Razorpay

Razorpay started in Bengaluru in 2014, founded by two IIT Roorkee graduates, Harshil Mathur and Shashank Kumar. It is an aggregator rather than an acquirer: merchants contract with Razorpay, which settles through partner banks and card schemes. The group has widened well beyond the gateway, adding card machines as Razorpay POS (the former Ezetap), business banking as RazorpayX and lending as Razorpay Capital.

Its regulatory position is easy to check. Razorpay Payments Private Limited sits on the RBI's published authorisation list with a payment aggregator certificate dated 19 December 2023 covering online and physical acceptance plus cross-border collections in both directions, the last of which was announced in December 2025. Indian coverage runs to UPI including AutoPay, RuPay, Visa, Mastercard, American Express and Diners, netbanking across more than 70 banks, wallets, EMI and pay-later. Abroad the brand is Curlec by Razorpay. Razorpay Curlec Sdn. Bhd. is listed by Bank Negara Malaysia as a registered non-bank merchant acquirer and is a PayNet member, supporting FPX, DuitNow, Touch 'n Go, GrabPay and Boost. Singapore opened in March 2025 with PayNow and cards, run alongside MAS-licensed partners rather than on a Razorpay licence.

Rates are public. Indian merchants pay a flat 2% on successful domestic transactions across cards, UPI, netbanking, wallets and EMI, up to 3% on international cards, plus 18% GST, with nothing charged for set-up, annual maintenance or refunds, and settlement on T+1 or instant. Curlec prices Malaysia separately: roughly 2.5-2.8% on domestic cards, 3% international, 1.5% on e-wallets and 1.5% or RM1 on FPX, with a RM500 set-up fee on the standard package. One wrinkle for contracts: the group re-domiciled from the US to India in May 2025 and moved its aggregator business into a separate company from 1 January 2026, so the entity on the agreement may not be the name merchants expect.