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Airwallex vs Razorpay

Of the 170 countries we track, Airwallex onboards businesses in 52 and Razorpay in 4 (and 161 more with limits). Both serve businesses in 52.

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For a business registered in

Onboards businesses in United States

Airwallex

Available

Razorpay

Available

Accept payments

Airwallex

Online payments with cards and 160+ local methods, settled into multiple currencies.

Razorpay

Payment gateway, payment links, payment pages, subscriptions, QR codes and POS. In India it supports cards, netbanking, UPI, wallets, EMI and Pay Later; Malaysia (Curlec) adds FPX, DuitNow and others; Singapore and US offer cards, wallets, PayNow (SG) and ACH (US). Non-Indian businesses can also collect from Indian customers.

Pay people abroad

Airwallex

Transfers to 150+ countries, often over local bank rails.

Razorpay

RazorpayX payouts to contacts in India via IMPS, RTGS, NEFT or UPI from a RazorpayX current account; also vendor and salary payouts. Razorpay Curlec in Malaysia also lists payouts. Cross-border payouts are not documented as a general product.Not for businesses in United States.

Multi-currency account

Airwallex

Global Accounts give you local bank details in 20+ currencies, so you get paid like a local business.

Razorpay

RazorpayX current accounts for Indian businesses, provided by partner banks (ICICI, RBL, Yes Bank); RazorpayX is not a bank.Not for businesses in United States.

Business cards

Airwallex

Multi-currency corporate cards with spend controls.

Razorpay

RazorpayX Corporate Card (Visa corporate credit card issued by RBI-licensed partner banks) for Indian businesses.Not for businesses in United States.

Stablecoins

Airwallex

Not offered

Razorpay

Not offered

Yield on idle cash

Airwallex

Airwallex Yield invests idle balances in AAA-rated J.P. Morgan money market funds. Airwallex says it is not a savings or deposit product, and returns are variable.

Razorpay

Not offered

Yield on idle cash

A return on money you are not using. How safe it is depends on where the return comes from, not on how high the rate is.

Where the return comes from

Airwallex

Low risk, not insuredMoney market fund

Razorpay

No yield offered

Is the money protected?

Airwallex

Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses.

Razorpay

–

Does the rate change?

Airwallex

Floats daily with central bank rates, so it falls when rates are cut.Last seen: About 3.6–3.7% on USD in 2026, depending on plan

Razorpay

–

Fees

Published prices only, with the date we read them. Many providers negotiate prices instead.

How pricing works

Airwallex

Airwallex publishes plan and transaction prices per country. US: domestic cards 2.80% + $0.30, international cards 4.30% + $0.30, FX 0.5% above interbank for major currencies (1% others), SWIFT $15-$25. UK: 1.30% + £0.20 UK cards, 2.40% + £0.20 EEA cards, 3.15% + £0.20 international. Platform/embedded use is custom-priced.

Razorpay

Not yet researched

Published prices

Airwallex

Domestic cards (US): 2.80% + $0.30International cards (US): 4.30% + $0.30FX conversion (US): 0.5% above interbank rates for major currencies; 1% for all other currenciesTransfers (US): Domestic USD and CAD transfers free; SWIFT $15-$25 per transferPlans (US): Explore $0 per user/month; Grow $12 per user/month plus a platform fee based on team size; Accelerate customPlatform API / embedded finance (all): Custom pricing (contact sales)

Razorpay

–

What you can sell

From each provider’s acceptable use policy. “Restricted” means allowed only with approval or conditions, or banned for part of the category.

Software and digital goods

Airwallex

Not stated

Razorpay

Not yet researched

Crypto

Airwallex

RestrictedCryptocurrencies, crypto-assets, NFTs, ICOs, stablecoins and tokenised real-world assets need Airwallex's approval.

Razorpay

Not yet researched

Lending and financial services

Airwallex

RestrictedDeposit-taking, lending, BNPL, money transfer and currency exchange, payment instruments and securities/FX trading need approval. Payday and predatory lending and unlicensed regulated financial services are prohibited.

Razorpay

Not yet researched

Gambling

Airwallex

RestrictedCasinos, lotteries and online gambling need approval. Gambling that is illegal or offered without permits or licences is prohibited.

Razorpay

Not yet researched

Adult content

Airwallex

Not allowedAdult content and related services (pornography, escort and prostitution services, advertising of sexual services) are prohibited.

Razorpay

Not yet researched

Dating

Airwallex

RestrictedMatchmaking or dating services need approval.

Razorpay

Not yet researched

Firearms and weapons

Airwallex

Not allowedWeapons manufacturing, sales and supplies, including firearms and their components, are prohibited.

