Razorpay

Payment service provider · Bengaluru, India

Razorpay is an Indian payments company based in Bengaluru. It is not an electronic money institution and India has no such regime: payment aggregation is run by Razorpay Payments Private Limited, which its own site describes as an RBI Authorised Payment Aggregator with effect from 1 January 2026. The group holds three RBI payment aggregator authorisations, online since December 2023, cross-border since December 2025 and physical in-store since 22 January 2026. Merchants get card, UPI, netbanking and wallet acceptance, payment links and pages, subscriptions, split settlements and international collection in 135 currencies. Business banking sits under RazorpayX, and Razorpay states plainly that RazorpayX is not a bank and that current accounts come from partner banks ICICI, RBL and Yes Bank.

Legal name: Razorpay Payments Private Limited
Regulated by: Reserve Bank of India (payment aggregator authorisation)
Licence confirmed: yes, on a regulator's own list
Website: razorpay.com

Scores, 0 to 10

8.0Latin America, Africa & South Asia

RBI authorised payment aggregator for online, cross-border and physical payments in India, with UPI, netbanking, card and wallet acceptance and more than 5 million businesses on the platform. · source

7.5Online businesses: e-commerce and SaaS

Card, UPI, netbanking and wallet acceptance with payment links and pages, QR at 0.99%, subscriptions at 0.9% plus platform fee and Route split settlements at 0.1% plus platform fee, used by more than 5 million businesses. Subscription billing at 0.9% plus platform fee, Smart Collect at 1% or Rs 10, Route for splitting revenue and an EEFC account in USD, EUR and GBP for software companies selling abroad. · source

6.5Fast digital onboarding

Signup is online with no setup fee and no annual maintenance charge, but activation depends on KYC under the RBI payment aggregator rules and Razorpay publishes no time to go live. · source

5.5Lowest fees

2% per successful domestic transaction plus 18% GST, with Rs 0 setup fee, Rs 0 annual maintenance charge and Rs 0 refund processing fee; enterprise pricing above Rs 500,000 a month is negotiated. · source

5.0Cross-border payments, FX and multi-currency accounts

Accepts 135 currencies from more than 180 countries under an RBI cross-border aggregator licence, at 1% for international bank transfers and up to 3% for international cards, with an EEFC account in USD, EUR, GBP, AED and SGD. A multi-currency EEFC account in five currencies plus payout APIs, but no cash pooling or hedging, and a hard ceiling of INR 2,500,000 on a single transaction through Razorpay PA. · source

5.0Fintech companies that need a partner bank

Razorpay onboards payment aggregators and e-commerce marketplaces as master merchants with their own sub-merchants under dedicated terms, but offers no safeguarding accounts and no rail access for licensed payment firms. · source

5.0Startups & VC-backed companies

Zero setup fee and zero annual maintenance make it reachable for a pre-revenue Indian company, but there is no startup programme, no venture debt and no cap table integration. · source

5.0Financial strength & stability

Privately held with no published financial statements, but regulated directly by the RBI and holding all three payment aggregator authorisations, the most recent granted on 22 January 2026. · source

3.0Business cards (Visa, Mastercard)

The pricing and terms pages cover accepting card payments, not issuing them: no business debit or credit card, no virtual card and no card fee schedule is published there. · source

3.0Foreign-owned & non-resident companies

Merchants are onboarded as Indian businesses under RBI payment aggregator rules and no path is published for a foreign-incorporated company; the international product is about accepting payments from abroad, not opening accounts for non-residents. · source

2.0Best interest on business balances

Razorpay states that RazorpayX is not a bank and holds no banking licence, current accounts come from partner banks, and no yield or sweep product for balances is published. · source

2.0Trade, manufacturing & import-export

No letters of credit, guarantees or supply chain finance; the nearest thing is inward and outward cross-border collection under the PA-CB authorisation. · source

1.5Customer satisfaction

Trustpilot rates Razorpay 1.4 out of 5, with reviews in September 2026 complaining about unresolved plugin faults and support that gives assurances without fixes. · source

1.0Crypto-friendly bank

The terms state the merchant shall not engage in any activity related to virtual currency, cryptocurrency or other crypto products including NFTs, and that any breach means immediate suspension or termination. · source

1.0High-risk verticals (iGaming, cannabis, adult, forex)

The prohibited products and services list bars adult goods and services including pornography and escort services, gaming and gambling including lottery tickets, sports bets and online gambling memberships, and separately bans cryptocurrency. · source

1.0Crypto wallet and custody for a business

Razorpay's merchant terms, checked in September 2026, require users not to engage in any activity related to virtual currency, cryptocurrency or NFTs, and it offers no crypto wallet or custody. · source

1.0Accept crypto payments

The 2026 terms bar merchants from any cryptocurrency-related activity and warn that a breach means immediate suspension or termination, so Razorpay offers no crypto acceptance. · source

1.0On-ramp: buy crypto with fiat

Razorpay's terms prohibit any activity related to cryptocurrency, so its gateway and RazorpayX accounts cannot be used by a business to buy crypto. · source

1.0Off-ramp: crypto to fiat in a business account

Because the terms forbid any virtual currency activity on the platform, Razorpay will not settle crypto sale proceeds to a merchant and may terminate accounts that try. · source

1.0Bitcoin

No bitcoin product exists at Razorpay, and its merchant terms in force in 2026 forbid dealing in cryptocurrency of any kind. · source

1.0Ethereum

Razorpay offers no ether service and its terms bar all cryptocurrency and crypto product activity by merchants. · source

1.0Stablecoins (USDC, USDT and others)

Razorpay's cross-border licence from the RBI covers fiat payments only, and its terms forbid virtual currency activity, so no stablecoin collection or payout is offered. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.