Top 10 Payment Gateways for Indian Businesses (Fees, Currencies & Integration)

Navigating the Crossroads of Indian Digital Commerce

In the dynamic landscape of Indian e-commerce, a payment gateway is far more than a simple checkout tool; it is the strategic nerve center of your entire online operation. The choice of a gateway directly impacts everything from customer trust and conversion rates to cash flow and international scalability. As India's digital payment ecosystem continues its explosive growth, projected to surpass 130 billion transactions in 2025, the decision has evolved from a mere technical necessity to a core business strategy. The Unified Payments Interface (UPI) has fundamentally reshaped consumer behavior, accounting for over 75% of payment transaction volumes and embedding itself into the nation's economic fabric.  

 

This new reality presents a complex challenge for businesses. The market is saturated with options, each vying for attention with attractive headline rates and promises of seamless transactions. However, many entrepreneurs and managers find themselves entangled in a web of hidden costs, from exorbitant currency conversion markups to unexpected monthly maintenance fees and high international charges. A low advertised rate can quickly become a significant drain on profitability when the full cost is realized.  

 

This report cuts through the noise to provide a definitive, data-driven analysis of the top 10 payment gateways for Indian businesses in 2025. It moves beyond surface-level comparisons to deliver a comprehensive evaluation based on three critical pillars:

1. Total Cost of Transaction (TCT): A forensic examination of the complete fee structure to reveal the true cost of processing a payment, including all percentages, fixed fees, GST, and hidden charges.
2. Global Reach, Local Mastery: An assessment of a gateway's ability to navigate the dual imperative of mastering India's unique payment ecosystem (UPI, RuPay, Wallets) while providing the tools to accept international payments and reach a global customer base.
3. Integration Agility: A deep dive into how seamlessly a gateway can be integrated into a business's existing technology stack, from popular e-commerce platforms like Shopify and WooCommerce to custom-built applications requiring robust APIs.

By understanding these pillars, businesses can make an informed, strategic decision that aligns their payment infrastructure with their long-term growth ambitions.
 

The Anatomy of a Payment Gateway: A Strategic Evaluation Framework

To select the right payment gateway, a business must first understand how to evaluate one. The process goes far beyond comparing the most prominent percentage fee. It requires a holistic view of costs, capabilities, and compatibility.
 

Deconstructing the Cost: Beyond the Merchant Discount Rate (MDR)

The advertised percentage, often referred to as the Merchant Discount Rate (MDR) or Transaction Discount Rate (TDR), is merely the tip of the iceberg. The true cost of a transaction is a composite of several fees, and understanding this full stack is crucial for accurate financial planning.  

• Transaction Fee: This is the most visible cost, typically structured as a percentage of the transaction value plus a fixed fee. For example, Stripe's standard online rate in the US is 2.9% + 30¢ per transaction.  
• Setup & Maintenance Fees: While modern gateways like Razorpay and Stripe have largely eliminated setup fees and annual maintenance charges (AMCs), this remains a key differentiator. Some providers, particularly older ones or those offering specific enterprise plans like CCAvenue, may still levy these charges, impacting the total cost of ownership.  
• Goods and Services Tax (GST): A common point of confusion is how GST is applied. A standard 18% GST is levied on the transaction fee itself, not on the total transaction value. For a 2% transaction fee on a ₹1,000 sale, the fee is ₹20, and the GST would be 18% of ₹20 (₹3.60), not 18% of ₹1,000.  
• Currency Conversion Fees: This is often the most significant "hidden" cost for businesses dealing with international customers. Gateways typically apply a markup of 1% to 4% on the base exchange rate when converting foreign currency payments into INR. This fee can drastically reduce the final amount settled in a merchant's bank account.  
• Chargeback Fees: When a customer disputes a transaction and the merchant loses the dispute, the gateway charges a penalty fee. This is a substantial cost, often around $15 per incident for providers like Stripe and Braintree.  
• Other Fees: Businesses should also be aware of ancillary fees for value-added services, such as charges for instant payouts, using a custom domain for payment pages, or advanced fraud protection modules.  
   

The Currency & Payment Method Conundrum

The payment landscape in India is unique. A gateway's success hinges on its ability to cater to local preferences while simultaneously offering global capabilities.

• The 'Bharat' Imperative: In India, comprehensive support for UPI is non-negotiable. With its dominance in transaction volume, any gateway that fails to offer seamless UPI integration is at a significant disadvantage for domestic sales. Gateways like Razorpay, Paytm, and Cashfree have built their platforms with a deep understanding of this reality, making them powerful choices for the Indian market.  
• Beyond UPI: A truly effective domestic gateway must also support a full suite of local payment methods. This includes the RuPay card network, major digital wallets (like Paytm, PhonePe, and Google Pay), extensive Net Banking options, and the increasingly popular Buy Now, Pay Later (BNPL) services.  
• Going Global: For businesses with international ambitions, the focus shifts. Here, the number of supported foreign currencies becomes paramount. Stripe's support for over 135 currencies and 2Checkout's support for over 87 currencies are major assets. Furthermore, the global brand recognition and trust associated with a name like PayPal can significantly reduce friction and increase conversion rates among overseas customers.  
   

The Integration Spectrum: From No-Code to Full-Code

A payment gateway must fit into a business's existing technological framework. The ease and depth of this integration can vary dramatically.

