Adyen vs Cashfree Payments (2026): Which Is Better for Receiving International Payments in India?
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
The better choice depends on how your clients pay and which documents you need. Neither platform publishes full pricing for Indian users. Adyen is best for large enterprises accepting card and UPI payments from Indian shoppers. Cashfree Payments is best for registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Invoices around $5,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Invoices around $10,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Need: large enterprises accepting card and UPI payments from Indian shoppers | Adyen | Adyen is built for this. |
| Need: registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway | Cashfree Payments | Cashfree Payments is built for this. |
How do Adyen and Cashfree Payments compare at a glance?
| Attribute | Adyen | Cashfree Payments |
|---|---|---|
| Best for | Large enterprises accepting card and UPI from Indian shoppers | Registered Indian businesses wanting card checkout and bank transfer collection |
| Fees | Indicative $0.13/txn + Interchange++ + 0.60% for cards; custom pricing | Collections on request (2023: 1% to 1.5%); cards 2.99% + GST |
| FX markup | Not confirmed: reference rate + contract-set FX fee, not published | Collections states no forex markup; card FX charge unpublished |
| Settlement | INR local payout, up to two days; export timing unpublished | Cards T+2; collections within 7 days, typical time not confirmed |
| FIRA | Not confirmed: no FIRA or FIRC provision published | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request |
| Currencies | Fees in USD; multi-currency bank accounts; accepts INR from Indian shoppers | Collections: 17 currencies (charges page says 30+); cards 140+ currencies |
| RBI status | States PA-Online and PA-CB-Outward; not independently confirmed | RBI authorised PA and PA-CB inward and outward |
| Indian individuals | Not confirmed: no offering for Indian individuals | Registered businesses only; unregistered individuals not confirmed |
| Indian businesses | Domestic acquiring yes; export receipts not confirmed | Yes, registered businesses; review 24 to 48 hours |
| Limits | Not confirmed | Global Collections is for sales of goods or services with an invoice value of up to USD 10,000 per transaction, with no daily or monthly limit on the number of transactions (product page, FAQs). |
How much INR do you receive on $2,000, $5,000 and $10,000 with Adyen vs Cashfree Payments?
Each row applies the platform's published fee, FX markup and GST on the fee to the XE mid-market rate for 4 Nov 2026.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Adyen, $2,000 | – | – | – | Not published | – | Large enterprises accepting card and UPI from Indian shoppers |
| Adyen, $5,000 | – | – | – | Not published | – | Large enterprises accepting card and UPI from Indian shoppers |
| Adyen, $10,000 | – | – | – | Not published | – | Large enterprises accepting card and UPI from Indian shoppers |
| Cashfree Payments, $2,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $5,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $10,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
What is Adyen and who is it for?
Adyen is a Netherlands-headquartered payment platform for enterprise merchants. Its India page states it has operated in India since 2018 and holds RBI authorisations for domestic online payments and cross-border outward payments, which cover global brands collecting INR from Indian shoppers. It does not publish a product for Indian freelancers or exporters to receive foreign client payments into an Indian bank account.
- Regulated by: States it holds RBI authorisations for domestic (PA-Online) and cross-border outward (PA-CB-Outward) payments; not independently confirmed on an RBI list
- Used by: Indian businesses can use Adyen for domestic online acquiring (PA-Online, as stated by Adyen); use for receiving export payments from foreign clients is not confirmed
- Best for: Large enterprises accepting card and UPI payments from Indian shoppers
What is Cashfree Payments and who is it for?
Cashfree Payments is an Indian payment gateway run by Cashfree Payments India Private Limited. For money from abroad it offers an International Payment Gateway for foreign cards and PayPal, and Global Collections, which gives local and SWIFT account details abroad and settles the funds in INR to an Indian bank account. Both are aimed at registered Indian businesses rather than unregistered individuals.
