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Overview
Razorpay and Cashfree are India's two leading payment gateway providers, each serving hundreds of thousands of businesses across the country. Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, processes over $60 billion in annualized TPV (total payment volume) and has raised over $740 million from investors including Sequoia Capital, Tiger Global, and GIC (source: Razorpay About page). Cashfree, founded in 2015 by Akash Sinha and Reeju Datta, processes over $50 billion in annualized TPV and is backed by investors including Apis Partners, State Bank of India, and Kora Management (source: Cashfree About page).
Both platforms support UPI, credit and debit cards, net banking, and major wallets including Google Pay, PhonePe, and Paytm. However, their strengths diverge significantly when it comes to international payments, plugin ecosystems, banking features, and bulk payout capabilities. For SaaS founders building for the Indian market with global ambitions, the choice between the two depends on whether your primary need is revenue collection, vendor payouts, or global expansion.
Razorpay and Cashfree are India's two leading payment gateway providers, each serving hundreds of thousands of businesses across the country. Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, processes over $60 billion in annualized TPV (total payment volume) and has raised over $740 million from investors including Sequoia Capital, Tiger Global, and GIC (source: Razorpay About page). Cashfree, founded in 2015 by Akash Sinha and Reeju Datta, processes over $50 billion in annualized TPV and is backed by investors including Apis Partners, State Bank of India, and Kora Management (source: Cashfree About page).
Both platforms support UPI, credit and debit cards, net banking, and major wallets including Google Pay, PhonePe, and Paytm. However, their strengths diverge significantly when it comes to international payments, plugin ecosystems, banking features, and bulk payout capabilities. For SaaS founders building for the Indian market with global ambitions, the choice between the two depends on whether your primary need is revenue collection, vendor payouts, or global expansion.
Features Comparison
| Feature | Razorpay | Cashfree |
|---|---|---|
| Founded | 2014 | 2015 |
| Annualized TPV | $60B+ | $50B+ |
| Total Funding | $740M+ | Not publicly disclosed |
| Domestic Transaction Fee | 2% | 1.9% |
| International Fee | 3% + ₹5 | 2.5% + ₹5 |
| UPI Support | ✓ | ✓ |
| Bulk Payouts | Via RazorpayX | ₹3/payout (up to ₹10,000) |
| Plugin Ecosystem | 200+ plugins | 100+ plugins |
| Banking Features | RazorpayX (current accounts, payroll) | Instant settlement (0.2% fee) |
| Startup Program | Standard plan only | Startup India: waived setup fees |
Sources: Razorpay pricing page, Cashfree pricing page, Razorpay About page, Cashfree About page.
| Feature | Razorpay | Cashfree |
|---|---|---|
| Founded | 2014 | 2015 |
| Annualized TPV | $60B+ | $50B+ |
| Total Funding | $740M+ | Not publicly disclosed |
| Domestic Transaction Fee | 2% | 1.9% |
| International Fee | 3% + ₹5 | 2.5% + ₹5 |
| UPI Support | ✓ | ✓ |
| Bulk Payouts | Via RazorpayX | ₹3/payout (up to ₹10,000) |
| Plugin Ecosystem | 200+ plugins | 100+ plugins |
| Banking Features | RazorpayX (current accounts, payroll) | Instant settlement (0.2% fee) |
| Startup Program | Standard plan only | Startup India: waived setup fees |
Sources: Razorpay pricing page, Cashfree pricing page, Razorpay About page, Cashfree About page.
Pricing Breakdown
Razorpay charges 2% per domestic transaction for its standard plan, which includes all payment methods (cards, UPI, wallets, net banking). For international payments, Razorpay charges 3% + ₹5 per transaction (source: razorpay.com/pricing). There are no monthly fees for the basic plan, but Razorpay Pro costs ₹2,699/month and includes priority support, custom settlement cycles, and a dedicated relationship manager.
Cashfree's standard domestic rate is 1.9% per transaction, slightly below Razorpay's standard rate (source: cashfree.com/pricing). International payments via Cashfree Global are priced at 2.5% + ₹5 per transaction. Cashfree also offers a no-fee plan for startups under the Startup India initiative, which waives setup fees for eligible businesses. Cashfree Payouts charges ₹3 per payout (up to ₹10,000), making it better suited for high-volume vendor settlement use cases.
| Pricing Component | Razorpay | Cashfree |
|---|---|---|
| Domestic (cards/UPI/wallets) | 2% | 1.9% |
| International | 3% + ₹5 | 2.5% + ₹5 |
| Monthly Fee (Pro) | ₹2,699/month | N/A |
| Payout Fee | Via RazorpayX (₹199/month after first year) | ₹3/payout (up to ₹10,000) |
| Instant Settlement | Available on Pro plan | +0.2% on settled amount |
| Startup Benefits | None specified | Setup fee waived (Startup India) |
Razorpay charges 2% per domestic transaction for its standard plan, which includes all payment methods (cards, UPI, wallets, net banking). For international payments, Razorpay charges 3% + ₹5 per transaction (source: razorpay.com/pricing). There are no monthly fees for the basic plan, but Razorpay Pro costs ₹2,699/month and includes priority support, custom settlement cycles, and a dedicated relationship manager.