• Plug-and-Play: For the majority of businesses using popular e-commerce platforms like Shopify or WooCommerce, the availability of a reliable, official, and easy-to-install plugin is a primary concern. Providers such as Razorpay, Stripe, and Cashfree excel in this area, offering well-documented plugins that enable merchants to start accepting payments quickly.  
• API-First (Developer-Centric): For businesses with custom-built websites, mobile applications, or complex payment logic (like marketplaces or SaaS platforms), the quality of the Application Programming Interface (API) and Software Development Kits (SDKs) is the deciding factor. Stripe and Braintree are widely regarded as leaders in this domain, offering powerful, flexible, and well-documented tools for developers.  
• Hosted vs. Non-Hosted: This refers to where the customer enters their payment details. A hosted gateway redirects the customer to a secure page hosted by the payment provider to complete the transaction. This is simpler to implement and shifts the PCI compliance burden, but it offers less control over the user experience. A  
• A non-hosted or API-based gateway allows the customer to enter their details directly on the merchant's website, providing a more seamless, branded experience but requiring more complex integration and security considerations.  
   

The Trust Mandate: Security & Compliance

In the world of online payments, security is not a feature; it is the foundation of trust. A single breach can cause irreparable damage to a brand's reputation.

• PCI DSS Compliance: The Payment Card Industry Data Security Standard (PCI DSS) is the mandatory global security standard for any organization that handles branded credit cards. All credible payment gateways must be certified as PCI DSS Level 1, the highest level of compliance. In India, adherence to these standards is mandated by the Reserve Bank of India (RBI), making it a non-negotiable requirement.  
• Core Security Layers: Business owners should be familiar with the key technologies that protect their transactions and customer data:
  • Tokenization: This process replaces sensitive data, like a full credit card number, with a unique, non-sensitive equivalent called a "token." This token can be used for transactions without exposing the actual card details, rendering it useless to fraudsters in the event of a data breach.  
  • SSL/TLS Encryption: Secure Sockets Layer (SSL) and Transport Layer Security (TLS) are cryptographic protocols that encrypt data as it travels between the customer's browser and the payment gateway's server, ensuring it cannot be intercepted in transit.  
  • 3D Secure: This provides an additional layer of security for card-not-present transactions. It's the technology behind the One-Time Passwords (OTPs) that customers receive on their mobile phones to authorize a payment, a standard and expected step in the Indian checkout process.  
• Advanced Fraud Detection: Leading gateways are moving beyond basic checks and leveraging machine learning and artificial intelligence to proactively combat fraud. Systems like Stripe's Radar and Razorpay's proprietary tools analyze thousands of data points in real-time to identify and block suspicious transactions before they occur.  
   

The modern payment gateway landscape in India thus presents a strategic choice. Businesses are not just selecting a processor; they are choosing a partner that aligns with their operational model. The decision often boils down to a trade-off between three distinct archetypes: the India-First Specialist (like Razorpay and Cashfree), which offers deep integration with the local payment ecosystem; the Global Developer Powerhouse (like Stripe and Adyen), which provides unparalleled tools for international scale and customization; and the Niche Player (like PayPal for cross-border trust or Instamojo for micro-businesses), which solves a specific, targeted problem. The fundamental question for any business is not "Which gateway is best?" but rather, "Which gateway is best for my specific customer base, business model, and growth trajectory?"
 

The 2025 Power Rankings: In-Depth Analysis of India's Top 10 Payment Gateways

This section provides a detailed, structured analysis of the 10 most relevant payment gateways for Indian businesses. The order is strategically chosen, beginning with the most common and versatile options and moving towards more specialized providers.
 

1. Razorpay: The All-in-One for India

Metric	Details
Standard Domestic Fee	2% + 18% GST (0% for UPI/RuPay Debit)
Standard International Fee	3% + 18% GST
Setup / AMC Fees	None
Supported Methods	100+ including UPI, RuPay, Wallets, EMI, PayLater, Cards
Ideal For	Indian startups, SMEs, and enterprises focusing on the domestic market.

Verdict: Razorpay is the undisputed leader for the vast majority of Indian businesses. Its strength lies not just in payment processing but in its creation of a comprehensive financial operating system tailored specifically to the Indian market. From startups to large enterprises, its product suite addresses a wide spectrum of needs, from accepting payments to managing payroll and business banking.

Fee Structure Deconstructed: Razorpay's pricing is praised for its transparency and simplicity, especially for domestic transactions.  

• Standard Plan: A flat fee of 2% (plus 18% GST on the fee) is applicable on most domestic transactions, including credit/debit cards, net banking, and wallets.  
• International Transactions: A higher rate of 3% (plus GST) is charged for payments made with international cards, American Express, and Diners Club cards.  
• Zero Setup/AMC: A significant advantage for businesses of all sizes is the absence of any setup fees or annual maintenance charges.  
• Special Rates: Demonstrating a nuanced understanding of the Indian market, Razorpay offers special, lower rates for certain business categories. For instance, UPI and RuPay Debit Card transactions are free of charge. Furthermore, specific merchant categories like utilities and education are charged 1.10%, while groceries and supermarkets are charged 1.30%.  
• Value-Added Services: The broader Razorpay ecosystem has its own pricing. Products like Razorpay Route (for payment splitting) cost 0.25% per transaction, while Smart Collect (for virtual accounts) is priced at 1% or ₹10, whichever is lower.  

Payment & Currency Capabilities:

• Domestic Mastery: This is Razorpay's core strength. It supports over 100 payment modes, providing comprehensive coverage of the methods Indian consumers prefer, including UPI, RuPay, all major wallets, extensive EMI options, and PayLater services.  
• International Reach: The platform can accept payments from over 100 international currencies. However, a key point for exporters to note is that all settlements are made in Indian Rupees (INR).  

