhonePeSign-up rules not checked for this pageNot listed as a PA-CB on the RBI list1Domestic online and in-store payments (PA-O, PA-P)1
  • Website requirement: Razorpay says international card payments need a website with terms, privacy, refund and shipping policy pages.33
  • Activation: PayU enables international payments separately through a Key Account Manager.31
  • Businesses only: Cashfree says you must be a registered business in India.6

What does each Stripe alternative charge?

Each Stripe alternative publishes a percentage for international cards, and they range from 2.95% to 3% before GST on the pages checked, against Stripe's 3% for Visa and Mastercard cards issued abroad.431127

PlatformBank transfer routeCard or link routeConversionBest for
Razorpay1% per transaction, flat ₹1,000 below ₹1,00,000, GST extra14Up to 3% plus 18% GST110% on bank transfers; card markup not published14Local transfers from the US, UK and eurozone5
SkydoUSD 19 up to USD 2,000, USD 29 up to USD 10,000, 0.3% above, plus GST17InstaLinks ACH Debit 2%, minimum $9; no card fee published120% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)1830Local bank transfers from major markets16
PayoneerFree to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page)2013Card 2.90% + $0.49; US ACH debit 1%131% to 4% to withdraw to INR13Marketplace payouts such as Amazon or Upwork19
Cashfree PaymentsGlobal Collections price on request42.99% Visa and Mastercard, 2.95% Amex4No markup claimed on Global Collections24Registered businesses paid by local transfer6
PayUNo bank transfer collection route published33% Standard Plan, GST extra3Margin not published26Card or PayPal checkout with INR settlement9
StripeNo bank transfer receiving fee published273% Visa or Mastercard, 3.5% Amex, 4.3% non-INR presentment, 18% GST on fees2734Additional 2% if conversion is required27Card checkout and subscriptions10

GST at 18% applies on top of these fees, as Razorpay, PayU and Stripe state on their pricing pages.11334

Which option is cheapest at $500, $2,000 and $5,000?

The cheapest option at each size depends on the payment route your customer uses, so the table below shows INR received on published fees at today's rate for providers this site can estimate.1113

PlatformBest forINR on USD 2,000INR on USD 5,000INR on USD 10,000Cost on USD 5,000
SkydoMost INRTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹1,86,373₹4,67,991₹9,39,2060.68%
RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,86,262 to ₹1,86,601₹4,65,655 to ₹4,66,503₹9,31,311 to ₹9,33,0071.00 to 1.18%
PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹1,80,947 to ₹1,86,601₹4,52,367 to ₹4,66,503₹9,04,734 to ₹9,33,0071.00 to 4.00%

Not estimated because pricing for USD is not fully published: Cashfree Payments, Stripe.

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.

For example, a USD 2,000 card payment on Stripe with INR presentment costs 3%, or 3% plus 2% if conversion is required; on PayU it costs 3%, and on Cashfree 2.99% for Visa or Mastercard, each before GST.2734 A PA-CB cannot process a single transaction above ₹25 lakh.7

What documents do you get from each Stripe alternative?

Each Stripe alternative issues some form of inward remittance document, but timing and method differ. Razorpay emails a Foreign Inward Remittance Statement within 24 hours after settlement for bank transfers, while Stripe's payment advice comes from Standard Chartered Bank.529

PlatformProof of receiptHow you get itBest for
RazorpayForeign Inward Remittance Statement (FIRS)5Emailed within 24 hours after settlementLocal transfers from the US, UK and eurozone5
SkydoFree FIRA on every payment18Issued for each receiptLocal bank transfers from major markets16
PayoneerDigital FIRA from a partner AD bank21Within 24 to 72 hours, in Reports and statementsMarketplace payouts such as Amazon or Upwork19
Cashfree Paymentse-FIRA for Global Collections24Within 1 day, per its pageRegistered businesses paid by local transfer6
PayUFIRC on request26Through your Key Account ManagerCard or PayPal checkout with INR settlement9
StripePayment advice from Standard Chartered Bank29Take it to your own bank to request a FIRCCard checkout and subscriptions10

The e-BRC is self-certified on the DGFT portal from your bank's inward remittance messages.35 Registered exporters invoice without IGST under an LUT filed in FORM GST RFD-11.36

What changes in 2026 for Indian businesses switching from Stripe?

Indian businesses switching from Stripe in 2026 work under new FEMA export regulations from 1 October 2026, which apply to every gateway equally.8

  • 2026 Regulations: The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026 and replaced the 2015 Regulations.8
  • EDF for every service exporter: From 1 October 2026 every exporter of services gives an Export Declaration Form (EDF) to the AD bank within 30 days from the end of the month of invoicing, and non-software exporters may instead file it on or before the date payment is received.8
  • SOFTEX: RBI Circular No. 20 supersedes the earlier SOFTEX circulars with effect from 1 October 2026.37
  • Realisation period: Export proceeds must be realised within nine months from the invoice date, or twelve months if invoiced or settled in Indian rupees.38
  • PA-CB limit: A cross-border payment aggregator (PA-CB) can handle up to ₹25 lakh per transaction, for inward and outward transactions.7
  • Gateway status: PayU's PA-CB I & O entry is dated 13 May 2025, and Razorpay's and Cashfree's 19 December 2023.1

See RBI PA-CB guidelines and PA-CB transaction limit for exports.

