Review · Fact-checked September 18, 2026
Razorpay Review
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.
Bengaluru, Karnataka, India21st of 31 payment facilitators
- Rate from
- 2% platform fee plus 18% GST on the fee for domestic credit and debit cards, UPI, netbanking, wallets and Pay Later (about 2.36% all-in); 3% for corporate cards, Amex, Diners, EMI and cardless EMI; 2.15% for credit card on UPI; 1% for debit-card EMI
- Monthly
- None
- Payout
- T+2 business days (domestic)
- Contract
- No fixed term; pay as you go
- Founded
- 2014
Connect with Razorpay
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Best for
Indian businesses, from a first online store to an enterprise, that want every domestic payment method through one integration at a flat published rate; SaaS and marketplace operators who need subscriptions, payment links, split settlements (Route) and virtual accounts (Smart Collect) from the same vendor; developers who value documentation and SDKs.
How it scores
Pricing4.5
Features4.5
Ease of use4.0
Support2.0
Contract3.5
Reputation score3.0
What it costs
Details →- Online
- 2% platform fee plus 18% GST on the fee for domestic credit and debit cards, UPI, netbanking, wallets and Pay Later (about 2.36% all-in); 3% for corporate cards, Amex, Diners, EMI and cardless EMI; 2.15% for credit card on UPI; 1% for debit-card EMI
- Monthly
- None
- Chargeback
- Not published on the pricing page; the chargeback guide describes the process without a fee schedule.
What others rate them
Details →- TRUSTPILOT
- 1.4
The take
B-If you sell to Indian customers online, Razorpay is the default choice for a reason: one integration covers cards, UPI, netbanking, wallets, EMI and Pay Later, the fee is a single published number, and the developer tooling is the best in the market. Treat it as an aggregator rather than a merchant account, though. Your funds sit under Razorpay's licence, and the recurring complaint from small merchants is a sudden compliance hold with templated replies and no timeline. Businesses processing more than ₹5 lakh a month should negotiate rather than accept the rate card, and every merchant should keep the KYC file complete before volume spikes, because that is what triggers the reviews.
Skip if you
You are outside India and Malaysia, or sell mainly to overseas buyers — international cards cost up to 3% and settle in around a week, and the site's other cross-border options may fit better. Skip it too if your business model is one that compliance teams flag (high volume swings, thin documentation, categories India's regulators watch), because an aggregator hold is harder to escalate than a hold at your own bank.
Chapter 1
Should you choose Razorpay?
The headline take, the audiences it's right (and wrong) for, and the genuine differentiators behind the verdict.
About
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.
Pros, cons, and audience
Pros
- One published number for domestic payments — 2% plus GST across cards, UPI, netbanking and wallets, 3% for premium methods — with no setup fee, no annual charge, no minimum and free refunds, plus a 0% introductory period for merchants activating from July 2026.
- The broadest domestic method coverage in India through a single integration, including UPI, EMI, Pay Later and every major wallet, with a checkout that Razorpay reports as market-leading on conversion.
- Developer experience is the strongest in the market: complete documentation, SDKs for every major stack, webhooks, a test mode and plugins for the mainstream e-commerce platforms.
- Fully licensed: RBI online payment aggregator (December 2023), cross-border (December 2025) and physical POS (January 2026), plus Bank Negara Malaysia authorisation for Curlec in Malaysia.
- Collections, subscriptions, split settlements, virtual accounts, payouts, corporate cards and payroll on one platform, which removes several vendors for a growing company.
Cons
- Support and holds are the recurring complaint: a Trustpilot score of 1.4 from 449 reviews, 73% of them one star, dominated by accounts limited during compliance reviews, settlements held for weeks or months and templated replies.
- It is an aggregator, so the merchant account is Razorpay's, not yours; a hold or termination is decided by its compliance team and there is no acquiring bank to escalate to.
- The Reserve Bank of India barred Razorpay from onboarding new online merchants for a year, from December 2022 until its final aggregator licence in December 2023 — resolved, but a reminder that its ability to sign customers depends on its regulator.
- International acceptance is comparatively expensive at up to 3% plus GST with settlement around a week later, and the business is built for India, with Malaysia (Curlec) and Singapore the only other markets.
- Only the headline rates are public: instant settlement, Route, Smart Collect, UPI AutoPay, e-mandates and POS are all 'contact sales', and the chargeback fee is not published at all.
What makes them different
The genuine differentiator
Razorpay is one of the few Indian companies to hold all three RBI payment-aggregator authorisations — online (December 2023), cross-border (December 2025) and physical point of sale (January 2026) — and it pairs collections with a neobanking layer (RazorpayX current accounts, payouts, corporate cards and payroll) run through partner banks, so a business can accept, hold and disburse money on one dashboard.