- Regulated by: RBI authorised Payment Aggregator, including PA-CB for inward and outward transactions (RBI certificates of authorisation list dated 30 Sep 2026)
- Used by: Yes. Registered Indian businesses can apply; Cashfree reviews documents, which it says typically takes 24 to 48 hours for Global Collections.
- Best for: Registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway
How do Adyen and Cashfree Payments fees and FX markup compare?
What does Adyen charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: International card payments (Visa/Mastercard) via online checkout | $0.13 + Interchange++ + 0.60% (indicative, global pricing page) | Availability for an Indian exporter collecting from foreign cardholders is not confirmed | Large enterprises accepting card and UPI from Indian shoppers |
| Receiving: Local bank transfer account details for foreign clients | Not confirmed | Not offered as a published product for Indian recipients | Large enterprises accepting card and UPI from Indian shoppers |
| Currency conversion to INR | Not confirmed: Adyen converts at its FX reference rate plus an FX management fee (spread); how the spread is calculated is set in the merchant's contract and by default differs by currency category (USD category one, INR category two); no figure is published | When foreign currency is converted | Large enterprises accepting card and UPI from Indian shoppers |
| Payout to an Indian bank | Adyen's payout currency docs list INR as the settlement currency for its India acquiring connection, with funds held in India and paid out locally, and say INR can only be paid out to a local bank account in India (SWIFT payouts are not supported for INR). Payout fees and any route for export proceeds are not published. | When INR is sent to your account | Large enterprises accepting card and UPI from Indian shoppers |
| Setup or monthly fee | None, per pricing page | – | Large enterprises accepting card and UPI from Indian shoppers |
| Minimum invoice | Depends on industry or business model (not published) | – | Large enterprises accepting card and UPI from Indian shoppers |
| American Express | $0.13 + 3.95% global (indicative) | – | Large enterprises accepting card and UPI from Indian shoppers |
| UPI | $0.13 + defined by funding source used (India pricing page, indicative) | – | Large enterprises accepting card and UPI from Indian shoppers |
| RuPay | $0.13 + on request (India pricing page) | – | Large enterprises accepting card and UPI from Indian shoppers |
| GST on fees | Adyen's help centre lists Adyen India service invoices with GST: 'GST rate 18% if the merchant is in Maharashtra. Or CGST of 9% and SGST of 9% if the merchant is located outside Maharashtra', as worded on the page. Either way the total is 18% on Adyen's service fees. | Applies to the platform's fee | Large enterprises accepting card and UPI from Indian shoppers |
What does Cashfree Payments charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | Pricing via Contact Sales | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SWIFT wire to Global Collections account | Not confirmed | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: International card payment through the International Payment Gateway | 2.99% for Visa and Mastercard, 2.95% for American Express, plus applicable GST | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: PayPal through Cashfree | Not confirmed. The pricing FAQ says PayPal transactions are charged at standard payment gateway rates, while the charges page says only standard PayPal pricing applies and Cashfree adds no gateway charge | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Currency conversion to INR | Global Collections product page states 'No forex markup' (reference rate not named); for international cards Cashfree applies a foreign exchange conversion charge it does not publish | When foreign currency is converted | Registered Indian businesses wanting card checkout and bank transfer collection |
| Payout to an Indian bank | Cashfree converts foreign currency receipts to INR and settles them to the merchant's verified Indian bank account. The Global Collections product page says payments must be settled in INR to the exporter's bank account and states 'No forex markup' and no subscription fees. International card payments settle within T+2 days according to the IPG overview; the Global Collections settlement timeline and fee are not published. | When INR is sent to your account | Registered Indian businesses wanting card checkout and bank transfer collection |
| Setup fee | None, as stated in the IPG docs and the pricing FAQ | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Foreign exchange conversion charge | Applied on transactions settled in a currency other than INR, per the pricing FAQ; rate not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| On-demand settlement | A small fee, amount not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| e-FIRS | Free (Global Collections product page: 'at no additional cost') | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Subscription fee (Global Collections) | None, per the product page | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| GST on fees | Cashfree's pricing FAQ says international card rates are charged in addition to any applicable GST, and monthly invoices show TDR plus GST as applicable; its festive offer terms state GST is charged at 18% (or the prevailing rate). A Cashfree blog on GST says payment gateways and forex providers may charge 18% GST on their service fees, not on the payment received. No page states GST treatment of a Global Collections fee specifically. | Applies to the platform's fee | Registered Indian businesses wanting card checkout and bank transfer collection |
How do Adyen and Cashfree Payments compare on settlement speed?