How did we verify this?

We checked this page against the sources below on 31 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]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007 (Payment Aggregators and PPI issuers), list dated 30 October 2026 (checked 2026-10-31)
  2. [2]Stripe Support, Cross-border payment services in India (checked 2026-10-28)
  3. [3]PayU India, Pricing (checked 2026-10-28)
  4. [4]Cashfree Payments, Payment Gateway Charges (India), International Cards, Global Collections and Cross Border FAQ (checked 2026-10-28)
  5. [5]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  6. [6]Cashfree Payments Docs, Global Collections overview (checked 2026-10-28)
  7. [7]RBI: Master Direction on Regulation of Payment Aggregator dated 15 September 2025, paragraph 11(d) (transaction limit)
  8. [8]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, FEMA 23(R)/2026-RB, amended up to 22 September 2026, regulations 3 and 4
  9. [9]PayU India, International Payment Gateway (checked 2026-10-28)
  10. [10]Stripe Docs, Accept international payments from India (checked 2026-10-28)
  11. [11]Razorpay, Pricing, International Payments and International Bank Transfers tabs (checked 2026-10-28)
  12. [12]Skydo FAQs, What are the fees for using Payment Links? (checked 2026-10-28)
  13. [13]Payoneer India, Payoneer Fees (checked 2026-10-28)
  14. [14]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  15. [15]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  16. [16]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  17. [17]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  18. [18]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  19. [19]Payoneer, How to use Payoneer in India (last modified 18 September 2026) (checked 2026-10-28)
  20. [20]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  21. [21]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  22. [22]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026 (checked 2026-10-28)
  23. [23]RBI: Status of Applications received under the Payment and Settlement Systems Act, 2007, as on 16 October 2026, Tables D and E (checked 2026-10-28)
  24. [24]Cashfree Payments, Global Collections: International wire transfer for Indian businesses (checked 2026-10-28)
  25. [25]Cashfree Payments Docs, International Payment Gateway (IPG) overview (checked 2026-10-28)
  26. [26]PayU Docs, FAQs: International Payments and Dynamic Currency Conversion (checked 2026-10-28)
  27. [27]Stripe India, Pricing (checked 2026-10-28)
  28. [28]Stripe Support, Payout schedule for Stripe accounts in India (checked 2026-10-28)
  29. [29]Stripe Support, FIRC/payment advice for international transactions in India (checked 2026-10-28)
  30. [30]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)
  31. [31]PayU Docs, PayU India International Payments (checked 2026-10-28)
  32. [32]Stripe Support, Supported payment methods, currencies and businesses for Stripe accounts in India (checked 2026-10-28)
  33. [33]Razorpay Docs, International Debit and Credit Cards (checked 2026-10-28)
  34. [34]Stripe Support, Taxes on Stripe fees for India-based businesses (checked 2026-10-28)
  35. [35]DGFT: eBRC system, self-certification of eBRC from bank IRMs, Trade Notice 33/2023-24 dated 10 November 2023
  36. [36]GST portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  37. [37]RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026
  38. [38]RBI: Notification FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)

Frequently asked questions

Is Razorpay a good Stripe alternative for international payments?+

Razorpay is listed by RBI as PA-CB I & O and offers both international cards, at up to 3% plus 18% GST, and MoneySaver bank transfers at 1% with a 0% FX markup. Card payments settle in T+7 working days and bank transfers in T+1.11114515

Does PhonePe payment gateway support international payments?+

PhonePe Limited appears on RBI's payment aggregator list dated 30 October 2026 as an online and physical payment aggregator (PA-O, PA-P). It is not listed as a cross-border payment aggregator (PA-CB), the authorisation that covers export payments.1

What are Cashfree international payment charges?+

Cashfree's pricing page lists 2.99% for Visa and Mastercard international cards and 2.95% for American Express. Global Collections, its bank transfer product, is priced on request, and Cashfree says it has no forex markup.424

How long does PayU take to settle international payments?+

PayU says international payments typically settle in T+2 business days, converted to INR at the rate on the transaction date. Its margin on dynamic currency conversion is not published, and a FIRC is provided on request through the Key Account Manager.926

Why can't I sign up for Stripe India directly?+

Stripe India is invite only: Indian businesses must request an invite, and international payments are open to sole proprietorships, LLPs and companies. Stripe says it withdrew its PA-CB application on RBI guidance and continues cross-border services on an invite-only basis.102

Which Stripe alternatives take bank transfers as well as cards?+

Razorpay's MoneySaver Export Account takes ACH, FPS, SEPA and SWIFT transfers, and Cashfree's Global Collections takes local transfers in USD, EUR, CAD or GBP. PayU publishes no bank transfer collection route on its pricing page.563

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.

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