Integration & Developer Experience:

• Broad E-commerce Support: Razorpay offers robust, well-maintained plugins for all major e-commerce platforms, including Shopify, WooCommerce, Magento, OpenCart, and more, making integration straightforward for most online stores.  
• Developer-Friendly APIs: The platform is highly regarded by developers for its powerful and well-documented APIs, which allow for deep customization of the payment experience.  
• Vast Ecosystem Integrations: Through platforms like Integrately, Razorpay connects with a massive ecosystem of business tools, including CRMs like Salesforce and Zoho CRM, accounting software like QuickBooks, and communication tools like Slack.  

Standout Features & Security:

• RazorpayX Suite: This is a major differentiator that transforms Razorpay from a payment gateway into a full-fledged financial platform. RazorpayX offers business banking services, including current accounts, automated payroll, and vendor payouts, allowing businesses to manage their entire financial operations from a single dashboard.  
• Magic Checkout: To combat cart abandonment, Razorpay offers a one-click checkout solution that pre-fills customer information for repeat buyers across its network, streamlining the purchase process.  
• Security: Razorpay is PCI DSS Level 1 compliant and invests heavily in security, employing advanced fraud detection, TLS encryption, and risk management systems to protect merchants and their customers.  

2. Stripe: The Global Standard for Developers

Metric	Details
Standard Domestic Fee	2.9% + 30¢ (Cards/Wallets)
Standard International Fee	1.5 % International Cards
Currency Conversion Fee	1% to 2% if conversion is required
Ideal For	Tech-savvy businesses, SaaS companies, and exporters with global ambitions.

Verdict: Stripe is the gold standard for businesses that prioritize technical flexibility, developer experience, and international reach. Its APIs are considered best-in-class, offering unparalleled customization. While it is a powerful option for the Indian market, its fee structure can be more expensive than local competitors for high-volume, low-value domestic transactions.

Fee Structure Deconstructed: Stripe's pricing is comprehensive, reflecting its vast feature set.

• Domestic Transactions: The standard fee for online payments via cards and digital wallets is 2.9% + 30¢ per successful transaction. Some India-specific fee calculators suggest a simpler 2% rate, but the official site's detailed breakdown is more authoritative for planning. Manually entered cards attract an additional 0.5% fee.  
• International Transactions: An additional cross-border fee of 1.5% is applied to transactions made with international cards.  
• Currency Conversion: If Stripe needs to convert the currency (e.g., from USD to INR for settlement), an additional fee of 1% is charged. Some analyses suggest this can be as high as 2%.  
• Total International Cost: The cumulative cost for an international transaction can be significant. For example, a payment on an international card requiring currency conversion could cost up to 2.9% (base) + 1.5% (international) + 1% (conversion) = 5.4% + 30¢, a rate that businesses must factor into their pricing.
• Other Fees: Stripe has a menu of fees for its various services, including a $15 chargeback fee, an optional $10/month for a custom domain on its hosted checkout, and 2¢ per transaction for its advanced Radar for Fraud Teams service.  

Payment & Currency Capabilities:

• Global Leader: This is where Stripe truly shines. It supports payments in over 135 currencies and accepts a vast array of locally relevant payment methods from around the world, such as Klarna in Europe, Alipay in China, and SEPA Direct Debit. This makes it an ideal choice for businesses targeting a diverse global audience.  
• Indian Support: Stripe offers solid support for domestic card and wallet payments in India. However, its focus is less granular on the nuances of the Indian payment ecosystem (like specific UPI features) compared to a specialist like Razorpay.  

Integration & Developer Experience:

• Unmatched API: Stripe's API is widely considered the industry benchmark for its power, flexibility, and exceptional documentation. It empowers developers to build highly customized and sophisticated payment experiences.  
• E-commerce Plugins: Stripe provides excellent, feature-rich plugins for all major platforms. It is the technology behind Shopify Payments, ensuring a native and seamless integration. Its WooCommerce plugin is also robust and supports features like subscriptions and in-person payments via Stripe Terminal.  
• Ecosystem: The Stripe App Marketplace is a vast ecosystem of third-party applications and integrations that extend the platform's functionality into every area of business operations.  

Standout Features & Security:

• Stripe Billing & Subscriptions: A highly flexible and powerful engine for managing recurring revenue, making it a top choice for SaaS and subscription-based businesses.  
• Stripe Connect: The definitive solution for building multi-vendor marketplaces and software platforms, handling complex fund flows between buyers, sellers, and the platform itself.  
• Stripe Radar: An industry-leading fraud detection system that uses machine learning to analyze global transaction data and proactively block fraudulent payments.  
• Security: As a global leader, Stripe maintains the highest level of security, with PCI Service Provider Level 1 certification and a suite of tools to help merchants manage their own compliance obligations.  

3. PayPal: The Veteran for Cross-Border Trust

Metric	Details
Standard Domestic Fee	Not Supported
Standard International Fee	4.4% + Fixed Fee (e.g., $0.30 USD)
Currency Conversion Fee	3.0% - 4.0% markup
Ideal For	Exporters and freelancers needing a trusted, globally recognized payment option for international clients.

