Razorpay, Cashfree or PayU: The Best Stripe Alternatives for Indian Businesses
- Author:
- Manoj Sharma
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- Editorial team
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Short answer
Razorpay, Cashfree and PayU are Indian gateways that businesses compare with Stripe in 2026. Cross-border aggregators fall under the RBI payment aggregator directions. Export receipts follow the FEMA export regulations in force from 1 October 2026. Exporters also need an RBI purpose code, a GST LUT to export without paying IGST and proof of realisation such as a FIRA.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian businesses, sole proprietors and freelancers who collect payments from foreign customers through an online payment gateway and are comparing Stripe with Razorpay, Cashfree or PayU | RBI Master Direction on Payment Aggregators, 2025 (paras 4 and 11), FEMA Export and Import Regulations, 2026 (Regs 3 to 5), A.P. (DIR Series) Circular No. 20, IGST Act s.2(6), IGST Act s.16, CGST Rule 96A | Skydo, Razorpay, Kotak Mahindra Bank, Stripe, PayU, Cashfree Payments | 6 Oct 2026 |
How do Razorpay, Cashfree and PayU compare with Stripe for Indian businesses receiving international payments?
Platforms named in the question are shown alongside the 2 highest payouts among the platforms this site covers, ranked by the INR received on a $5,000 invoice. Fees were checked on 30 Sept 2026.
| Platform | Best for | Fee | FX markup | Settlement | FIRA | RBI PA-CB status | INR on $5,000 | Source |
|---|---|---|---|---|---|---|---|---|
| Skydo | Indian freelancers and exporters receiving mid to large B2B invoices | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States under 24 hours; FAQ timelines vary by rail | States instant, free FIRA per payment | RBI authorised PA-CB Inward and Outward; on RBI list | ₹4,70,098 | Skydo pricing (checked 6 Oct 2026) |
| Razorpay | Indian businesses and freelancers on Razorpay invoicing foreign clients | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | States 1 day (T+1 after invoice shared) | FIRS within 24 hours of settlement; no charge listed | RBI authorised PA-CB inward and outward, plus PA-O | ₹4,67,752 | Razorpay pricing (checked 6 Oct 2026) |
| Kotak Mahindra Bank | Service exporters wanting a current account without inward remittance fees | No inward, FIRC, SWIFT fee on current accounts; GST on conversion | Card rate, markup not published; 1.71% below mid-market on 7 Oct 2026 | Not confirmed; no credit time published | Nil FIRC on current accounts; savings Rs 100 or nil | RBI-listed private sector bank; AD status not checked | ₹4,64,736 | Kotak Mahindra Bank pricing (checked 6 Oct 2026) |
| Stripe | Registered Indian businesses selling online to card-paying foreign customers | 4.3% intl cards; 3% Visa/Mastercard, 3.5% Amex; + 2% if converted | 2% if converted; Stripe says rate is generally mid-market | Daily INR payouts; card funds after five business days | Standard Chartered payment advice; FIRC cost not confirmed | Not confirmed | ₹4,38,150 | Stripe pricing (checked 7 Oct 2026) |
| PayU | Indian businesses taking international card payments online | 3% international + 18% GST; custom pricing for higher volume | Not confirmed; inter-bank rate, no margin published | States T+2 business days in INR | Not confirmed; not mentioned on public pages | Not confirmed; no PA-CB claim or RBI listing verified | Up to ₹4,56,581 (estimate) | PayU pricing (checked 7 Oct 2026) |
| Cashfree Payments | Registered Indian businesses wanting card checkout and bank transfer collection | Collections on request (2023: 1% to 1.5%); cards 2.99% + GST | Collections states no forex markup; card FX charge unpublished | Cards T+2; collections within 7 days, typical time not confirmed | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request | RBI authorised PA and PA-CB inward and outward | Price on request; Cashfree's 2023 range was 1% to 1.5% | Cashfree Payments pricing (checked 6 Oct 2026) |
Which platforms are named as Stripe alternatives, and can Indian residents use them?
