Razorpay vs Cashfree vs PayU: Which Indian Payment Gateway Fits Your Business
The fees, settlement times, and current new-merchant offers each provider publishes on its own site. No numbers resold from a third-party blog.
Facts verified
Standard online payment gateway fees
| Razorpay | Cashfree | PayU | |
|---|---|---|---|
| Domestic cards, UPI, netbanking, wallets | 2% + 18% GST | 1.95% + tax | Not published |
| Premium methods (EMI, corporate cards, Amex/Diners, Pay Later) | 3% + GST | Not published | Not published |
| International cards | 3% + GST | 2.99% + tax | Not published |
| International bank transfer | 1% + GST | Not published | Not published |
- Domestic cards, UPI, netbanking, wallets: PayU doesn't publish a flat online-gateway rate. It prices per merchant by industry, volume, and risk profile, with custom slabs for high-volume accounts.
- Premium methods (EMI, corporate cards, Amex/Diners, Pay Later): Cashfree and PayU's pages didn't publish a separate premium-method rate the way Razorpay does.
- International cards: Cashfree also lists a 2.69% flat promotional rate on international card transactions. PayU's only published international figure we found (3% + GST) is specifically for its POS machine product, not the online gateway, so it isn't included here to avoid conflating the two.
Setup & annual fees
| Razorpay | Cashfree | PayU | |
|---|---|---|---|
| Setup fee | None | None | None |
| Annual maintenance charge (AMC) | None | None | None |
Settlement time
| Razorpay | Cashfree | PayU | |
|---|---|---|---|
| Domestic settlement | T+2 business days | Not published | T+2 (standard) |
| International settlement | T+7 business days | Not published | Not published |
- Domestic settlement: Cashfree's pages didn't state a settlement timeframe in what we checked. PayU offers same-day and priority settlement for eligible business categories on top of its T+2 standard.
Current new-merchant promotion
| Razorpay | Cashfree | PayU | |
|---|---|---|---|
| Time-limited offer | 0% platform fee on domestic payments up to ₹5L cumulative GMV or 90 days from activation (whichever first), for accounts KYC-verified and activated on/after 1 Jul 2026 | 0% platform fee on domestic payments up to ₹20L cumulative GMV, through 31 Mar 2027, for signups on/after 21 Jul 2026 | Not published |
- Time-limited offer: Both promotions are tied to specific activation/signup date windows and a GMV cap. Confirm eligibility and current terms directly, and don't assume a promotion still applies. No equivalent time-limited PayU offer found on the pages checked.
When to choose which
Razorpay
Widely adopted, with strong developer documentation and fast self-serve onboarding. A reasonable default for a new store that wants a checkout live quickly without negotiating pricing first.
Cashfree
Positions itself strongly around payouts and disbursements (vendor payments, marketplace settlements, instant refunds) alongside standard checkout. Worth a closer look if a marketplace or multi-vendor payout flow is part of the plan, not just a single-seller checkout.
PayU
Doesn't publish a flat online rate, because pricing is negotiated per merchant by volume, industry, and risk profile. Worth engaging directly once transaction volume is high enough to plausibly negotiate below the other two's published rates.
Tools For This Comparison
Marketplace Fee Calculator
Enter your marketplace's commission, payment gateway, and shipping fees to see the real net payout and margin behind a listing price.
GST Calculator
Add or remove GST at any standard slab rate, split into CGST/SGST for intra-state supply or IGST for inter-state supply.