Verdict: PayPal's role in the Indian market is highly specialized. Due to regulatory constraints, it cannot be used for domestic (INR to INR) transactions. Instead, it serves as an essential secondary gateway for businesses and freelancers who receive payments from international clients. It's a globally recognized brand that provides a powerful layer of trust and familiarity that can significantly boost conversion rates with overseas customers.

Fee Structure Deconstructed: PayPal's fees for Indian merchants are geared entirely towards international transactions and are among the highest in the market.

• Domestic Transactions: Not supported. A PayPal India business account can only be used to receive international payments.  
• International Transactions: The standard fee is a steep 4.4% of the transaction value, plus a fixed fee that varies depending on the currency of the payment (e.g., $0.30 for payments in USD, €0.35 for EUR).  
• Currency Conversion: This is another significant cost. PayPal applies a currency conversion spread, or markup, of 3.0% to 4.0% above the base exchange rate when converting the funds to INR for withdrawal.  
• Total Cost Example: The combined effect of these fees can be substantial. An analysis shows that on a $1,000 payment, the total loss due to PayPal's transaction and currency conversion fees can approach 8-9% of the total earnings. Businesses must account for this high cost in their international pricing.  

Payment & Currency Capabilities:

• Global Reach: PayPal operates in over 200 countries and supports payments in more than 25 currencies, making it one of the most widely accessible payment platforms in the world.  
• Indian Limitations: The key restriction is that PayPal cannot be used to accept payments in INR from customers within India or from Indian credit cards. All funds received are automatically converted to INR and withdrawn to the merchant's linked Indian bank account.  

Integration & Developer Experience:

• Broad Platform Support: PayPal is ubiquitous. It offers integrations and plugins for virtually every major e-commerce platform, including Shopify and WooCommerce, as well as a multitude of other business software.  
• Ease of Use: PayPal is renowned for its simplicity. The iconic "Pay with PayPal" button is easy to add to any website, often requiring minimal technical expertise, and provides a familiar checkout flow for millions of users.  

Standout Features & Security:

• Brand Trust: This is PayPal's single greatest asset. For over two decades, it has built a reputation as a secure and reliable way to pay online. For an international customer who may be hesitant to enter their card details on an unfamiliar Indian website, the PayPal option provides immediate peace of mind.  
• Buyer and Seller Protection: The platform offers robust dispute resolution mechanisms and protection policies that safeguard both parties in a transaction, adding another layer of security.  
• FIRA Compliance: PayPal provides the necessary Foreign Inward Remittance Advice (FIRA) documentation, which is a crucial compliance requirement for Indian businesses and freelancers receiving foreign funds.  

4. PayU: The Enterprise-Grade Veteran

Metric	Details
Standard Domestic Fee	2% + GST (Domestic); 3% + GST (International/Amex)
Setup / AMC Fees	None
Supported Methods	Cards, UPI, Net Banking, EMI, Wallets
Ideal For	Growing enterprises and high-volume businesses needing stability and robust fraud protection.

Verdict: PayU (formerly PayU Money) is a long-standing and reliable payment gateway in India, catering to both small merchants and large enterprises. It is known for its stability, comprehensive payment method support, and strong security features, making it a solid choice for businesses that prioritize reliability and have significant transaction volumes.

Fee Structure Deconstructed: PayU offers a competitive and straightforward pricing model with no hidden charges.

• Standard Rates: The typical transaction fee is 2% (plus GST) for domestic payments made via credit cards, debit cards, UPI, and wallets. This rate is competitive with other major players in the market.  
• Premium Rates: For transactions involving international cards, Diners Club, American Express, or EMI options, the fee increases to 3% (plus GST).  
• No Setup/AMC: Like its modern competitors, PayU charges no initial setup fees or annual maintenance charges, making it a cost-effective solution for businesses to get started.  
• Custom Pricing: For high-volume businesses, PayU offers custom pricing plans, which can provide more favorable rates.  

Payment & Currency Capabilities:

• Comprehensive Domestic Support: PayU supports a wide array of Indian payment methods, ensuring businesses can cater to all customer preferences. This includes all major credit and debit cards, over 50 net banking options, UPI, and popular digital wallets.  
• Multi-Currency Processing: The platform is equipped to handle multiple currencies, which is beneficial for businesses with an international customer base.  

Integration & Developer Experience:

• Easy Integration: PayU provides plugins for major e-commerce platforms like WooCommerce and offers a simple onboarding process, allowing businesses to start collecting payments quickly.  
• Developer Resources: The platform provides developer-friendly documentation and APIs for businesses that require custom integrations into their websites or applications.  
• Checkout Experience: PayU offers a clean and efficient checkout UI designed to streamline the payment process and improve conversion rates.  

Standout Features & Security:

• Robust Fraud Protection: PayU is known for its strong fraud analytics and protection systems, providing an extra layer of security for merchants.  
• High Success Rates: The gateway utilizes smart routing technology to ensure high transaction success rates, minimizing payment failures and lost sales.  
• Stability and Reliability: As one of the more established players in the Indian market, PayU is recognized for its stable and reliable platform, making it a trusted choice for large enterprises.  

5. Cashfree Payments: The Payout and Settlement Specialist

Metric	Details
Standard Domestic Fee	Starting from 1.95% + GST
Setup / AMC Fees	None
Supported Methods	180+ including UPI, Cards, Wallets, EMI, PayLater
Ideal For	D2C brands and marketplaces that prioritize fast settlements and need powerful payout capabilities.