- Adyen: Adyen's docs list INR as the settlement currency for its India acquiring connection, paid out locally to a bank account in India, and say payouts can take up to two days to arrive depending on the currencies and banks involved; no timeline for export receipts is published
- Cashfree Payments: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs. Global Collections: the product page says receipts are swept into a NOSTRO collection account, no funds may be retained in the collection accounts, and funds are credited to the exporter's Indian bank account immediately on confirmation from the importer and no later than seven days from the date of credit to the NOSTRO account; a typical settlement time is Not confirmed
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| Adyen | INR local payout, up to two days; export timing unpublished | INR to local Indian bank account only; payout fees not published | Large enterprises accepting card and UPI from Indian shoppers |
| Cashfree Payments | Cards T+2; collections within 7 days, typical time not confirmed | Settled in INR to Indian bank; cards T+2; collections fee unpublished | Registered Indian businesses wanting card checkout and bank transfer collection |
Do Adyen and Cashfree Payments provide FIRA and e-BRC, and are they RBI PA-CB authorised?
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| Adyen | Not confirmed: no FIRA or FIRC provision published | States PA-Online and PA-CB-Outward; not independently confirmed | 30 Sept 2026 | Large enterprises accepting card and UPI from Indian shoppers |
| Cashfree Payments | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request | RBI authorised PA and PA-CB inward and outward | 30 Sept 2026 | Registered Indian businesses wanting card checkout and bank transfer collection |
Which currencies, countries and payment methods do Adyen and Cashfree Payments support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| Adyen | Fees in USD; multi-currency bank accounts; accepts INR from Indian shoppers | International card payments (Visa/Mastercard) via online checkout; Local bank transfer account details for foreign clients | Not confirmed: no offering for Indian individuals | Domestic acquiring yes; export receipts not confirmed | Large enterprises accepting card and UPI from Indian shoppers |
| Cashfree Payments | Collections: 17 currencies (charges page says 30+); cards 140+ currencies | US ACH to local account details (Global Collections); SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections); SWIFT wire to Global Collections account; International card payment through the International Payment Gateway; PayPal through Cashfree | Registered businesses only; unregistered individuals not confirmed | Yes, registered businesses; review 24 to 48 hours | Registered Indian businesses wanting card checkout and bank transfer collection |
What are the strengths and limitations of Adyen and Cashfree Payments?
Adyen
- Pricing transparency: Interchange++ model with published indicative scheme markup
- India presence: States local operations since 2018 and its own RBI authorisations
- Payment methods: UPI, cards and local rails for Indian shoppers
- Scale: Built for enterprise merchants with high volumes
- Not for export receipts: Published RBI authorisation is PA-CB-Outward (Indian shoppers paying foreign merchants), not inward export collection
- Enterprise focus: Minimum invoice depends on industry or business model; onboarding through sales
- No individuals: No published route for Indian freelancers or individuals
- Opaque totals: interchange varies per card, published fees are labelled indicative, and the FX management spread is set in the contract rather than published
Cashfree Payments
- Regulatory status: listed by the RBI as an authorised PA-CB for inward and outward transactions
- Published card rate: international card pricing of 2.99% (Visa, Mastercard) is stated in the help centre
- Collection rails: local account details in the US, Europe, UK and Canada plus SWIFT
- One account: domestic and international collections are managed from the same Cashfree dashboard
- Pricing: current Global Collections fees are not published (request price), and the card FX conversion charge is not published
- Eligibility: docs say you must be a registered business in India to accept international payments
- Invoice cap: Global Collections is described for invoices of up to USD 10,000
- Paperwork: the FAQs say e-FIRS is requested through a support form or the account manager, while the product page describes it as auto-generated
Should you choose Adyen or Cashfree Payments?