How we score it
4.5
Pricing Transparency
4.5
Feature Set
4
Ease of Use
2
Customer Support
3.5
Contract Terms
3
Industry Reputation
Chapter 2
What it costs
Real-world cost at three volumes, plus the rates, fees, payouts, and contract terms that drive them.
What Razorpay actually costs
Estimated annual cost at three realistic processing volumes, using Razorpay’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.
Small business
$10K/mo volume · ~$75 avg transaction
$2.4K/year
≈ $200/mo · 2.00% effective rate
Growing merchant
$50K/mo volume · ~$100 avg transaction
$12K/year
≈ $1.0K/mo · 2.00% effective rate
High volume
$250K/mo volume · ~$150 avg transaction
$60K/year
≈ $5.0K/mo · 2.00% effective rate
Pricing details
What it is
Razorpay is a Bengaluru payment aggregator founded in 2014 by two IIT Roorkee graduates, Harshil Mathur and Shashank Kumar, and backed by GIC, Sequoia (now Peak XV), Ribbit Capital, Tiger Global, Matrix Partners India, Y Combinator and Lightspeed. Under India's regulatory model it is the licensed entity: merchants sign up under Razorpay Payments Private Limited, which collects from customers across every domestic method and settles to the merchant's bank account. It describes itself as India's market leader in online payments and put its annualised payment volume at $150 billion in February 2024 and $180 billion at its tenth anniversary in early 2025, with a stated target of about $400 billion by 2030.
The company went through a rare corporate manoeuvre in 2025: it 'reverse flipped' its parent company from the United States to India, completed in March 2025, converted to a public limited company in April 2025 and filed a confidential draft red herring prospectus with SEBI on 12 June 2026. The flip cost it a one-time charge of roughly ₹1,209 crore in stock-option expense plus tax, which turned a 65% revenue increase — operating revenue of ₹3,783 crore for the year to March 2025, against ₹2,296 crore the year before — into a reported loss.
Pricing
The rate card is short. Domestic credit and debit cards, UPI, netbanking, wallets and Pay Later carry a 2% platform fee, with 18% GST charged on the fee (not on the transaction), so the all-in cost is about 2.36%. UPI's merchant discount rate is zero by RBI mandate; the 2% is Razorpay's own platform fee for the gateway. Corporate cards, Amex, Diners, EMI and cardless EMI are 3%, credit card on UPI 2.15%, debit-card EMI 1%. International cards are 3% plus GST — the pricing page says 'up to 3%' — with optional chargeback protection for another 1%; international bank transfers through the MoneySaver Export Account are 1% with zero forex mark-up; international wallets and local methods 3.5%. There is no setup fee, no annual maintenance charge, no minimum and no refund fee. Subscriptions add 0.99% on top of the method fee; Route split settlements, Smart Collect virtual accounts, UPI AutoPay, e-mandates, instant settlement and POS are all priced on request. Businesses processing more than ₹5 lakh a month are steered to custom pricing.
As of September 2026 there is also an introductory offer: merchants who activate on or after 1 July 2026 pay 0% platform fee on domestic UPI, cards, netbanking and wallets for 90 days or ₹5 lakh of cumulative volume, whichever comes first, after a one-time ₹199 KYC fee, with prepaid, corporate, Amex, Diners, EMI and international payments excluded and one redemption per PAN.
Settlement and holds
Domestic payments settle in T+2 business days as standard, with instant and same-day settlement available on demand for an unpublished per-request fee, and international payments in about T+7. The number that matters more is how often settlement stops. Razorpay's Trustpilot profile — claimed, with replies to 92% of negative reviews — scores 1.4 from 449 reviews, 73% of them one star, and the pattern is consistent: an account limited during a compliance review after a volume spike or a KYC query, settlements held for weeks or months, and replies that repeat a template. Because Razorpay is the licensed aggregator, that decision sits with its compliance team and there is no sponsoring bank to escalate to. Larger merchants on negotiated terms report a different experience; the complaints skew small.
Regulatory record
In December 2022 the Reserve Bank of India asked Razorpay and Cashfree to stop onboarding new online merchants pending an audit tied to their pending payment-aggregator applications; Razorpay had received in-principle approval that July. The pause lasted about a year. On 19 December 2023 Razorpay announced it had received final authorisation as an online payment aggregator and restarted onboarding. It has since added the cross-border authorisation (December 2025) and a physical payment-aggregator licence for Razorpay POS (January 2026), giving it all three RBI payment-aggregator permissions.
Separately, in September 2022 India's Enforcement Directorate searched premises of Razorpay, Paytm and Cashfree in Bengaluru as part of a money-laundering investigation into instant-loan apps allegedly controlled by Chinese nationals, and froze funds held in the merchant accounts of the entities under investigation. Razorpay said the authorities were satisfied with its due-diligence process and that it had cooperated by sharing KYC details of the merchants concerned. The investigation targeted the merchants, not Razorpay, and no action against Razorpay itself followed.
