Comparison · Updated October 30, 2026
Pine Labs vs Razorpay (India)
Pine Labs
B-
Pine Labs is an Indian merchant payments company based in Noida. It began in 1998, is best known for the card terminals found at Indian shop counters, and has listed on the NSE and BSE since 14 November 2025. It rents in-store terminals and UPI soundboxes, runs an online payment gateway called Pine Labs Online (formerly Plural), and offers debit and credit card EMIs at the till through partner banks and brands. Its other lines include payouts, cross-border card acceptance and prepaid gift cards. The Reserve Bank of India lists Pine Labs Limited as an authorised payment aggregator for online, physical and cross-border (inward and outward) payments. Pricing is the weak spot. As of October 2026 the online gateway shows only 0% MDR on UPI and asks you to contact sales for everything else. Terminals carry 'starting at' monthly prices from ₹75 to ₹450, but the page does not say whether GST is included. Online payments settle T+1 by default, with early-batch and same-day settlement available. The published online terms have no fixed term, but they let Pine Labs hold 30% of payouts for 15 days after either side gives notice to end the service, and 100% for up to 120 days after a breach. Merchant complaints describe rental charges that continued after a terminal was surrendered, charges merchants say were not disclosed at sign-up, and delayed settlements.
Razorpay
B-
Razorpay is the largest online payment aggregator in India, founded in Bengaluru in 2014 by Harshil Mathur and Shashank Kumar and licensed by the Reserve Bank of India as an online, offline and cross-border payment aggregator. It charges a published flat 2% platform fee plus 18% GST on domestic cards, UPI, netbanking and wallets, with no setup fee, no annual charge and free refunds, and reported operating revenue of ₹3,783 crore for the year to March 2025 on an annualised payment volume it put at $180 billion. The product is genuinely good and the pricing is clear; the reason it does not grade higher is the other side of the ledger: a Trustpilot score of 1.4 from 449 reviews dominated by frozen accounts and held settlements, a year-long RBI ban on onboarding new merchants that ended in December 2023, and a corporate story — a March 2025 reverse flip from the United States to India, a one-time charge that pushed it into loss, and a confidential IPO filing in June 2026 — that is still being written.
VS
Overview
We compare the two for an Indian business accepting payments in INR, using each provider's published Indian pages as of October 2026. Online, that means Pine Labs Online (the gateway formerly sold as Plural) against Razorpay's standard payment gateway. In store, it means Pine Labs' rented terminals against Razorpay POS. Payouts are compared to the merchant's own bank account on both sides. Razorpay quotes its fees plus 18% GST. Pine Labs' terms make the merchant liable for taxes on its fees, so read every Pine Labs figure as excluding GST unless Pine Labs confirms otherwise. The two start from opposite ends. Pine Labs began in 1998 as a terminal company and is best known for card machines with bank and brand EMI offers built in. It has been listed on the NSE and BSE since 14 November 2025. Razorpay, founded in 2014, is online-first and publishes a flat rate card: a 2% platform fee plus GST, about 2.36% all-in, on domestic cards, UPI, netbanking and wallets, with no setup or annual fee. It completed its move from a US parent to an Indian one in 2025 and filed confidential IPO papers in June 2026. Both hold all three RBI payment aggregator authorisations: online, physical and cross-border. UPI is where the headlines differ most, but the published prices do not settle which costs less. Pine Labs advertises 0% MDR on UPI for GST-registered merchants with a website or app. Razorpay also says UPI carries zero MDR, and discloses that it charges its 2% platform fee on UPI payments anyway. Pine Labs does not say whether it adds a platform or technology fee of its own, and it quotes card, netbanking and wallet rates only on request.
Key Takeaways
- ✓It depends on your payment mix and channel. Razorpay publishes its online rates: a 2% platform fee plus 18% GST (about 2.36%) on domestic cards, UPI, netbanking and wallets, with no setup or annual fee. Pine Labs quotes card, netbanking and wallet rates per account.
- ✓On UPI, Pine Labs' gateway advertises 0% MDR for merchants with GST registration and a website or app, but its pages do not say whether any platform or technology fee applies. Razorpay says UPI MDR is zero too, and discloses a 2% platform fee plus GST on UPI. NPCI's planned 0.4% MDR on UPI payments above ₹2,000 has been deferred to a date after Diwali that had not been announced by 30 October 2026.