Razorpay, Cashfree and PayU all accept sign-ups from Indian businesses for international payments, and Stripe India accepts registered Indian businesses by invite only. Eligibility for individuals differs: Stripe excludes individuals, Cashfree asks for a registered business, Razorpay lists Individual as a business type and PayU does not state its conditions. The table below uses each platform's own pages. See also Stripe vs Razorpay and Razorpay vs Cashfree.
| Platform or option | Can Indian residents or businesses use it? | Source | Best for |
|---|---|---|---|
| Stripe | Yes for registered Indian businesses (sole proprietorship, LLP or company), by invite only. Individuals cannot accept international payments. | Stripe docs: Accept international payments from India | Registered businesses that already hold a Stripe India invite |
| Razorpay | For its MoneySaver Export Account, Razorpay requires an Indian business whose exports fall under one of its listed export purpose codes. Onboarding lists Individual, Sole Proprietorship, Partnership, LLP and companies as business types. Its FAQs say NGOs cannot use international payments. | Razorpay docs: International Bank Transfer; Razorpay international payments FAQs | Businesses and freelancers whose work matches a listed export purpose code |
| Cashfree | Yes for registered businesses in India. Cashfree states it enables cross border payments only for businesses. | Cashfree docs: Global Collections; Cashfree payment gateway charges | Registered businesses in India that can submit documents for review |
| PayU | Yes for Indian businesses. Its international payments page also addresses freelancers. Not confirmed for individuals without a business entity. | PayU international payments | Businesses that take international card payments at a website checkout |
Which option costs least on $500, $2,000 and $5,000 for an Indian business?
Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 3 Nov 2026. Platforms without full published pricing are not included.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Skydo, $500 | ₹1,799 | ₹0 | ₹324 | ₹45,211 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,799 | ₹0 | ₹324 | ₹1,87,213 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,745 | ₹0 | ₹494 | ₹4,70,098 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,154 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,893 | ₹0 | ₹341 | ₹1,87,101 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,733 | ₹0 | ₹852 | ₹4,67,752 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Kotak Mahindra Bank, $500 | ₹85 | ₹808 | ₹0 | ₹46,441 | 1.89% | Service exporters wanting a current account without inward remittance fees |
| Kotak Mahindra Bank, $2,000 | ₹260 | ₹3,233 | ₹0 | ₹1,85,841 | 1.85% | Service exporters wanting a current account without inward remittance fees |
| Kotak Mahindra Bank, $5,000 | ₹516 | ₹8,085 | ₹0 | ₹4,64,736 | 1.82% | Service exporters wanting a current account without inward remittance fees |
| Stripe, $500 | ₹2,982 | ₹0 | ₹537 | ₹43,815 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
| Stripe, $2,000 | ₹11,928 | ₹0 | ₹2,147 | ₹1,75,260 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
| Stripe, $5,000 | ₹29,820 | ₹0 | ₹5,368 | ₹4,38,150 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
For example, on a $2,000 invoice Skydo pays about ₹1,87,213 and Stripe about ₹1,75,260 at today's reference rate, a difference of ₹11,953.
What documents and GST rules apply when an Indian business switches from Stripe to Razorpay, Cashfree or PayU?
The same export documents and GST rules apply whichever gateway collects the money, because they attach to the export itself. A service counts as an export of services under IGST Act s.2(6) when the supplier is in India, the recipient and place of supply are outside India, payment is received in convertible foreign exchange or permitted INR, and the two are not merely establishments of the same person. Under RBI PA directions para 11(h), a PA-CB must give your AD bank the documents needed to close EDPMS entries.
