PingPong 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. PingPong is best for Indian marketplace sellers (Amazon and similar) collecting in multiple currencies. 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: Indian marketplace sellers (Amazon and similar) collecting in multiple currencies | PingPong | PingPong 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 PingPong and Cashfree Payments compare at a glance?
| Attribute | PingPong | Cashfree Payments |
|---|---|---|
| Best for | Indian marketplace sellers collecting in multiple currencies | Registered Indian businesses wanting card checkout and bank transfer collection |
| Fees | Free receiving; 1% withdrawal, may vary by region | Collections on request (2023: 1% to 1.5%); cards 2.99% + GST |
| FX markup | Not confirmed; Amazon page states all-inclusive up to 1% | Collections states no forex markup; card FX charge unpublished |
| Settlement | Conflicting: T+0 before 2:30 pm cut-off, or 1-2 days | Cards T+2; collections within 7 days, typical time not confirmed |
| FIRA | Free digital FIRC per transaction, 3-5 business days | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request |
| Currencies | Receives USD, EUR, GBP, AUD, CAD, JPY and more; INR or EEFC | Collections: 17 currencies (charges page says 30+); cards 140+ currencies |
| RBI status | States OPGSP via RBI-approved liaison office; PA-CB not confirmed | RBI authorised PA and PA-CB inward and outward |
| Indian individuals | Not confirmed without business registration | Registered businesses only; unregistered individuals not confirmed |
| Indian businesses | Yes, sellers, exporters and service businesses | Yes, registered businesses; review 24 to 48 hours |
| Limits | PingPong's Terms and Conditions (India section) allow receipts for exports of goods or services of value not exceeding the equivalent of INR 25,00,000 (about USD 30,000) per transaction. Receiving accounts also have a virtual account limit that can be raised by applying in the dashboard; specific amounts 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 PingPong 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 |
|---|---|---|---|---|---|---|
| PingPong, $2,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
| PingPong, $5,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
| PingPong, $10,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
| 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 PingPong and who is it for?
PingPong is a cross-border payments company founded in New York in 2015 and headquartered in Hangzhou, China, which has operated in India since July 2019 from a Bengaluru office. Indian e-commerce sellers, exporters and freelancers open virtual receiving accounts in foreign currencies, link them to marketplaces or share them with clients, and withdraw to an Indian bank account in INR or, through an EEFC account, in foreign currency.
- Regulated by: States its India Liaison Office is RBI-approved (UIN BGLO19008226) and that it acts as an OPGSP; RBI PA-CB authorisation Not confirmed
- Used by: Yes. India pages target e-commerce sellers, exporters and service businesses; KYC includes business information.
- Best for: Indian marketplace sellers (Amazon and similar) collecting in multiple currencies
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 PingPong and Cashfree Payments fees and FX markup compare?
What does PingPong charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: Local virtual receiving accounts (e.g. USD routing and account number) linked to marketplaces | Free to receive per help centre; 1% on withdrawal | Help centre lists Amazon, AliExpress, eBay, TikTok, Shopee and others, developer platforms such as Google and App Store, and platforms paying via PayPal or Stripe | Indian marketplace sellers collecting in multiple currencies |
| Receiving: Direct bank or wire transfer from overseas buyers | Free to receive per help centre; 1% on withdrawal | Requires invoice or contract for inbound approval; some accounts reject funds from individual payers | Indian marketplace sellers collecting in multiple currencies |
| Receiving: Payment request or invoice | Not confirmed | India pages say bank transfers and US debit card payments are accepted | Indian marketplace sellers collecting in multiple currencies |
| Currency conversion to INR | Not confirmed: the terms say conversion is at the rate PingPong determines at transaction time; the Amazon seller page describes pricing as 'all-inclusive up to 1%'; no separate FX markup is published | When foreign currency is converted | Indian marketplace sellers collecting in multiple currencies |
| Payout to an Indian bank | Funds are withdrawn automatically to a linked Indian bank account in INR (T+0 before the 2:30 pm cut-off, else T+1) or to an EEFC account in foreign currency (1-3 days); the help centre states a 1% withdrawal fee that may vary by region. | When INR is sent to your account | Indian marketplace sellers collecting in multiple currencies |
| Account opening | Free | – | Indian marketplace sellers collecting in multiple currencies |
| Receiving account | 'Most accounts are free to use' | – | Indian marketplace sellers collecting in multiple currencies |
| Withdrawal to own bank account or supplier payment | 1% per transaction (may vary by region) | – | Indian marketplace sellers collecting in multiple currencies |
| Digital FIRC | Free | – | Indian marketplace sellers collecting in multiple currencies |
| VAT and global tax payments | No additional fee, per India pages | – | Indian marketplace sellers collecting in multiple currencies |
| Transfers within the PingPong network | No charge, per the India B2B page (listed under supplier payments for businesses with US/UK/EU entities) | – | Indian marketplace sellers collecting in multiple currencies |
| GST on fees | Not confirmed: PingPong's India pages and terms do not state whether GST is charged on its fees. The India home page's 'Pay VAT/GST and other taxes with no additional costs' refers to paying taxes from the balance, not to GST on PingPong's fees. | Applies to the platform's fee | Indian marketplace sellers collecting in multiple currencies |
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 PingPong and Cashfree Payments compare on settlement speed?
