Cashfree Payments — RBI-licensed Payment Aggregator | Certificate of Authorisation No. 266/2025
Cashfree Offer — For a limited period, get 0%*
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Accept payments in Indian Rupees (INR) and 140+ foreign currencies with minimal integration effort and go live in no time.
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Payment Modes Supported: UPI · Visa · Mastercard · RuPay · Maestro · PhonePe · Net Banking · ICICI · Airtel Money · Jio Money · Amazon Pay
UPI, Cards, Net Banking, Wallets Standard Fee: 1.95% Limited Period Offer Fee: 0%*
UPI on Credit Cards Starting at 0%* 2.15% platform fee (RuPay) (Limited Period Offer)
Credit Card EMI Starting at 1.90% — Platform fee + 0.25%
Banks supported: ICICI · AU Small Finance Bank · Axis · Bank of Baroda · RBL Bank · Standard Chartered · YES Bank · HSBC · American Express · HDFC
Debit Card EMI 1.50% platform fee (HDFC)
Cardless EMI 1.90% platform fee
Providers: CASHe · HDFC · ICICI · IDFC First Bank · TVS Credit · Lazypay · HDBFS · Snapmint · Simpl Pay · Zest Money
Pay Later 2.50% 2.20% platform fee
Providers: LazyPay · Simpl
Virtual Bank Accounts Starting at ₹20 platform fee (Virtual account IMPS/NEFT/RTGS Payments)
International Cards Starting at 2.95%
* Platform fee is a fee paid by the Merchant for services such as Hosted Checkout, Plugins, SDKs, Dashboard, and Generation of Reports. It is calculated on total transactions or a mutually agreed subset. Platform fee is separate from the fee charged on the payment instrument itself.
Use Payment Links, Payment Forms, and softPOS to collect payments wherever your customers are — at no additional cost.
When Indian businesses evaluate payment gateways, the headline rate is only one part of the picture. What matters is the total platform cost, what is included at no extra charge, and what the settlement timeline looks like. Here is a direct comparison of the three most widely used payment gateways in India.
| Cashfree | Razorpay | PayU | |
|---|---|---|---|
| Standard domestic rate (cards, UPI, netbanking, wallets) | 1.95% | 2% + 18% GST | ~2% |
| Limited period offer rate | 0%* (till 31 Mar 2027, up to ₹20L GMV/month) | 0% (3 months from signup, up to ₹5L GMV/month) | No current offer |
| UPI on Credit Cards (RuPay) | 0%* (offer) / 2.15% (standard) | 2.15% + GST | ~2.15% |
| Credit Card EMI | From 1.90% | From ~2% + GST | Varies |
| Pay Later | 2.20% | ~2.5% + GST | Varies |
| Default settlement cycle | T+1 | T+2 | — |
| Dedicated Account Manager | All GST-registered businesses | Only very high-volume businesses | — |
| Setup fee | Zero | Zero | Zero |
| Annual Maintenance Charge (AMC) | Zero | Zero | Zero |
| Cashfree | Razorpay | PayU | |
|---|---|---|---|
| International Visa / Mastercard | 2.99% | 3% + GST | ~3% |
| American Express (international) | 2.95% | ~3% + GST | Varies |
| Settlement timeline | T+2 in INR | T+7 in INR | T+2–T+5 |
| FIRS / compliance docs | Auto, on-demand | Manual | Manual |
| 140+ currency support | Yes | 100+ currencies | 100+ currencies |
| Cashfree | Razorpay | |
|---|---|---|
| Payment Links | Included free | Separate product / pricing |
| Payment Forms | Included free | Separate product / pricing |
| softPOS (Android terminal) | Included free | Separate product |
| 180+ payment modes | Yes | 100+ payment modes |
| Instant Settlements | Available | Available (on-demand, with fee) |
At Rs. 50 lakh per month in domestic transaction volume, here is what the offer difference looks like in practice:
The practical difference between Cashfree's 0% offer and Razorpay's 0% offer isn't the headline rate — both are 0% — it's how much volume it actually covers and for how long. Cashfree's ₹20 Lakh cap and March 2027 validity mean most growing businesses stay inside the 0% window far longer than Razorpay's ₹5 Lakh, 3-month version.
This offer is valid for new merchants signing up now, till 31st March 2027.
Rate on domestic transactions: Both Cashfree and Razorpay currently offer 0% MDR. Cashfree's offer covers 4x the GMV (₹20L vs ₹5L) and stays valid until 31 March 2027, compared to Razorpay's 3-month window. Even at Cashfree's standard rate of 1.95% beyond the offer cap, it is lower than Razorpay's 2% + GST on a total-cost basis.
Support: Cashfree offers a dedicated account manager to all GST-registered businesses. Razorpay reserves dedicated AM support for only very high-volume accounts, routing most small and medium businesses to a shared support number instead.
Settlement cycle: Cashfree's default settlement cycle is T+1, a day faster than Razorpay's T+2.
What is included: Cashfree includes Payment Links, Payment Forms, and softPOS at no additional charge. These are standalone products at Razorpay with their own activation and pricing. Businesses that use payment links for D2C selling or forms for event and service payments save on separate product costs.
180+ payment modes vs 100+: Cashfree supports 180+ payment modes under a single integration. Razorpay supports 100+. For businesses catering to diverse customer bases, broader payment mode coverage reduces checkout drop-offs.
International settlement: Cashfree settles international card payments in T+2 days in INR. Razorpay's default international settlement is T+7, per their official documentation — five working days slower.
