Razorpay and Cashfree Payments are the widely used online payment gateways in India that provide their services to vendors, merchants and e-commerce platforms. They are an online system designed to handle end-to-end payments that can also be integrated with different websites and apps. Razorpay is a unicorn with a valuation of $7.5B while Cashfree is at $200m. It temporarily holds the onboarding of new merchants after RBI advisory. The embargo will lift until the three companies submit an audit report to the RBI showing they have complied with its rules and regulations for the payment aggregator/payment gateway (PA/PG) licences.