Verdict: Cashfree Payments has carved out a strong position in the Indian market by focusing on operational efficiency, particularly in settlements and payouts. It is an excellent choice for businesses like D2C brands, e-commerce marketplaces, and service platforms where rapid cash flow and the ability to easily disburse funds (for refunds, vendor commissions, or cashbacks) are critical.

Fee Structure Deconstructed: Cashfree offers one of the most competitive pricing structures in the market.

• Transaction Fees: Their rates start as low as 1.95% per transaction (plus GST), making them a very cost-effective option. For international cards like Visa and Mastercard, the fee is 2.99%, and for American Express, it is 2.95%.  
• Zero Ancillary Fees: Cashfree emphasizes its straightforward pricing with no setup costs and no annual maintenance charges, which is highly attractive for startups and small businesses.  

Payment & Currency Capabilities:

• Extensive Payment Options: Cashfree boasts support for over 180 payment modes, providing one of the widest ranges of options available. This includes UPI, cards, net banking, wallets, and an extensive suite of over 30 BNPL and EMI partners.  
• International Payments: The platform supports international card payments and also integrates with PayPal, allowing merchants to offer it as a preferred mode for overseas customers.  

Integration & Developer Experience:

• Seamless Shopify Integration: Cashfree is a leading payment partner for Shopify in India, offering a code-free, plug-and-play integration that can be activated instantly.  
• WooCommerce and Mobile SDKs: The platform provides a plugin for WooCommerce and a comprehensive set of SDKs for Android, iOS, and other mobile frameworks, facilitating easy integration into custom applications.  
• Developer-Focused: Cashfree provides clean APIs and developer tools that make custom integrations simple and fast.  

Standout Features & Security:

• Fastest Settlements: This is Cashfree's flagship feature. It offers one of the fastest settlement cycles in the industry, ranging from the same day (T+0) to the next business day (T+1), which is a significant advantage for managing working capital.  
• Powerful Payouts: Cashfree's "Payouts" product allows businesses to instantly send money to any bank account, UPI ID, or wallet. This is extremely useful for processing customer refunds (even for Cash on Delivery orders), paying vendor commissions, or disbursing salaries.  
• BNPL and Offer Engine: Cashfree provides a no-code "BNPL Plus" feature that displays EMI and Pay Later options directly on the product page, which can boost average order value. Their "Offer Engine" allows merchants to easily configure discounts and cashbacks at checkout. 

6. Adyen: The Global Enterprise Platform

Metric	Details
Pricing Model	Interchange++
Standard Fee (India)	$0.13 + 2.50% (for Online Banking)
Supported Methods	Global cards, Local methods (UPI, RuPay), Wallets
Ideal For	Large, multinational enterprises requiring a single, unified platform for global payments.

Verdict: Adyen is a powerhouse for large, global enterprises that operate across multiple countries and require a single, unified platform to manage all their payments. Its strength lies in its direct connections to card schemes worldwide and its transparent Interchange++ pricing model. For the Indian market, it requires a local entity and is best suited for large companies rather than startups or SMEs.

Fee Structure Deconstructed: Adyen's pricing model, Interchange++, is fundamentally different from the blended rates offered by most other gateways.

• Interchange++ Model: This model breaks down the cost of every transaction into three components: the Interchange Fee (paid to the customer's bank), the Scheme Fee (paid to the card network like Visa/Mastercard), and Adyen's Processing Fee. This provides ultimate transparency but can be complex to manage.  
• Processing Fee: Adyen charges a fixed processing fee (e.g., $0.13) plus a variable fee that depends on the payment method.  
• Indian Online Banking: For online banking (netbanking) in India, the specific fee is $0.13 + 2.50% per transaction. Pricing for other Indian local methods like UPI and RuPay is not publicly listed and would require direct consultation.  
• Custom Pricing: For businesses with high transaction volumes, Adyen offers custom pricing packages with volume-based discounts and negotiated rates.  
• Other Fees: Adyen charges a fixed fee for chargebacks (around €25) and may have fees for currency conversion services.  

Payment & Currency Capabilities:

• Unified Global Platform: Adyen's primary value proposition is its ability to process payments from virtually anywhere in the world through a single integration. It supports a vast array of global and local payment methods.  
• Indian Local Payments: Adyen supports key Indian payment methods, including UPI, the local card scheme RuPay, and online banking (via its partner BillDesk). It also supports recurring payments on these methods, adhering to RBI guidelines.  
• Local Entity Required: A critical requirement for processing domestic payments in India with Adyen is that the business must have a local Indian entity and a local integration.  

Integration & Developer Experience:

• API-First: Adyen is a developer-focused platform with comprehensive APIs and tools that allow for deep integration with existing business systems.  
• Single Integration: The platform is designed so that a single integration gives businesses access to all payment methods and regions Adyen supports, simplifying global expansion.
• Enterprise Focus: The integration process and overall platform are geared towards the needs of large, technically proficient enterprise teams rather than small businesses looking for a simple plug-in.

Standout Features & Security:

• Data and Analytics: Adyen provides rich, unified data across all channels and regions, allowing businesses to gain deep insights into customer behavior and payment performance.
• Risk Management: The platform includes a built-in, data-driven risk management solution to help businesses prevent fraud.
• Omnichannel Payments: Adyen excels at providing a unified commerce experience, seamlessly connecting online and in-person (point-of-sale) payments.
  
   

7. 2Checkout (now Verifone): The Digital Goods & Subscription Specialist

Metric	Details
Standard Domestic Fee	3.5% + $0.35 (2SELL Plan)
Cross-Border Fee	2% for international transactions
Currency Conversion Fee	2-5% markup
Ideal For	Businesses selling digital goods, software (SaaS), and subscriptions internationally.