- ✓In store, Pine Labs rents terminals from ₹75 a month (Mini soundbox) to ₹450 (Duo) and bundles EMI offers from over 40 banks and 350+ brands. Razorpay's January 2026 POS price guide lists ₹325 or ₹425 a month plus GST and a ₹1,000 installation fee, with credit-card rates by merchant category.
- ✓Online settlement is T+1 as Pine Labs' standard and T+2 working days in Razorpay's settlement docs, though Razorpay's pricing page now says T+1 is typical. Both sell faster settlement for a fee neither publishes.
- ✓Both are RBI-authorised payment aggregators for online, physical and cross-border payments. Razorpay documents far more e-commerce plugins. Pine Labs has no Trustpilot reviews, and Razorpay scores 1.4 from 456 there, mostly complaints about held settlements.
Pine Labs
Choose Pine Labs if you run a shop, chain or brand that sells in person, especially high-ticket goods where bank and brand EMI at the counter lifts basket size. If most of your online takings come by UPI, its advertised 0% MDR is worth a quote, but ask for the total UPI cost, including any platform or technology fee. Get every card, netbanking and wallet rate in writing, along with the GST treatment, the rental term and the settlement terms, before you sign.
Razorpay
Choose Razorpay if you sell mainly online and want a published price you can model before signing, self-serve onboarding, a free first 90 days (up to ₹5 lakh) for new accounts, and plugins for most e-commerce platforms. Budget for the 2% platform fee on UPI. Keep your KYC file complete, because the recurring complaint is settlements held during compliance reviews.
The Verdict
It Depends on Your Needs
Why?
There is no single winner, because the two serve different starting points. For an online-first business that wants to know its costs before signing, Razorpay is the clearer choice. Its 2% platform fee plus GST (about 2.36%) is published, with no setup or annual fee and a free first 90 days for new accounts, and it documents plugins for most e-commerce platforms. For a business taking mostly UPI online, Pine Labs' advertised 0% MDR on UPI may work out cheaper than Razorpay's disclosed 2% platform fee, but Pine Labs does not publish whether it adds a fee of its own, so get its total UPI cost in writing. NPCI's deferred 0.4% MDR above ₹2,000 may change UPI pricing for both after Diwali. In store, Pine Labs is the established choice for retailers that sell on EMI, with offers from over 40 banks and 350+ brands at the counter. Razorpay POS publishes more of its in-store pricing, including rent, installation and credit-card rates by category. Both hold all three RBI aggregator authorisations. Whichever you choose, get the settlement cycle, any faster-settlement fee and the hold and reserve terms in writing.
Feature by feature
Detailed Comparison
Filter Options
Online gateway pricing (India, October 2026)
| Feature | Pine Labs | Razorpay |
|---|---|---|
| UPI | 0% MDR advertised; other fees not disclosed | 2% platform fee + 18% GST |
| Pine Labs' payment gateway page advertises '0% MDR on UPI', and the asterisk limits it to merchants with GST registration and a mobile app or website. MDR is the bank-side charge, and Razorpay says standard UPI carries zero MDR as well. The difference is what sits on top. Razorpay's pricing FAQ says 'a standard platform or technology fee of 2% will be applied', with 18% GST on the fee, so about 2.36% of the payment, although a product summary elsewhere on the same page calls UPI 'Free (0% MDR for most transactions)'. Pine Labs prices its gateway per account and does not say whether it charges a platform, technology or other fee on UPI, and several recent App Store reviews of its Pine Labs One app complain of charges on UPI receipts. So we give no winner: ask Pine Labs for its total UPI cost in writing. Separately, NPCI announced a 0.4% MDR on person-to-merchant UPI payments above ₹2,000 (capped at ₹300 from ₹75,000, with a flat ₹5 in some sectors such as railways, telecoms, insurance and fuel), due 15 October 2026. On 13 October it deferred this to 'immediately post Diwali on a date to be notified separately', and no date had been announced by 30 October. When it starts, either provider's UPI pricing may change. | ||
| Domestic cards, netbanking, wallets | Not disclosed | 2% + 18% GST (about 2.36%) |
