Stripe, Razorpay or PayU: What RBI's Payment Aggregator Rules Mean for Accepting Global Payments
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
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Short answer
Indian exporters accepting global payments through Stripe, Razorpay or PayU follow the same 2026 rules. RBI's 2025 Master Direction regulates cross-border payment aggregators (PA-CB) and caps each PA-CB transaction at Rs 25 lakh. FEMA 2026 requires an EDF and realisation within nine months. An LUT allows zero-rated exports without IGST. Banks report receipts with a purpose code.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian freelancers, service exporters, SaaS firms and online sellers who accept card or other payments from customers outside India through a payment gateway or payment aggregator | RBI Master Direction on Payment Aggregators, 2025 paragraphs 4(i), 11, 13 and 19; FEMA (Export and Import of Goods and Services) Regulations, 2026 Regulations 3(2), 4(2), 5 and 18(2); IGST Act s.2(6) and s.16; CGST Rule 96A; Foreign Trade Policy 2023 para 2.05 on IEC | Skydo, Razorpay, Kotak Mahindra Bank, Stripe, PayU | 6 Oct 2026 |
How do Stripe, Razorpay and PayU compare for accepting global payments in India?
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 | ₹4,70,766 | 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 | ₹4,68,417 | 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 | ₹4,65,397 | 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 | ₹4,38,773 | 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 ₹4,57,231 (estimate) | PayU pricing (checked 7 Oct 2026) |
Which RBI rules govern global payments accepted through a payment aggregator in India?
Global payments accepted through a payment aggregator in India are governed by RBI's Master Direction on Regulation of Payment Aggregators of 15 September 2025 and the FEMA export regulations of 2026. The Master Direction regulates the platform, while the FEMA regulations set the exporter's own duties to declare and realise each export. A card payment where the card network handles the foreign exchange settlement and the aggregator receives local currency is not PA-CB activity.
| Rule | Source | Clause | Plain meaning | Best for |
|---|---|---|---|---|
| PA-CB definition | Master Direction on Payment Aggregators | Paragraph 4(i)(ii) | A PA-CB aggregates cross-border payments for current account transactions not prohibited under FEMA for its onboarded merchants through e-commerce | Understanding which provider category handles export receipts |
| Card payments | Master Direction on Payment Aggregators | Paragraph 4(i)(ii), Note 2 | A card transaction where the card network settles foreign exchange and the aggregator receives local currency is not PA-CB activity | Businesses taking foreign card payments on a checkout page |
| Authorisation | Master Direction on Payment Aggregators | Paragraphs 5(a) to 5(c) | A bank needs no authorisation to act as a PA. A non-bank PA must be an Indian company and seek RBI authorisation | Checking a provider's regulatory standing. See how to check an RBI authorised payment aggregator |
| Transaction limit | Master Direction on Payment Aggregators | Paragraph 11(d) | The maximum value per inward or outward transaction processed by a PA-CB is Rs 25 lakh | Large single invoices. See PA-CB transaction limits |
| Foreign currency settlement | Master Direction on Payment Aggregators | Paragraph 11(i) | Settlement in non-INR currencies is permitted only for Indian exporters directly onboarded by the PA-CB handling inward transactions | Exporters who want to keep receipts in foreign currency |
| Merchant due diligence | Master Direction on Payment Aggregators | Paragraph 13(a) and 13(b) | The PA must complete KYC of each merchant, using its CKYCR record where available. If no CKYCR record is available, a simpler PAN, contact point verification and OVD process may be used where annual turnover does not exceed Rs 40 lakh or annual export turnover does not exceed Rs 5 lakh | Freelancers and small exporters going through onboarding |
| Export declaration | FEMA Regulations, 2026 | Regulation 3(2) | A services exporter files an EDF for the full export value within 30 days from the end of the invoice month. One EDF can cover all recipients in a month | Every exporter of services |
| Realisation period | FEMA Regulations, 2026 | Regulation 5(1)(a) and provisos | Realise and repatriate the full value within nine months from the invoice date, or twelve months if invoiced or settled in rupees. The AD bank may extend the period | Exporters who invoice on credit terms |
| EDPMS closure | FEMA Regulations, 2026; Master Direction on Payment Aggregators | Regulation 4(2); paragraph 11(h) | Invoices up to Rs 10 lakh can be closed in EDPMS on the exporter's declaration. A PA-CB must give the exporter's AD bank the documents or information needed for closure | Exporters with many small invoices |
Which of Stripe, Razorpay and PayU leaves the most rupees on $500, $2,000 and $5,000?
Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 4 Nov 2026. Platforms without full published pricing are not included.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Skydo, $500 | ₹1,801 | ₹0 | ₹324 | ₹45,276 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,801 | ₹0 | ₹324 | ₹1,87,479 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,749 | ₹0 | ₹495 | ₹4,70,766 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,221 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,896 | ₹0 | ₹341 | ₹1,87,367 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,740 | ₹0 | ₹853 | ₹4,68,417 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Kotak Mahindra Bank, $500 | ₹85 | ₹809 | ₹0 | ₹46,507 | 1.89% | Service exporters wanting a current account without inward remittance fees |
| Kotak Mahindra Bank, $2,000 | ₹261 | ₹3,238 | ₹0 | ₹1,86,106 | 1.85% | Service exporters wanting a current account without inward remittance fees |
| Kotak Mahindra Bank, $5,000 | ₹517 | ₹8,097 | ₹0 | ₹4,65,397 | 1.82% | Service exporters wanting a current account without inward remittance fees |
| Stripe, $500 | ₹2,986 | ₹0 | ₹538 | ₹43,877 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
| Stripe, $2,000 | ₹11,945 | ₹0 | ₹2,150 | ₹1,75,509 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
| Stripe, $5,000 | ₹29,863 | ₹0 | ₹5,375 | ₹4,38,773 | 7.43% | Registered Indian businesses selling online to card-paying foreign customers |
For example, on a $2,000 invoice Skydo pays about ₹1,87,479 and Stripe about ₹1,75,509 at today's reference rate, a difference of ₹11,970.
What documents and GST apply to global payments accepted through Stripe, Razorpay or PayU?
Global payments accepted through Stripe, Razorpay or PayU need the same export records as a bank transfer: an EDF, an LUT if you bill without IGST, proof of the inward remittance and, where needed, an e-BRC. Under IGST section 2(6) a service counts as an export only if payment arrives in convertible foreign exchange, or in rupees where RBI permits.
| Document | Who issues it | When needed | Best for |
|---|---|---|---|
| IEC (Importer-Exporter Code) | DGFT, online, same as the entity's PAN (FTP 2023 para 2.05) | Required for export of goods unless exempted. For services, needed on the date of rendering services only to claim Foreign Trade Policy benefits | Goods exporters, and service exporters claiming FTP benefits. See IEC for freelancers |
| EDF (Export Declaration Form) | The exporter files it with the specified authority (FEMA Regulation 3(2)) | Within 30 days from the end of the invoice month. Exporters of services other than software may file on or before the date of receipt of payment | All service exports. See EDF form |
| LUT in FORM GST RFD-11 | The exporter furnishes it on the GST portal (CGST Rule 96A) | Prior to export, when supplying without payment of IGST | GST-registered exporters billing without IGST. See LUT filing on the GST portal |
| FIRA or FIRC | Not set out in one official rule. Ask your provider which bank handles your receipts and confirm the format with your AD bank | After each credit, as proof of foreign income | Accounts, GST refunds and audits. See what is FIRA |
| e-BRC | DGFT issues it. The exporter self-generates it on the DGFT portal from the bank's inward remittance message, or IRM (DGFT e-BRC FAQs) | After realisation, when proof of realisation is needed. It cannot be generated without an IRM | GST refunds and export incentives. See e-BRC on DGFT |
What changed in the RBI payment aggregator and export rules this year?
Two sets of rules changed for exporters using payment aggregators. RBI's Master Direction on Payment Aggregators of 15 September 2025 replaced the older PA, PA-CB and OPGSP circulars and applies its merchant due diligence rules to new merchants from 1 January 2026. The FEMA export regulations of 2026 came into force on 1 October 2026.
- OPGSP repealed: Paragraph 19 of the Master Direction on Payment Aggregators repealed the 2010, 2013 and 2015 OPGSP circulars, except for an existing PA-CB that applied by 30 April 2024 and still awaits RBI's decision. See PA-CB vs OPGSP.
- Merchant KYC: Merchants onboarded until 31 December 2025 had one year from the date of the Master Direction to meet its due diligence rules, and merchants onboarded from 1 January 2026 must meet them at onboarding (paragraph 13(j)).
- New regulations: The FEMA (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026, and A.P. (DIR Series) Circular No. 20 superseded the Master Directions on export and on import of goods and services, and the circulars listed in its Annex, from that date.