Verdict: 2Checkout, now part of Verifone, is a global payment processor that specializes in serving businesses that sell digital products, software, and subscriptions. Its key strengths are its robust subscription management tools, global tax and regulatory compliance handling, and support for a wide range of currencies and payment methods, making it a strong choice for businesses with a global, recurring revenue model.

Fee Structure Deconstructed: 2Checkout offers tiered pricing plans based on the features required.

• 2SELL Plan: This is the entry-level plan, suitable for businesses selling products globally. The fee is 3.5% + $0.35 per successful sale.  
• 2SUBSCRIBE Plan: This plan includes advanced subscription management tools and is priced at 4.5% + $0.45 per sale.  
• 2MONETIZE Plan: This is the all-in-one plan for global digital commerce, including tax management and invoice management, priced at 6.0% + $0.60 per sale.  
• Cross-Border Fee: An additional fee of 2% is charged for transactions where the customer's card is from a different country than the merchant's.  
• Currency Conversion Fee: A significant markup of 2% to 5% is applied on top of the daily bank exchange rate for currency conversions.  
• Chargeback Fee: Fees start at $15 per chargeback and can increase based on the merchant's chargeback ratio.  

Payment & Currency Capabilities:

• Global Focus: 2Checkout allows merchants to sell in over 200 countries and territories, supporting over 100 billing currencies (including INR) and more than 45 payment methods.  
• Indian Market: While it is an international gateway, it offers local processing in India and supports payment methods preferred by Indian shoppers, such as credit cards, debit cards, and Net Banking.  

Integration & Developer Experience:

• E-commerce Plugins: 2Checkout integrates with over 120 shopping carts and platforms, including a plugin for Easy Digital Downloads and options for Shopify. For Shopify, it functions as an external gateway, which may incur additional fees from Shopify itself.  
• API Integration: The platform offers API-driven integration for businesses that need more control and customization over the checkout experience.  

Standout Features & Security:

• Subscription Management: This is a core strength. The 2SUBSCRIBE and 2MONETIZE plans provide sophisticated tools to manage the entire subscription lifecycle, including renewals, upgrades, and churn reduction analytics.  
• Global Tax and Compliance: The 2MONETIZE plan offloads the complexity of managing global sales taxes, VAT, and other regulatory requirements from the merchant, which is a huge benefit for global sellers.  
• Conversion Rate Optimization: For larger merchants, 2Checkout offers services to help optimize checkout flows and improve conversion rates.  
• Security: The platform is PCI DSS Level 1 compliant, ensuring secure handling of payment data.  
  
   

8. Instamojo: The Micro-Entrepreneur's Choice

Metric	Details
Standard Domestic Fee	2% + ₹3 per transaction
International Support	Limited / Not a primary feature
Setup / AMC Fees	None
Ideal For	Freelancers, solopreneurs, and small businesses needing a simple way to start accepting payments.

Verdict: Instamojo is a popular choice among Indian freelancers, solopreneurs, and micro-businesses due to its extreme simplicity and ease of use. It's more than just a payment gateway; it's a platform that allows users to create payment links, host simple online stores, and sell digital products with minimal technical knowledge. While not ideal for larger, scaling businesses, it provides an excellent on-ramp to digital commerce.

Fee Structure Deconstructed: Instamojo's pricing is simple and targeted at small businesses.

• Transaction Fee: A flat fee of 2% + ₹3 (plus GST) is charged per transaction for payments via debit cards, credit cards, UPI, and net banking. For selling digital products, some sources indicate a higher fee of 5% + ₹3.  
• Zero Setup/AMC: There are no setup fees or annual maintenance charges, making it a zero-commitment option to get started.  
• International Fees: International card support is not a core feature, and where available, an additional 1% fee may apply. It does not support multi-currency processing, settling only in INR.  

Payment & Currency Capabilities:

• India-focused: Instamojo is built for the Indian market and supports all essential domestic payment methods, including cards, UPI, and net banking.  
• Limited International: The platform is not designed for extensive international sales. Its primary focus is on INR transactions within India.  

Integration & Developer Experience:

• Simplicity Over Complexity: While it offers plugins for platforms like WooCommerce, Instamojo's main appeal is its no-code solutions.  
• Payment Links: Its most popular feature is the ability to create and share "payment links" via email, SMS, or social media, allowing businesses to collect payments without needing a website at all.
• Free Online Store: Instamojo allows users to set up a basic online store on its platform to list products and services, making it an all-in-one solution for those just starting out.  

Standout Features & Security:

• Ease of Onboarding: The platform is known for its quick and simple onboarding process with minimal documentation requirements, allowing users to start accepting payments very quickly.  
• Digital Product Hosting: Instamojo provides tools specifically for selling digital goods like e-books, courses, and software, handling file delivery after payment.
• User-Friendly Dashboard: The dashboard is clean and intuitive, designed for non-technical users to easily track payments and manage their business.  
  
   

9. Braintree: The PayPal-Powered Developer Platform

Metric	Details
Standard Domestic Fee	2.59% + $0.49 per transaction
International / Currency Fee	1% for non-US cards; +1% for non-USD currency
Setup / AMC Fees	None
Ideal For	Developer-led businesses wanting a merchant account with access to the PayPal/Venmo ecosystem.