| Document | Who issues it | When needed | Best for |
|---|---|---|---|
| Letter of Undertaking (FORM GST RFD-11) | The exporter files it on the GST portal | Before export, to supply without paying IGST (CGST Rule 96A); the GST portal form asks for the financial year the LUT is filed for (GST portal LUT guide) | GST-registered exporters who want zero-rated supply without IGST |
| Export invoice | The exporter | For every export; for services the realisation period runs from the invoice date (FEMA Regulations 2026, Reg 5) | All exporters, whichever gateway is used |
| Export Declaration Form (EDF) | The exporter submits it to the AD bank | Within 30 days from the end of the month in which the services invoice is raised, one EDF can cover a month (FEMA Regulations 2026, Reg 3(2)) | Service exporters, including software exporters who used SOFTEX before 1 October 2026 |
| Proof of inward remittance (FIRA or bank payment advice) | A bank that handles the receipt; ask the gateway which bank issues it | After realisation; a PA-CB must give your AD bank the documents needed for EDPMS closure (RBI PA directions para 11(h)) | Exporters who need proof of foreign inward remittance for GST refunds or audits |
| Exporter's declaration for EDPMS closure | The exporter | For invoices up to Rs 10 lakh, the AD bank may close the EDPMS entry on this declaration (FEMA Regulations 2026, Reg 4(2)) | Small-ticket exporters with many low-value invoices |
| Purpose code | Selected by the exporter; the AD bank reports the transaction in FETERS (FEMA Regulations 2026, Reg 18(2)) | For each foreign currency receipt, from the RBI FETERS purpose code list; gateways usually ask for it at onboarding | Every exporter receiving foreign currency |
What changed this year?
The FEMA (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026 and changed export realisation and reporting for every exporter, whichever gateway collects. A.P. (DIR Series) Circular No. 20 superseded the Master Direction on Export of Goods and Services from the same date. The EDF guide explains the filing steps.
- New regulations: FEMA 23(R)/2026-RB replaced the 2015 export regulations from 1 October 2026 (FEMA Regulations 2026).
- Realisation: Service export proceeds must be realised within nine months of the invoice date, or twelve months if invoiced or settled in INR, and the AD bank may extend this. A 22 September 2026 amendment set these periods (Reg 5).
- EDF: Service exporters file an EDF within 30 days from the end of the invoice month (Reg 3(2)).
- SOFTEX: Circular No. 20 superseded the SOFTEX circulars from 1 October 2026 (Circular No. 20). The 2026 Regulations treat software as a service, so software exports are declared on the EDF (Reg 2 and Reg 3(2)).
- EDPMS: Entries for invoices up to Rs 10 lakh can be closed on the exporter's declaration, including quarterly bulk declarations (Reg 4(2)).
How did we verify this?
Every rule is linked to its official source below with the date it was checked. Platform figures come from each platform's own pages; the full method is on the methodology page.
- RBI Master Direction on Regulation of Payment Aggregator (PA) (RBI/DPSS/2025-26/141, 15 September 2025), Para 4(i)(ii) PA-CB definition, para 11(d) Rs 25 lakh per transaction, para 11(h) documents for EDPMS closure, para 19 repeal of OPGSP circulars (checked 6 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB, as amended by FEMA 23(R)/(1)/2026-RB), Reg 1(2) in force 1 October 2026; Reg 2 software included in services; Reg 3(2) EDF for services; Reg 4(2) EDPMS closure up to Rs 10 lakh; Reg 5 realisation nine or twelve months; Reg 18(2) FETERS reporting (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20, Export and Import of Goods and Services (RBI/2025-26/194, 16 January 2026), Para 4 supersession of the Master Directions and listed circulars, including SOFTEX circulars; para 7 effective 1 October 2026 (checked 6 Oct 2026)
- RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007 (dated 30 September 2026), Payment Aggregators (PA-O, PA-P and PA-CB) section and abbreviations (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 84 (29 February 2012): Compilation of R-Returns, Reporting under FETERS (revised purpose code list) (checked 6 Oct 2026)
- IGST Act, 2017, Section 2: Definitions (CBIC tax information portal), Section 2(6) export of services (checked 6 Oct 2026)
- IGST Act, 2017, Section 16: Zero rated supply (CBIC tax information portal) (checked 6 Oct 2026)
- CGST Rules, 2017, Rule 96A: Export under bond or Letter of Undertaking (CBIC tax information portal), Rule 96A(1) FORM GST RFD-11 (checked 6 Oct 2026)
- GST portal user manual: Filing of Letter of Undertaking (FORM GST RFD-11) (checked 6 Oct 2026)