Cashfree's standard domestic rate is 1.9% per transaction, slightly below Razorpay's standard rate (source: cashfree.com/pricing). International payments via Cashfree Global are priced at 2.5% + ₹5 per transaction. Cashfree also offers a no-fee plan for startups under the Startup India initiative, which waives setup fees for eligible businesses. Cashfree Payouts charges ₹3 per payout (up to ₹10,000), making it better suited for high-volume vendor settlement use cases.
| Pricing Component | Razorpay | Cashfree |
|---|---|---|
| Domestic (cards/UPI/wallets) | 2% | 1.9% |
| International | 3% + ₹5 | 2.5% + ₹5 |
| Monthly Fee (Pro) | ₹2,699/month | N/A |
| Payout Fee | Via RazorpayX (₹199/month after first year) | ₹3/payout (up to ₹10,000) |
| Instant Settlement | Available on Pro plan | +0.2% on settled amount |
| Startup Benefits | None specified | Setup fee waived (Startup India) |
Pros and Cons
| Razorpay | Cashfree |
|---|---|
| ✓ Broader plugin ecosystem (200+) for e-commerce platforms | ✓ Lower domestic transaction fee (1.9% vs 2%) |
| ✓ Integrated banking via RazorpayX (current accounts, payroll) | ✓ Bulk payout capabilities with competitive pricing |
| ✓ Stronger international payment infrastructure | ✓ Startup India program waives setup fees |
| ✓ Higher funding means more product development resources | ✓ Instant settlement available for faster access to funds |
| ✗ Slightly higher domestic transaction fee than Cashfree | ✗ Smaller plugin ecosystem than Razorpay |
| ✗ RazorpayX banking features require separate subscription | ✗ No integrated banking or payroll features |
| ✗ Pro plan adds ₹2,699/month for premium features | ✗ Less suited for businesses needing a full banking suite |
| Razorpay | Cashfree |
|---|---|
| ✓ Broader plugin ecosystem (200+) for e-commerce platforms | ✓ Lower domestic transaction fee (1.9% vs 2%) |
| ✓ Integrated banking via RazorpayX (current accounts, payroll) | ✓ Bulk payout capabilities with competitive pricing |
| ✓ Stronger international payment infrastructure | ✓ Startup India program waives setup fees |
| ✓ Higher funding means more product development resources | ✓ Instant settlement available for faster access to funds |
| ✗ Slightly higher domestic transaction fee than Cashfree | ✗ Smaller plugin ecosystem than Razorpay |
| ✗ RazorpayX banking features require separate subscription | ✗ No integrated banking or payroll features |
| ✗ Pro plan adds ₹2,699/month for premium features | ✗ Less suited for businesses needing a full banking suite |
Verdict
If your SaaS startup is focused on the Indian market with plans to expand internationally, Razorpay is worth considering for its broader plugin ecosystem, integrated banking via RazorpayX, and stronger international payment support. The extra 0.1% in domestic transaction fees is offset by the convenience of having payments, banking, and payroll under one roof.
If your primary need involves high-volume payouts to vendors, contractors, or marketplace sellers, Cashfree may be better suited. Its lower domestic rate, bulk payout capacity, and instant settlement features make it appealing for platforms that process thousands of payouts daily. Cashfree's Startup India program also makes it more accessible for early-stage companies with limited capital.
Both platforms are mature, well-funded, and widely used by Indian businesses. The right choice depends on your specific payment workflow and growth trajectory.
If your SaaS startup is focused on the Indian market with plans to expand internationally, Razorpay is worth considering for its broader plugin ecosystem, integrated banking via RazorpayX, and stronger international payment support. The extra 0.1% in domestic transaction fees is offset by the convenience of having payments, banking, and payroll under one roof.
If your primary need involves high-volume payouts to vendors, contractors, or marketplace sellers, Cashfree may be better suited. Its lower domestic rate, bulk payout capacity, and instant settlement features make it appealing for platforms that process thousands of payouts daily. Cashfree's Startup India program also makes it more accessible for early-stage companies with limited capital.
Both platforms are mature, well-funded, and widely used by Indian businesses. The right choice depends on your specific payment workflow and growth trajectory.
Who It's For
| Tool | Best suited for | Less ideal for |
|---|---|---|
| Razorpay | Startups needing integrated banking, international payments, and broad plugin support | Businesses primarily focused on bulk payouts with high transaction volume |
| Cashfree | Platforms processing high-volume vendor payouts and startups needing lower fees | Teams that need an all-in-one payments-plus-banking solution |
Affiliate Disclosure: Some of the links in this article are affiliate links. If you click through and make a purchase, The Break Daily may earn a small commission at no additional cost to you. This does not affect our editorial independence. The affiliate programs we participate in include vendor partner programs.
| Tool | Best suited for | Less ideal for |
|---|---|---|
| Razorpay | Startups needing integrated banking, international payments, and broad plugin support | Businesses primarily focused on bulk payouts with high transaction volume |
| Cashfree | Platforms processing high-volume vendor payouts and startups needing lower fees | Teams that need an all-in-one payments-plus-banking solution |
Affiliate Disclosure: Some of the links in this article are affiliate links. If you click through and make a purchase, The Break Daily may earn a small commission at no additional cost to you. This does not affect our editorial independence. The affiliate programs we participate in include vendor partner programs.