Beyond payments
RazorpayX layers business banking on top of collections: current accounts provided by ICICI, RBL and Yes Bank (RazorpayX is not a bank and says so), API and bulk payouts, payout links, corporate credit cards and a payroll product that files TDS, PF, ESI and professional tax, with subscriptions from ₹2,499 a month. Route handles marketplace splits, Smart Collect issues virtual accounts and UPI IDs for reconciliation, and Razorpay POS — the offline business built on Ezetap, bought in August 2022 for $150 million plus up to $50 million in earn-out — sells terminals, soundboxes and dynamic QR. Outside India it owns a majority of Curlec in Malaysia, licensed by Bank Negara Malaysia to acquire merchants, and opened in Singapore in March 2025.
Bottom line
For an Indian business selling online, Razorpay's combination of published pricing, method coverage and developer tooling is hard to beat, and its licensing position is now the strongest in the market. The grade reflects the trade-off that comes with any aggregator, amplified here by India's compliance regime and Razorpay's support record: when something goes wrong, the merchant has little leverage and reviews say resolution is slow. Keep documentation current, negotiate above ₹5 lakh a month, and keep a second rail if cash flow cannot survive a held settlement.
Processing Rates
Online
2% platform fee plus 18% GST on the fee for domestic credit and debit cards, UPI, netbanking, wallets and Pay Later (about 2.36% all-in); 3% for corporate cards, Amex, Diners, EMI and cardless EMI; 2.15% for credit card on UPI; 1% for debit-card EMI
Card-not-present, e-commerce, and online payments
In-person
Razorpay POS (the offline aggregator licensed in January 2026, built on the 2022 Ezetap acquisition) prices devices and transaction fees on request. UPI QR payments follow the gateway rate.
Card-present retail and point-of-sale transactions
Keyed
Not offered as a distinct rate; payment links, payment pages and payment buttons carry the standard 2% gateway fee with no extra charge for creating them.
Manually entered card-not-present transactions
International
International cards 3% plus GST (the pricing page says 'up to 3%'), with optional chargeback protection for a further 1%; international bank transfers through the MoneySaver Export Account 1% plus GST with zero forex mark-up; international wallets and local methods 3.5% plus GST. International settlements take about T+7 business days.
Cross-border and foreign currency transactions
Fees
Monthly Fee
None
Recurring monthly account fee
PCI Compliance Fee
None charged.
Annual PCI DSS compliance and security fee
Statement Fee
No setup fee, no annual maintenance charge, no mandatory minimum and no fee to process a refund; charges apply only to successful transactions. Subscriptions add 0.99% on top of the payment-method fee. Route (split settlements), Smart Collect, UPI AutoPay, e-mandates, instant settlement, POS and RazorpayX products are priced on request. New merchants activating on or after 1 July 2026 pay 0% platform fee on domestic UPI, cards, netbanking and wallets for 90 days or ₹5 lakh of cumulative volume, whichever comes first, after a one-time ₹199 KYC fee, limited to one redemption per PAN and subject to credit cards staying below 90% of volume; prepaid, corporate, Amex, Diners, EMI and international payments are excluded. Figures from Razorpay's pricing page and its 13 February 2026 pricing guide as of September 2026.
Monthly account statement and reporting fee
Chargeback Fee
Not published on the pricing page; the chargeback guide describes the process without a fee schedule.
Per-incident chargeback dispute fee
Early Termination Fee
None; there is no fixed term.
Fee for canceling before contract end
Payouts
Standard Payout Time
T+2 business days (domestic)
Regular deposit schedule to your bank account
Expedited Payout Time
Instant and same-day settlement is available on demand from day one for a per-request fee that Razorpay does not publish. International payments settle in about T+7 business days.
Faster deposit option (may have additional fees)
Minimum Payout Amount
Not published.
Minimum balance required before payout
Contract Terms
Flexible Contract Terms
This provider offers month-to-month terms with no long-term commitment.
Contract Length
No fixed term; pay as you go
Required commitment period
Cancellation Process
There is no contract term and no termination fee — you stop using the account. The practical constraint is the other direction: Razorpay, as the licensed aggregator, can limit an account, apply a rolling reserve or hold settlements when it sees a volume spike or a documentation gap, and merchants report holds lasting weeks to months with templated responses. Enterprise merchants above about ₹5 lakh a month are on negotiated pricing and terms.
How to terminate your account
Razorpay Pricing Calculator
Estimate your monthly costs
Pick a published plan, enter your volume and transaction profile, and we’ll compute the math the same way an underwriter would. Real costs vary with card mix, chargeback rate, and any negotiated terms.