| Pine Labs' gateway page offers 'custom pricing options based on volumes' and asks you to contact sales. Its blog puts MDR on its platforms at 1.5% to 3% in general terms, which is marketing copy rather than a price list. Razorpay's pricing page and structured data give 2% per successful transaction, with GST at 18% on the fee, and steer businesses processing over ₹5 lakh a month to custom pricing. RBI caps debit-card MDR, and RuPay debit cards carry zero MDR. Razorpay's FAQ confirms it charges no MDR on RuPay debit. | ||
| Credit card on UPI | Not disclosed | 2.15% + GST |
| Razorpay's Indian pricing page lists RuPay credit card on UPI at a 2.15% platform fee plus GST. Pine Labs' gateway supports UPI but publishes no rate for credit cards on UPI. | ||
| International cards | Not disclosed | Up to 3% + GST |
| Pine Labs' cross-border page offers DCC and INR settlement at custom pricing. Razorpay's pricing page says 'up to 3%' per transaction for international cards, and its settlement docs give T+7 working days for international payments. | ||
| Setup and annual fees | Not disclosed | ₹0 setup, ₹0 annual |
| Razorpay's pricing page lists setup ₹0, annual maintenance ₹0 and integration support ₹0. Its welcome-offer terms add a KYC processing fee of ₹199 plus taxes, 'subject to verification of your business documents'. Pine Labs' gateway pages say nothing about setup or annual charges. | ||
| Introductory offer | Not disclosed | 0% platform fee for 90 days or ₹5 lakh |
| Razorpay's welcome offer covers merchants activated on or after 1 July 2026: no platform fee on domestic transactions for 90 days from activation or the first ₹5,00,000, whichever ends first. GST on fees still applies. Prepaid cards, corporate credit cards, Amex, Diners and all EMI methods are excluded, and the offer is one per PAN or bank account. Razorpay may withdraw it if credit cards exceed 90% of volume during the offer. We found no comparable published offer for Pine Labs Online. | ||
UPI
Pine Labs
0% MDR advertised; other fees not disclosed
Razorpay
2% platform fee + 18% GST
Pine Labs' payment gateway page advertises '0% MDR on UPI', and the asterisk limits it to merchants with GST registration and a mobile app or website. MDR is the bank-side charge, and Razorpay says standard UPI carries zero MDR as well. The difference is what sits on top. Razorpay's pricing FAQ says 'a standard platform or technology fee of 2% will be applied', with 18% GST on the fee, so about 2.36% of the payment, although a product summary elsewhere on the same page calls UPI 'Free (0% MDR for most transactions)'. Pine Labs prices its gateway per account and does not say whether it charges a platform, technology or other fee on UPI, and several recent App Store reviews of its Pine Labs One app complain of charges on UPI receipts. So we give no winner: ask Pine Labs for its total UPI cost in writing. Separately, NPCI announced a 0.4% MDR on person-to-merchant UPI payments above ₹2,000 (capped at ₹300 from ₹75,000, with a flat ₹5 in some sectors such as railways, telecoms, insurance and fuel), due 15 October 2026. On 13 October it deferred this to 'immediately post Diwali on a date to be notified separately', and no date had been announced by 30 October. When it starts, either provider's UPI pricing may change.
Domestic cards, netbanking, wallets
Pine Labs
Not disclosed
Razorpay
2% + 18% GST (about 2.36%)
Pine Labs' gateway page offers 'custom pricing options based on volumes' and asks you to contact sales. Its blog puts MDR on its platforms at 1.5% to 3% in general terms, which is marketing copy rather than a price list. Razorpay's pricing page and structured data give 2% per successful transaction, with GST at 18% on the fee, and steer businesses processing over ₹5 lakh a month to custom pricing. RBI caps debit-card MDR, and RuPay debit cards carry zero MDR. Razorpay's FAQ confirms it charges no MDR on RuPay debit.
Credit card on UPI
Pine Labs
Not disclosed
Razorpay
2.15% + GST
Razorpay's Indian pricing page lists RuPay credit card on UPI at a 2.15% platform fee plus GST. Pine Labs' gateway supports UPI but publishes no rate for credit cards on UPI.
International cards
Pine Labs
Not disclosed
Razorpay
Up to 3% + GST
Pine Labs' cross-border page offers DCC and INR settlement at custom pricing. Razorpay's pricing page says 'up to 3%' per transaction for international cards, and its settlement docs give T+7 working days for international payments.
Setup and annual fees
Pine Labs
Not disclosed
Razorpay
₹0 setup, ₹0 annual
Razorpay's pricing page lists setup ₹0, annual maintenance ₹0 and integration support ₹0. Its welcome-offer terms add a KYC processing fee of ₹199 plus taxes, 'subject to verification of your business documents'. Pine Labs' gateway pages say nothing about setup or annual charges.