- Choose Adyen if: you need large enterprises accepting card and UPI payments from Indian shoppers.
- Choose Cashfree Payments if: you need registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway.
For example, an exporter billing $5,000 a month: Neither platform publishes full pricing for Indian users.
Which other platforms should you consider besides Adyen and Cashfree Payments?
Other covered platforms ranked by the INR received on a $5,000 invoice.
| Platform | Fees | FX markup | FIRA | INR on $5,000 | Best for |
|---|---|---|---|---|---|
| Skydo | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States instant, free FIRA per payment | ₹4,71,073 | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | FIRS within 24 hours of settlement; no charge listed | ₹4,68,722 | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Kotak Mahindra Bank | 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 | Nil FIRC on current accounts; savings Rs 100 or nil | ₹4,65,700 | Service exporters wanting a current account without inward remittance fees |
| HDFC Bank | No inward charge; physical FIRC INR 200 + taxes; GST on conversion | Card rate ~1.79% below mid-market on 6 Oct 2026; markup unpublished | Physical FIRC INR 200; emailed advice free for trade | ₹4,65,321 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
How did we verify this?
Fees, FIRA terms and RBI status were checked on each platform's own pages and RBI sources on 30 Sept 2026. INR figures use the XE mid-market rate for 4 Nov 2026. The formula is on the methodology page.
- Adyen India, Established in India since 2018; RBI PA-Online and PA-CB-Outward authorisations (checked 7 Oct 2026)
- Adyen pricing (India), Indicative fees: $0.13 fixed; Visa/Mastercard Interchange++ + 0.60%; Amex 3.95%; UPI defined by funding source; RuPay on request; minimum invoice depends on industry or business model; the fees outlined above are indicative; no monthly, set-up, integration or closure fees (checked 7 Oct 2026)
- Adyen pricing (global), Fixed processing fee plus payment-method fee; no setup or monthly fees; minimum invoice depends on industry (checked 6 Oct 2026)
- India expansion made easy, Accept online payments in INR from Indian shoppers with Adyen's own RBI licences (checked 6 Oct 2026)
- Adyen Visa payment method (India), Visa: $0.13 + Interchange+ + 0.60%; no monthly fees, set-up fees, integration fees or closure fees; INR not listed among settlement currencies (checked 7 Oct 2026)
- Adyen currency codes and FX management fee, Adyen applies a foreign currency exchange rate when a currency conversion takes place (FX reference rate) and charges an FX management fee, or spread, which by default differs based on the currency category; category one: AUD, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, USD, ZAR; category two: all other currencies; how this fee is calculated is included in your contract with Adyen (checked 7 Oct 2026)
- What kind of tax is applied to my invoice? (Adyen), Adyen India: GST rate 18% if the merchant is in Maharashtra. Or CGST of 9% and SGST of 9% if the merchant is located outside Maharashtra (checked 7 Oct 2026)
- Adyen Docs: Supported payout currencies, India (IN): settlement currency INR, funds held in India, local payout; certain currencies can only be paid out to a local bank account within a country or region where that currency is the official legal tender: BRL, INR, MYR, MXN, and AED; SWIFT payouts are not supported for these currencies (checked 7 Oct 2026)
- Adyen Docs: Getting paid, Depending on the currencies and banks involved, it may take up to two days for the payout funds to arrive in your account; like-for-like (no currency conversion) settlement if the currency is also supported as a settlement currency by the payment method (checked 7 Oct 2026)
- Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
- Cashfree Docs: Collection Accounts (checked 6 Oct 2026)