Verdict: Braintree, a PayPal service, is a powerful, developer-focused payment platform that offers a unique combination of a full-service merchant account and seamless integration with PayPal and Venmo. It is a strong competitor to Stripe, appealing to businesses that need extensive customization, a wide range of payment method support, and the stability of a dedicated merchant account.

Fee Structure Deconstructed: Braintree's pricing is flat-rate but has several components to consider.

• Standard Rate: The most commonly cited rate for card and digital wallet transactions is 2.59% + $0.49 per transaction. This fixed fee ($0.49) is higher than Stripe's, making Braintree more cost-effective for larger transaction values but more expensive for smaller ones.  
• International Fees: Braintree charges an additional 1% for transactions on cards issued outside the US and another 1% for transactions presented in a non-USD currency.  
• Other Payment Methods: ACH Direct Debit transactions are charged at 0.75% (capped at $5), while Venmo payments (US only) are 3.49% + $0.49. PayPal transactions are subject to standard PayPal merchant fees.  
• Chargeback Fee: A standard $15 fee is applied per chargeback incident.  
• Custom Pricing: Braintree offers custom, interchange-plus pricing for high-volume merchants (typically processing over $80,000/month), which can be significantly cheaper.  

Payment & Currency Capabilities:

• Broad Support: Braintree accepts all major credit and debit cards, PayPal, Apple Pay, Google Pay, and a range of local payment methods in Europe.  
• Multi-Currency: It supports transactions in over 130 currencies across more than 45 countries, making it a strong choice for international businesses.  

Integration & Developer Experience:

• Developer-Centric: Like Stripe, Braintree is built for developers. It offers robust APIs, SDKs, and extensive documentation that allow for a high degree of customization over the payment flow.  
• Hosted Fields & Drop-in UI: Braintree provides tools like "Hosted Fields" that allow merchants to create a custom, PCI-compliant checkout form on their own site, giving them control over the user experience without handling sensitive data directly.  
• PayPal Integration: Its native integration with the PayPal ecosystem is a key advantage, making it simple to offer PayPal as a payment option alongside traditional cards.  

Standout Features & Security:

• Merchant Account: Unlike payment aggregators like Stripe or Square, Braintree provides each merchant with their own dedicated merchant account. This can lead to greater account stability and fewer issues with fund holds, though some user reviews still report account stability problems.  
• Advanced Fraud Tools: Braintree includes a suite of basic and advanced fraud protection tools, with the option to add more powerful features via third-party integrations like Kount.  
• Recurring Billing: The platform has advanced features for managing subscriptions, including customizable plans, add-ons, and discounts.  
• Security: Braintree is a Level 1 PCI DSS-compliant provider, using data encryption via the "Braintree Vault" to securely store customer payment information.  
  
   

10. Worldpay from FIS: The Global Payments Titan

Metric	Details
Standard Fee	Custom/Variable (e.g., UK plan is 1.3% + 20p)
Setup / AMC Fees	Can include monthly fees, MMSC, PCI fees
Supported Methods	135 currencies, global and local methods
Ideal For	Large, established enterprises with complex, high-volume, and omnichannel payment needs.

Verdict: Worldpay from FIS is one of the largest payment processors in the world, handling a massive volume of transactions for global brands. It is an enterprise-grade solution best suited for large, established businesses with complex, omnichannel (in-person and online) payment requirements. Its pricing is often customized and can be more complex than modern flat-rate providers, making it less suitable for startups and small businesses.

Fee Structure Deconstructed: Worldpay's pricing is typically customized and can involve multiple fees, making it less transparent than competitors like Razorpay or Stripe.

• Variable Pricing: There isn't a single standard flat rate. Pricing is often tailored based on business size, industry, and transaction volume. One UK-based e-commerce plan is advertised at 1.3% + 20p, but this is not a universal rate.  
• Potential Monthly Fees: Unlike many modern gateways, Worldpay plans can include various monthly charges. User reports and pricing documents mention potential fees such as a monthly gateway fee, a PCI DSS service fee (e.g., £5.00), and a Minimum Monthly Service Charge (MMSC) of around £15.00, which is charged if transaction fees don't meet a certain threshold.  
• Setup Fees: While some plans may have no upfront cost, others, particularly for ACH services, can have setup fees (e.g., $25).  
• Complexity: The fee structure can be confusing for small businesses, with different rates for various card types and potential additional authorization fees.  

Payment & Currency Capabilities:

• Massive Global Scale: Worldpay is a true global leader, processing transactions in 174 countries and supporting 135 currencies.  
• High Indian Usage: Despite its global nature, statistics indicate that India shows the highest regional usage of Worldpay, suggesting a strong presence and capability within the Indian market.  
• Broad Method Support: The platform supports a wide range of payment methods, including global cards, digital wallets like Apple Pay, and various alternative payment options.  

Integration & Developer Experience:

• Enterprise Integrations: Worldpay offers integrations for major e-commerce platforms like Shopify, Magento, and WooCommerce, with Shopify having the highest share of integrations.  
• Customizable Checkout: The platform allows for customizable, branded checkout pages to maintain a consistent user experience and reduce cart abandonment.  
• Omnichannel Focus: A key strength of Worldpay is its ability to provide a unified solution for businesses that operate both online and in-person (point-of-sale), syncing payments and data across channels.

Standout Features & Security:

• Enterprise-Grade Security: Worldpay provides advanced fraud prevention solutions (like FraudSight), built-in compliance, and enterprise-level protection to secure transactions and customer data.  
• Scale and Reliability: As a processor handling over $2.3 trillion annually, Worldpay offers a robust and scalable platform built to handle immense transaction volumes for the world's biggest brands.  
• 24/7 Support: The company provides round-the-clock expert support, which is critical for large businesses where payment uptime is paramount.  
   