Introductory offer
Pine Labs
Not disclosed
Razorpay
0% platform fee for 90 days or ₹5 lakh
Razorpay's welcome offer covers merchants activated on or after 1 July 2026: no platform fee on domestic transactions for 90 days from activation or the first ₹5,00,000, whichever ends first. GST on fees still applies. Prepaid cards, corporate credit cards, Amex, Diners and all EMI methods are excluded, and the offer is one per PAN or bank account. Razorpay may withdraw it if credit cards exceed 90% of volume during the offer. We found no comparable published offer for Pine Labs Online.
Best For Your Business
Recommendations based on your business type
Small online store or D2C brand that wants self-serve sign-up
Recommended
Razorpay
Razorpay publishes a flat 2% plus GST rate, charges no setup or annual fee, and gives new merchants 90 days or ₹5 lakh of domestic volume without a platform fee. Pine Labs Online prices cards per account through sales.
Electronics, appliance or furniture retailer selling on EMI in store
Recommended
Pine Labs
Pine Labs' terminals carry EMI and brand offers from over 40 banks and 350+ brands, and route card payments across 27+ acquiring banks. This counter-side affordability stack is what it is known for.
SaaS or marketplace on WooCommerce, Magento or a custom stack
Recommended
Razorpay
Razorpay documents plugins for 14 platforms, alongside subscriptions, payment links and split settlements, with published headline pricing. Pine Labs documents four plugins plus Wix on its gateway page.
Business selling both in store and online that wants one licensed provider
Both hold RBI online, physical and cross-border aggregator authorisations and sell terminals as well as a gateway. Pine Labs is stronger at the counter. Razorpay is stronger online and publishes more of its pricing on both channels.
Pine Labs: Best for 1 use case
Razorpay: Best for 2 use cases
Frequently Asked Questions
Common questions about this comparison
Not something the public price lists can answer. As of October 2026 Pine Labs' gateway advertises 0% MDR on UPI for GST-registered merchants with a website or app, while Razorpay charges a 2% platform fee plus 18% GST on UPI even though UPI MDR is zero. Pine Labs does not say whether it charges a platform or technology fee on UPI, and it quotes card, netbanking and wallet rates per account, where Razorpay charges 2% plus GST (about 2.36%). Ask Pine Labs for a written rate card by method and card type, including any fee on UPI, and whether its figures include GST.
Yes. Razorpay's pricing FAQ says standard UPI payments carry zero MDR, but it applies a 2% platform or technology fee for the gateway, plus 18% GST on that fee. New merchants activated on or after 1 July 2026 get domestic payments, UPI included, without a platform fee for 90 days or the first ₹5 lakh, whichever ends first.
Not as of 30 October 2026. NPCI announced a 0.4% MDR on person-to-merchant UPI payments above ₹2,000, capped at ₹300 from ₹75,000 and a flat ₹5 in some sectors such as railways, telecoms, insurance and fuel, to start on 15 October 2026. On 13 October it deferred the start to immediately after Diwali, on a date to be notified separately, and no date had been announced by 30 October. Payments of ₹2,000 or less stay outside it.
Pine Labs Online describes T+1 (one business day after the transaction) as its standard, with early-batch and same-day settlement for an extra fee. Razorpay's settlement docs give T+2 working days as the standard domestic cycle and T+7 for international payments, though its pricing page says T+1 is typical. It also sells instant settlement 24x7 for a fee. Both pay to your own bank account, and Pine Labs' terms say it settles on the timeline agreed with the merchant, so confirm the cycle in your agreement or dashboard.
Yes. Both are authorised by the Reserve Bank of India as payment aggregators for online, physical (in-store) and cross-border payments. Razorpay's online licence came in December 2023, cross-border in December 2025 and physical in January 2026. Pine Labs' online authorisation dates from May 2025, and it also holds physical and cross-border authorisations.
Pine Labs is a public company, listed on the NSE and BSE since 14 November 2025 after a ₹3,900 crore IPO at ₹221 a share. Razorpay is privately held. It moved its parent company from the US to India in 2025 and filed confidential IPO papers with SEBI on 12 June 2026.
Pine Labs if EMI at the counter matters. Its terminals carry offers from over 40 banks and 350+ brands, with monthly rent starting at ₹75 (Mini) to ₹450 (Duo), though it does not say whether GST is included. Razorpay POS publishes more of its pricing: ₹325 or ₹425 a month plus GST with a ₹1,000 installation fee, and credit-card rates by merchant category from 1.10%. Pine Labs does not publish in-store MDR.
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