- PingPong: Help centre: INR withdrawals succeed the same day (T+0) if submitted before the 2:30 pm cut-off, otherwise the next day (T+1); non-INR withdrawals within 1-3 days. The freelancer page separately says INR withdrawals take 1-2 working days
- 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 |
|---|---|---|---|
| PingPong | Conflicting: T+0 before 2:30 pm cut-off, or 1-2 days | Auto INR, T+0 before 2:30 pm else T+1; 1% fee, may vary | Indian marketplace sellers collecting in multiple currencies |
| 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 PingPong 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 |
|---|---|---|---|---|
| PingPong | Free digital FIRC per transaction, 3-5 business days | States OPGSP via RBI-approved liaison office; PA-CB not confirmed | 30 Sept 2026 | Indian marketplace sellers collecting in multiple currencies |
| 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 PingPong and Cashfree Payments support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| PingPong | Receives USD, EUR, GBP, AUD, CAD, JPY and more; INR or EEFC | Local virtual receiving accounts (e.g. USD routing and account number) linked to marketplaces; Direct bank or wire transfer from overseas buyers; Payment request or invoice | Not confirmed without business registration | Yes, sellers, exporters and service businesses | Indian marketplace sellers collecting in multiple currencies |
| 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 PingPong and Cashfree Payments?
PingPong
- Marketplace focus: India pages list Amazon US, UK, EU, Japan, Canada and Australia, plus other marketplaces and PayPal or Stripe payouts
- Fast INR payout: help centre says same day for INR withdrawals submitted before 2:30 pm (the freelancer page says 1-2 working days)
- Free FIRC: digital FIRC per transaction at no charge
- Free receiving: help centre says opening an account and receiving payments is free
- Pricing opacity: the 1% figure 'may vary from region to region' and no FX markup or GST treatment is published
- Regulatory status in India: platform describes itself as an OPGSP with an RBI-approved liaison office; PA-CB authorisation not confirmed on an RBI page
- Inbound checks: wire transfers need order information (invoice or contract) for approval, and rejected payments take around 15-20 working days to return
- Personal payers: some receiving accounts do not accept funds from individual accounts
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 PingPong or Cashfree Payments?
- Choose PingPong if: you need Indian marketplace sellers (Amazon and similar) collecting in multiple currencies.
- 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 PingPong 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 | ₹4,69,858 | 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 | ₹4,67,513 | 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 | ₹4,64,499 | 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 | ₹4,64,121 | 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.
- PingPong India home, Digital FIRCs in your PingPong dashboard. Free of cost; All fee charges are shown on the account dashboard (checked 7 Oct 2026)
- PingPong India: For Amazon Sellers, All-inclusive transaction fee up to 1%; FIRC for each transaction (checked 6 Oct 2026)
- PingPong India: Freelancers and service providers (checked 6 Oct 2026)
- PingPong India: E-commerce sellers (checked 6 Oct 2026)
- PingPong India: B2B payments, OPGSP with partner Citibank; no charge for transfers within network (checked 6 Oct 2026)
- PingPong India: Value added services (checked 6 Oct 2026)
- PingPong India: Licensing and regulation, RBI-approved liaison office BGLO19008226; OPGSP (checked 6 Oct 2026)
- PingPong India: About us (checked 6 Oct 2026)
- Help centre: What is the charging standard?, Creating a PingPong account and receiving payment is free of charge. Withdraw balance ... will be charged 1% per transaction. However, fee standard may vary from region to region (checked 7 Oct 2026)
- Help centre: What does KYC mean? (checked 6 Oct 2026)
- Help centre: What does sole proprietorship mean? (checked 6 Oct 2026)
- Help centre: How long does the verification process take? (checked 6 Oct 2026)
- Help centre: How does your virtual account charge? (checked 6 Oct 2026)
- Help centre: Which currencies are supported? (checked 6 Oct 2026)
- Help centre: Which platforms can I receive payments from? (checked 6 Oct 2026)
- Help centre: Can I receive funds through wire transfer? (checked 6 Oct 2026)
- Help centre: Transfer conditions (checked 6 Oct 2026)
- Help centre: Increase virtual account limit (checked 6 Oct 2026)
- Help centre: How can I withdraw funds?, INR T+0 before 2:30 pm cut-off; non-INR 1-3 days (checked 6 Oct 2026)
- Help centre: How can I get a FIRC?, 3-5 business days (checked 6 Oct 2026)
- PingPong Terms and Conditions (incl. Exhibit A, Customer Location in India), value not exceeding the equivalent of ₹25,00,000 (approximately US$30,000) per transaction; conversion at the foreign exchange rate at the applicable transaction time as determined by PingPong; Export Collection Account with an AD Bank in India (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 PingPong vs Cashfree Payments
Is PingPong 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, PingPong or Cashfree Payments?
PingPong states: Help centre: INR withdrawals succeed the same day (T+0) if submitted before the 2:30 pm cut-off, otherwise the next day (T+1); non-INR withdrawals within 1-3 days. The freelancer page separately says INR withdrawals take 1-2 working days. Cashfree Payments states: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs.
Do PingPong and Cashfree Payments both provide a FIRA?
PingPong: Free digital FIRC per transaction, applied for from the dashboard; the help centre says applications complete in 3-5 business days. 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 PingPong and Cashfree Payments authorised by RBI?
PingPong: States its India Liaison Office is RBI-approved (UIN BGLO19008226) and that it acts as an OPGSP; RBI PA-CB authorisation Not confirmed. 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 PingPong and Cashfree Payments?
PingPong, individuals: Not confirmed. India pages market to freelancers and service providers, and the help centre lists sole proprietorship as a business type requiring business documents; whether an individual without a business registration can sign up is not stated. Cashfree Payments, individuals: Not confirmed for unregistered individuals. Eligibility can change, so confirm on each platform's sign-up pages.
Should I switch from PingPong to Cashfree Payments?
Switch only if Cashfree Payments pays more on your usual invoice size or fits how your clients pay. Keep the PingPong account open until every invoice sent with its details is paid, and download your FIRA or FIRC records first.