International rate: Cashfree's international card rate (2.99% standard) is lower than Razorpay's 3% + GST effective rate.
Regulatory standing: Cashfree holds India's first PA-CB (E&I) licence (July 2024) for cross-border payments, over 17 months before Razorpay received theirs (December 2025).
Cashfree currently offers 0% MDR* on domestic payment gateway transactions, up to ₹20 Lakh GMV/month. This applies to UPI, domestic credit and debit cards (Visa, Mastercard, RuPay, Maestro), net banking, wallets, and prepaid cards.
The offer is valid till 31st March 2027, with T+1 default settlement and a dedicated account manager for all GST-registered businesses. For businesses with higher transaction volumes, Cashfree offers custom enterprise pricing.
See full T&Cs · Contact Sales for custom pricing
UPI transactions on Cashfree are included in the 0% MDR offer for eligible merchants, up to ₹20 Lakh GMV/month. This covers UPI Intent, UPI Collect, UPI on Credit Line, UPI on PPI, and UPI on Credit Cards.
International card transactions are charged separately from domestic transactions:
The 0% domestic offer does not apply to international card transactions.
Yes. Cashfree offers custom pricing for enterprises based on transaction volumes, industry category, and selected payment solutions. Enterprise accounts also get early access to new features, a dedicated account manager, and WhatsApp support in addition to standard channels.
Most businesses go live within 24 working hours after submitting documents. Cashfree offers 100% paperless onboarding — you can test your integration using sandbox credentials immediately after signing up, so many businesses start accepting payments the same day.
Cashfree supports a wide range of payment modes including:
Yes. Payment Links, Payment Forms, and softPOS are included at no additional cost with your Cashfree payment gateway account. These let you collect payments via shareable links, custom forms, and any Android phone — without needing a separate integration.
The platform fee covers services like Hosted Checkout, Plugins, SDKs, Dashboard access, and Report Generation. It is calculated on transaction volume as mutually agreed. The transaction fee (e.g. 0%) is the charge applied to the payment instrument itself. Both are separate line items on your Cashfree invoice.
Yes. Cashfree offers Instant Settlements — funds are credited to your bank account within minutes. This is available as an add-on for merchants who need faster access to their collections.
Learn more about Instant Settlements →
Cashfree and Razorpay both currently offer 0% MDR, but the terms differ. Cashfree's 0% offer covers up to ₹20 Lakh GMV/month and stays valid till 31st March 2027, while Razorpay's 0% offer is capped at ₹5 Lakh GMV/month and expires 3 months from signup. Cashfree also settles domestically at T+1 (vs Razorpay's T+2) and provides a dedicated account manager to all GST-registered businesses, while Razorpay reserves dedicated AM support for only very high-volume accounts. Beyond the offer cap, Cashfree's standard domestic rate of 1.95% is still lower than Razorpay's standard rate of 2% + 18% GST. For international card transactions, Cashfree charges 2.99% standard vs Razorpay's 3% + GST. Cashfree also settles international payments in T+2 days vs Razorpay's T+7 — five days faster per transaction cycle. Additionally, Cashfree includes Payment Links, Payment Forms, and softPOS at no extra charge, whereas Razorpay prices these separately.
No. Cashfree charges zero setup fee and zero Annual Maintenance Charge (AMC). You only pay the platform fee on transactions you successfully process. There are no upfront costs to get started, no recurring subscription, and no maintenance charges regardless of your transaction volume.
Under the current offer, domestic transactions up to ₹20 Lakh GMV/month are charged 0% MDR, compared to the standard rate of 1.95%. Any volume processed within this cap is fully exempt from the gateway fee that would otherwise apply. Businesses processing above ₹20 Lakh/month in domestic volume are charged the standard rate on the incremental amount. The offer is valid till 31st March 2027.
GST is applicable on the platform fee as per Indian tax regulations. The 0% and 1.95% rates are the platform fee charged by Cashfree, with applicable GST levied on top. This is consistent with how all payment gateways in India are structured — Razorpay, PayU, and others also add 18% GST on their platform fee. For detailed invoice breakdowns, log in to your Cashfree merchant dashboard and access your monthly invoice generated on the 5th of each month.
Yes. The 0% MDR offer is available to new Cashfree merchant accounts. Switching from another payment gateway qualifies you as a new merchant on Cashfree. The 0% pricing is valid till 31st March 2027, up to ₹20 Lakh GMV/month. Contact the Cashfree sales team to discuss migration support.
EMI pricing on Cashfree starts at 1.90% platform fee plus 0.25% for Credit Card EMI. Debit Card EMI is available at 1.50% platform fee (HDFC). Cardless EMI starts at 1.90%. EMI pricing involves the issuing bank as an additional party, which is why rates are slightly higher than standard card transactions. Supported banks for Credit Card EMI include ICICI, Axis, HDFC, Bank of Baroda, RBL, Standard Chartered, YES Bank, HSBC, American Express, and AU Small Finance Bank.
Pay Later transactions on Cashfree are charged at 2.20%, reduced from the standard 2.50%. This applies to LazyPay and Simpl transactions. Pay Later and BNPL pricing is higher than standard card or UPI pricing because the financing provider bears the credit risk, and the merchant receives a higher average order value in return.
Collect customer payments, manage international payments, and more. Create your account or contact our experts to explore custom solutions.
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Cashfree Payments enables 1 Million+ growing businesses in India and across the globe to collect payments, manage international payments, and more. Backed by SBI, Y Combinator, Krafton, and Apis Partners. Incubated by PayPal.
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