- Shorter period: The amendment of 22 September 2026 cut the realisation period from fifteen to nine months, and from eighteen to twelve months for rupee invoices (Regulation 5, footnotes). See export realisation period.
- Income-tax Act: The Income-tax Act, 1961 stands repealed on 1 April 2026 and the Income Tax Act, 2025 applies from that date, while earlier tax years are not disturbed (Income Tax Department FAQ).
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, Paragraphs 4(i)(ii) and Notes, 4(j), 5(a) to 5(c), 11(d), 11(h), 11(i), 13(a), 13(b), 13(j), 19 (checked 6 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification FEMA 23(R)/2026-RB, amended up to 22 September 2026, Regulations 1(2), 3(2), 4(2), 5(1) and provisos with footnotes 2 to 4, 18(2) (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20: Export and Import of Goods and Services, 16 January 2026, Paragraphs 4 and 7, Annex (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), Section 16(1)(a) and 16(3) (checked 6 Oct 2026)
- CGST Rules, 2017, Rule 96A: Export of goods or services under bond or Letter of Undertaking (CBIC tax information portal), Rule 96A(1)(b) (checked 6 Oct 2026)
- Foreign Trade Policy 2023, Chapter 2: General Provisions Regarding Imports and Exports (DGFT), Paragraph 2.05(a), Importer-Exporter Code (checked 6 Oct 2026)
- DGFT Public eBRC FAQs (self-certification of eBRC), FAQs 1, 2 and 29 (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 84: Compilation of R-Returns, Reporting under FETERS, 29 February 2012, Purpose codes for reporting under FETERS (annex) (checked 6 Oct 2026)
- Income Tax Department e-filing portal: Objective and scope of the New Act (FAQs), FAQ 7, repeal of the 1961 Act on 01.04.2026 (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
Do Indian exporters need an IEC to accept international payments through Stripe, Razorpay or PayU in 2026?
An IEC is mandatory for exporting goods unless an exemption applies, under paragraph 2.05 of the Foreign Trade Policy 2023. For services, the policy makes an IEC necessary on the date of rendering services only for availing Foreign Trade Policy benefits. A provider may still ask for an IEC during onboarding, so check its own requirements.
Is a payment gateway the same as a payment aggregator under RBI rules?
A payment gateway is not the same as a payment aggregator under RBI's 2025 Master Direction. A gateway only provides technology to route and process payments without handling funds. An aggregator collects customer payments for merchants and then settles the funds to them, and a non-bank aggregator must apply to RBI for authorisation.
Does the Rs 25 lakh PA-CB limit apply to foreign card payments accepted through Stripe, Razorpay or PayU?
The Rs 25 lakh limit applies to each inward or outward transaction processed by a PA-CB under paragraph 11(d) of RBI's Master Direction. A card payment where the card network settles foreign exchange and the aggregator receives rupees is not PA-CB activity under Note 2 to paragraph 4(i)(ii). Ask your provider which route your payments use.
Can an exporter bill international customers without GST under an LUT when payments come through a payment aggregator?
An exporter can bill international customers without paying IGST if the supply meets the export of services test in IGST section 2(6) and an LUT in FORM GST RFD-11 is furnished before export under CGST Rule 96A. Section 16 treats such exports as zero-rated. The payment route does not change these conditions.
Is a FIRC or FIRA available for international payments received through a payment aggregator?
No official rule sets out who issues a FIRC or FIRA for receipts that come through a payment aggregator, so ask your provider which bank handles your receipts. Paragraph 11(h) of RBI's Master Direction requires a PA-CB to give the exporter's AD bank the documents or information needed to close EDPMS entries. Confirm the format your bank accepts.
Which RBI purpose code is reported for export receipts collected through a payment aggregator?
Export receipts collected through a payment aggregator are reported under a purpose code from RBI's FETERS list, issued with A.P. (DIR Series) Circular No. 84 of 2012. FEMA Regulation 18(2) of 2026 requires AD banks to report all foreign trade transactions in FETERS. The correct code depends on what you sold, so confirm it with your AD bank.
Does an EDF still need to be filed for exports paid through Stripe, Razorpay or PayU under FEMA 2026?
An EDF is still needed for exports paid through Stripe, Razorpay or PayU. Regulation 3(2) of the FEMA regulations of 2026 asks every exporter of services to declare the full export value within 30 days from the end of the invoice month. The provider shares information with your AD bank, but the declaration duty stays with you.