Head-to-Head: A Comparative Data Analysis

While individual reviews provide depth, a side-by-side comparison offers clarity. The following tables distill the complex data from the previous section into scannable, decision-making tools, allowing businesses to quickly identify the gateways that align with their most critical needs.
 

Table 1: The Ultimate Fee & Pricing Showdown (2025)

This table compares the primary costs associated with each gateway. It highlights how the "Total Cost of Transaction" can vary significantly based on transaction type and hidden fees.

Table 2: Feature, Integration, and Support Matrix (India Focus)

This table provides a checklist of key features and capabilities, focusing on the needs of an Indian business. It helps in quickly shortlisting gateways based on functional requirements.

Strategic Recommendations: Aligning Your Gateway with Your Business Model

The "best" payment gateway is not a universal title; it is a designation that is highly dependent on a business's specific context. The data and analysis point to clear choices for different business archetypes common in the Indian market.
 

For the Indian Startup & SME (Domestic Focus)

• Primary Recommendation: Razorpay or Cashfree Payments.
• Strategic Rationale: For businesses whose primary market is India, the choice should be driven by mastery of the local payment ecosystem. Razorpay and Cashfree are built from the ground up for India. They offer the most comprehensive support for UPI, which is the dominant payment method, along with RuPay, wallets, and extensive BNPL/EMI options that Indian consumers expect. Their domestic pricing is both competitive and transparent, with zero fees for UPI transactions being a major advantage. Both offer simple onboarding and excellent, easy-to-use plugins for Shopify and WooCommerce. Razorpay gains a slight edge for businesses with scaling ambitions due to its broader RazorpayX financial suite, which can grow with the company from a simple gateway to a complete financial operations platform.  
   

For the Global E-commerce Exporter (Selling 'Made in India' abroad)

• Primary Recommendation: A dual-gateway strategy: Stripe as the primary gateway, with PayPal as a highly visible secondary option.
• Strategic Rationale: When selling to a global audience, two factors become paramount: technical capability for multi-currency commerce and customer trust. Stripe excels on the technical front, with support for 135+ currencies, a suite of international payment methods, and powerful developer tools to create a truly global-first website. It allows for a more sophisticated international strategy than domestic-focused players. However, the power of the PayPal brand cannot be overstated. For a customer in the US or Europe, seeing the familiar PayPal button provides an instant layer of trust and security, which can be the deciding factor in completing a purchase on an Indian website. Despite PayPal's higher fees, the potential increase in conversion and customer confidence often justifies its use as a complementary option.  
   

For the SaaS & Subscription Business

• Primary Recommendation: Stripe Billing is the top choice. 2Checkout (Verifone) and Braintree are strong alternatives.
• Strategic Rationale: The needs of a recurring revenue business are unique, requiring a robust engine to manage complex billing cycles, dunning (handling failed payments), prorations, and upgrades/downgrades. Stripe's Billing platform is widely regarded as the most powerful and flexible solution for these needs, integrating seamlessly with its core payment processing. 2Checkout is a specialist in this domain, particularly for businesses selling digital goods and software globally. Its platform is designed to handle the entire subscription lifecycle and can also manage the complexities of global sales tax and compliance, a significant burden lifted from the business. Braintree also offers an advanced subscription management module, making it another viable, developer-friendly option.  
   

For Developer-Centric & High-Customization Needs

• Primary Recommendation: Stripe is the clear winner, with Braintree as a close second.
• Strategic Rationale: For businesses where the payment flow is a core part of the product itself—such as marketplaces, platforms, or apps with unique transactional logic—the quality of the API is the single most important factor. Stripe's API-first culture, legendary documentation, and vast developer toolset provide unparalleled control and flexibility. It empowers development teams to build precisely the experience they envision. Braintree competes strongly in this space, also offering a powerful API, great developer tools, and the added benefit of a dedicated merchant account structure, which can appeal to businesses looking for greater account stability.  
   

Final Verdict: Making Your Most Critical E-commerce Decision

The selection of a payment gateway is one of the most consequential decisions an online business will make. It is a choice that directly shapes customer experience, operational efficiency, and ultimately, profitability. This analysis reveals a clear and crucial truth: there is no single "best" payment gateway for every Indian business. The optimal choice is not found in a simple ranking but through a strategic alignment of a gateway's strengths with a business's unique DNA.
 

The decision-making process must begin with introspection. Who is your primary customer: domestic or international? What is your business model: one-time retail sales, complex subscriptions, or a multi-vendor marketplace? What are your technical capabilities: are you looking for a no-code, plug-and-play solution, or do you have a development team ready to build a custom experience?
 

The answer to these questions will illuminate the path forward. A D2C brand focused on the Indian market will find its ideal partner in Razorpay or Cashfree. A SaaS platform with ambitions of global domination will be best served by the powerful APIs of Stripe. An exporter will build trust and conversions by offering the familiar face of PayPal.
 

The purpose of this definitive guide has been to move beyond the marketing slogans and opaque fee structures, providing the detailed data and strategic framework necessary for this critical decision. By understanding the true costs, the nuances of payment methods, the spectrum of integration, and the non-negotiable mandate of security, Indian entrepreneurs are now equipped to choose not just a payment processor but a true partner for growth in the vibrant, ever-expanding world of digital commerce.