$
$
Estimated Monthly Cost
$200.00
Effective Rate
2.00%
Discount rate (2% × $10,000)$200.00
Number of transactions200
Flat all-in rate (interchange built in)
Chapter 3
What you actually get
Products, integrations, payment-type coverage, security posture, and how their support holds up in practice.
Products & Services
gateway
Payment Gateway
2% plus GST domestic; 3% premium methods; 3% international cards
None
Hosted or embedded checkout covering domestic cards, UPI, netbanking from 58-plus banks, wallets (JioMoney, MobiKwik, FreeCharge, Ola Money, Airtel Money, PayZapp), EMI, Pay Later and international cards, with a saved-card Flash Checkout, SDKs for web, iOS, Android and React Native, and plugins for Shopify, WooCommerce, Magento and others.
invoicing
Payment Links, Payment Pages and Invoices
Standard 2% gateway fee; no fee for creating links, pages or buttons
None
No-code collection: shareable links, hosted payment pages and GST-compliant invoices with reminders, for businesses without a website or developer.
payment processing
Subscriptions
0.99% on top of the payment-method fee
None
Recurring billing on cards, UPI AutoPay, e-mandates and NACH, with plans, trials, upgrades and dunning; NACH and e-mandate pricing on request.
other
Route and Smart Collect
On request; based on transfer volumes
None
Route splits a payment among vendors or sellers on a marketplace at settlement; Smart Collect issues virtual bank accounts and UPI IDs so incoming transfers reconcile automatically.
pos
Razorpay POS and QR
Devices and transaction fees on request
Quoted
Card terminals, soundboxes and dynamic UPI QR for in-store acceptance, run under the physical payment-aggregator licence granted in January 2026 — the business Razorpay built on Ezetap, the POS company it bought in August 2022 for $150 million plus up to $50 million in earn-out.
ach
RazorpayX Business Banking
Payroll subscriptions from ₹2,499 a month; payouts and cards priced on application
Monthly for payroll
Current accounts provided through partner banks (ICICI, RBL and Yes Bank), API and bulk payouts, payout links, corporate credit cards and a payroll product with statutory filings. RazorpayX is not itself a bank.
Support & Contact
Chapter 4
What others say
Synthesis of third-party platform reviews and industry ratings — agreements, disagreements, and which signals to weight.
Platform Ratings
Aggregated Trust Score
Based on 449 reviews across 1 rating platform
1.4
out of 5
Overall Rating
Trustpilot
Reviewer Notes
Claimed profile since February 2021; replies to 92% of negative reviews, typically within two weeks. Distribution as of September 2026: 73% one star, 21% five star. Complaints centre on accounts limited during compliance reviews, settlements held for extended periods, unexplained fees and templated support replies; the minority of positive reviews cite processing speed and success rates.
Chapter 5
Watch out for
Legal actions, regulatory matters, and signals from employee reviews that bear on how merchants get treated.
Legal Actions
Reserve Bank of India directive to pause onboarding of new online merchants
Resolved
In mid-December 2022 the Reserve Bank of India asked Razorpay and Cashfree to stop onboarding new online merchants pending an audit connected to their payment-aggregator licence applications; Razorpay had held in-principle approval since July 2022. The restriction lasted about a year. Razorpay announced on 19 December 2023 that it had received final authorisation as a payment aggregator under the Payment and Settlement Systems Act, 2007 and had resumed onboarding.
Chapter 6
Common questions
Frequently Asked Questions
Pricing
Domestic credit and debit cards, UPI, netbanking, wallets and Pay Later carry a 2% platform fee, plus 18% GST on the fee, so the effective cost is about 2.36% of the transaction; UPI's MDR is zero by RBI mandate, but Razorpay charges the 2% as its platform fee. Corporate cards, Amex, Diners, EMI and cardless EMI are 3%, credit card on UPI 2.15% and debit-card EMI 1%. International cards are 3% plus GST (optional chargeback protection adds 1%), international bank transfers 1% with no forex mark-up, and international wallets 3.5%. There is no setup fee, no annual maintenance charge, no minimum and no refund fee. Subscriptions add 0.99%; Route, Smart Collect, instant settlement and POS are priced on request. Merchants processing more than ₹5 lakh a month are offered custom pricing. Figures from Razorpay's pricing page and 13 February 2026 pricing guide, as of September 2026.
Features
General
Support
Contracts & Terms
How we evaluated Razorpay
We evaluate every payment processor independently — Payment Review does not accept paid placement. Our analysis combines hands-on product testing where possible, public pricing and policy documents, third-party reviews from BBB, Trustpilot, Google, and G2, and employee feedback from sites like Glassdoor and Indeed. We update reviews on a rolling cadence and flag the next review date so readers know how fresh the analysis is.
Last fact-checked September 18, 2026Reviewed by Payment Review Editorial Team
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