- Cashfree Docs: Global Collections FAQs, invoice value up to USD 10,000; AD-1 partner issues eFIRS on T+1 (checked 7 Oct 2026)
- Cashfree Docs: International Payment Gateway overview, T+2 settlement; no setup fees (checked 6 Oct 2026)
- Cashfree Docs: Pay in Native Currency (checked 6 Oct 2026)
- Cashfree Docs: Supported currencies (checked 6 Oct 2026)
- Cashfree Docs: PayPal for International Payments (checked 6 Oct 2026)
- Cashfree Help: Pricing FAQs, Accurate as of 10 August 2026: international cards Visa and Mastercard 2.99%, American Express 2.95%, in addition to any applicable GST; foreign exchange conversion charge on non-INR settlement (checked 7 Oct 2026)
- Cashfree Help: Account Activation (checked 6 Oct 2026)
- Cashfree Help: Settlements (checked 6 Oct 2026)
- RBI: Certificates of Authorisation under the PSS Act, 2007, Payment Aggregators, entry 10: Cashfree Payments India Private Limited, PA-CB- I & O (checked 6 Oct 2026)
- Cashfree: Payment gateway charges, International Cards platform fee; Global Collections 'Request Price'; cross border payments only for businesses; GST at 18% (festive offer terms) (checked 6 Oct 2026)
- Cashfree Global Collections (international wire transfer), No subscription fees; No forex markup; e-FIRA within 1 day, auto-generated at no additional cost; invoice value up to USD 10,000; "no funds are allowed to be retained in such accounts"; credited "immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account" (checked 7 Oct 2026)
- Cashfree blog: How to receive international business payments in India (1 August 2023), keeps the transaction costs within the range of 1% to 1.5% based on the volume of transactions (USD, CAD, EUR, AUD, GBP local rails) (checked 7 Oct 2026)
- Cashfree blog: GST on international transactions (5 August 2026), payment gateways, and forex providers may charge 18% GST on their service fees (checked 7 Oct 2026)
FAQs about Adyen vs Cashfree Payments
Is Adyen or Cashfree Payments cheaper for receiving USD in India?
Neither platform publishes full pricing for Indian users. At $2,000: Neither platform publishes full pricing for Indian users. At $10,000: Neither platform publishes full pricing for Indian users. Figures use each platform's published pricing and today's reference rate, so check both pricing pages before you decide.
Which is faster, Adyen or Cashfree Payments?
Adyen states: Adyen's docs list INR as the settlement currency for its India acquiring connection, paid out locally to a bank account in India, and say payouts can take up to two days to arrive depending on the currencies and banks involved; no timeline for export receipts is published.
Do Adyen and Cashfree Payments both provide a FIRA?
Adyen: Not confirmed: no FIRA or FIRC provision is published. Cashfree Payments: Global Collections: product page says e-FIRA within 1 day, auto-generated at no additional cost; the FAQs say the AD-1 partner issues e-FIRS on T+1 on request through support or the account manager.
Are Adyen and Cashfree Payments authorised by RBI?
Adyen: States it holds RBI authorisations for domestic (PA-Online) and cross-border outward (PA-CB-Outward) payments; not independently confirmed on an RBI list. Cashfree Payments: RBI authorised Payment Aggregator, including PA-CB for inward and outward transactions (RBI certificates of authorisation list dated 30 Sep 2026).
Can Indian freelancers use both Adyen and Cashfree Payments?
Adyen, individuals: Not confirmed: Adyen does not publish an offering for Indian resident individuals or freelancers Cashfree Payments, individuals: Not confirmed for unregistered individuals. Whether a freelancer registered as a sole proprietorship qualifies is not stated. Eligibility can change, so confirm on each platform's sign-up pages.
Should I switch from Adyen to Cashfree Payments?
Switch only if Cashfree Payments pays more on your usual invoice size or fits how your clients pay. Keep the Adyen account open until every invoice sent with its details is paid, and download your FIRA or FIRC records first.