- Stripe docs: Accept international payments from India, Invite only; registered Indian business (sole proprietorship, LLP or company); cannot be an individual; purpose code at onboarding (checked 6 Oct 2026)
- Razorpay docs: International Bank Transfer (MoneySaver Export Account), Prerequisites: Indian business under listed export purpose codes; onboarding business types including Individual (checked 6 Oct 2026)
- Razorpay docs: International payments FAQs, FAQ 2: NGOs cannot use the international payment feature (checked 6 Oct 2026)
- Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
- Cashfree: Payment gateway charges, FAQ: cross border payments enabled only for businesses (checked 6 Oct 2026)
- PayU: International payments, International payment gateway for Indian businesses; freelancers and professionals section (checked 6 Oct 2026)
- Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
- Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
- Kotak Everyday Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) INR 100/Request; GST on Foreign Currency Conversion; fees exclusive of GST (checked 6 Oct 2026)
- Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
- PayU Pricing, 3% for Diners, American Express, EMI, International transactions; 18% GST applicable on all transactions; No set-up fee; standard settlement T+2; custom pricing slabs for higher volumes or enterprise needs, based on payment mode, industry type, risk profile, transaction volume, value-added features and processing requirements; no setup, onboarding or annual fees (checked 7 Oct 2026)
Frequently asked questions
Which payment gateways in India are compared as Stripe alternatives for international payments in 2026?
This page covers Razorpay, Cashfree and PayU, three Indian payment gateways that businesses compare with Stripe for international payments. The comparison table on this page shows fees and settlement from verified platform data. The names here are listed in no order of preference, and the same RBI, FEMA and GST rules apply to each.
Can a freelancer without a registered business use Stripe, Razorpay, Cashfree or PayU for international payments in India?
It depends on the gateway. Stripe says an individual cannot accept international payments. Cashfree asks for a registered business in India. Razorpay lists Individual as a business type at onboarding. PayU does not publish its conditions for individuals, so confirm with PayU before applying.
How can I check whether Razorpay, Cashfree, PayU or PhonePe is an RBI-authorised PA-CB payment gateway?
Open the RBI list of authorised payment system operators and find the company under Payment Aggregators. The list marks each entity as PA-O (online), PA-P (physical) or PA-CB (cross border), with I for inward and O for outward. PA-CB is the category the RBI payment aggregator directions define for cross-border payments.
What is the RBI per-transaction limit for export payments through a PA-CB payment gateway in India?
The limit is Rs 25 lakh per transaction. Paragraph 11(d) of the RBI Master Direction on Payment Aggregators sets this maximum for inward and outward transactions processed by a PA-CB. For a larger export invoice, ask your AD bank about receiving it as a direct bank remittance instead.
Is GST charged on export payments received through Razorpay, Cashfree or PayU instead of Stripe?
No IGST is due on a service that meets the export test in IGST Act s.2(6) if you supply under a Letter of Undertaking. Section 16 treats exports as zero rated, and CGST Rule 96A sets the LUT conditions. The gateway you choose does not change this test.
Which RBI purpose code do Stripe alternatives such as Razorpay ask for on international payments?
Each gateway asks you to pick the code from the RBI purpose code list that matches your export, such as software, consulting or goods. For its MoneySaver Export Account, Razorpay accepts only its listed export purpose codes. Stripe also collects a transaction purpose code during export onboarding.
How long does FEMA 2026 give an exporter to realise payments collected through an Indian payment gateway?
Under Regulation 5 of the FEMA Regulations 2026, service export value must be realised within nine months from the invoice date. The period is twelve months when the export is invoiced or settled in INR. Your AD bank can extend the period if you give reasons for the delay.
Does switching from Stripe to Razorpay, Cashfree or PayU change EDF and EDPMS duties for a service exporter?
No. The EDF is still due within 30 days from the end of the invoice month under Regulation 3(2), whichever gateway collects. A PA-CB must give your AD bank the documents needed to close EDPMS entries under paragraph 11(h). Invoices up to Rs 10 lakh can close on your declaration.