Razorpay

Not yet researched

Cannabis and CBD

Airwallex

RestrictedMarijuana, THC and CBD products need Airwallex's approval.

Razorpay

Not yet researched

Supplements

Airwallex

RestrictedPharmaceuticals and nutraceuticals (including sexual enhancement and weight-loss products) need approval.

Razorpay

Not yet researched

Pharmacy and telemedicine

Airwallex

RestrictedPharmaceuticals (including prescription medication) and regulated medical devices and services need approval.

Razorpay

Not yet researched

Travel

Airwallex

RestrictedTravel-related arrangement services and other delayed-delivery merchants need approval.

Razorpay

Not yet researched

Multi-level marketing

Airwallex

Not allowedPonzi schemes, pyramid schemes, multi-level marketing and telemarketing are prohibited.

Razorpay

Not yet researched

Free-trial subscriptions

Airwallex

RestrictedNegative option billing clients need approval.

Razorpay

Not yet researched

Platform & marketplace

Run payments for other businesses: sign them up, take a cut, pay them out.

Sub-accounts for your users

Airwallex

YesConnected accounts for businesses and individuals, through hosted onboarding, embedded components or the native API.

Razorpay

YesPartners can onboard sub-merchants through APIs, with sub-merchants completing KYC on the partner's platform.

Split payments and platform fees

Airwallex

YesCollect payments on behalf of connected accounts and take a platform fee.

Razorpay

YesRoute splits incoming payments among linked accounts. Since RBI's September 2025 rules, Route requires minimum turnover (over INR 40 lakh domestic or INR 5 lakh export) and a payer-payee transparency declaration.

Embeddable UI

Airwallex

YesEmbedded components for onboarding and account features.

Razorpay

YesMerchant Onboarding UI: pre-built, brand-configurable components for onboarding sub-merchants (on request); Embedded Payments for platforms.

Pay out to your users

Airwallex

YesTransfers to 150+ countries, often over local rails.

Razorpay

YesRazorpayX payouts to bank accounts and UPI IDs in India (IMPS/RTGS/NEFT/UPI). Domestic Indian payouts only in the docs checked.

Embedded finance for your users

Give your users financial products under your brand.

Accounts that hold money

Airwallex

YesEach connected account can get multi-currency wallets and local account numbers.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked). RazorpayX current accounts are for the merchant itself, not for its users.

Cards for your users

Airwallex

YesIssuing APIs for connected accounts’ cardholders, with secure card-display iframes.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked). The RazorpayX Corporate Card is for the merchant's own spending.

Financing for your users

Airwallex

Not confirmedNot confirmed.

Razorpay

PartlyRazorpay Capital runs an invite-only partner programme in which B2B businesses can refer their customers to Razorpay's Line of Credit. This is a referral, not an embedded lending API.

Consumer apps

Build for individuals, not just businesses, the way Bridge allows.

End users can be individuals

Airwallex

PartlyPlatforms can create connected accounts for individuals. Card issuing and third-party payouts need full KYC.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked).

Consumer wallets or accounts

Airwallex

PartlyWallets on connected accounts can belong to individuals.

Razorpay

NoRazorpay's White Label Wallet (closed wallets for your customers) was discontinued in April 2023 and takes no new users.

Consumer cards

Airwallex

Not confirmedPublic materials describe business card programs.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked).

Stablecoins

Dollar-backed tokens as a payment and treasury rail.

Accept stablecoins

Airwallex

NoNo stablecoin product found in public materials.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked). Razorpay's India terms bar merchants from crypto activity.

Hold stablecoin balances

Airwallex

NoNo stablecoin product found in public materials.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked).

Pay out in stablecoins

Airwallex

NoNo stablecoin product found in public materials.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked).

Issue your own stablecoin

Airwallex

NoNo stablecoin product found in public materials.

Razorpay

Not confirmedNot found in public materials (provider's own pages checked).

Regulatory risk in United States

Airwallex

No stablecoin products

Razorpay

No stablecoin products

AI agents

Build with AI tools, and let AI agents shop and pay.

Official MCP server

Airwallex

YesAgentOS includes production, sandbox and docs MCP servers plus a CLI. Every money-out action needs a human to confirm it.

Razorpay

YesOfficial Razorpay MCP Server, hosted (remote) or self-hosted via Docker, with 35+ tools covering payments, orders, links, refunds, settlements and payouts.

Checkout for AI agents

Airwallex

Not confirmedNo agent checkout protocol support confirmed.

Razorpay

PartlyRazorpay Agentic Payments: in-app agentic checkout (live in beta), voice payments and in-chat purchases on LLM platforms.

Cards for AI agents

Airwallex

PartlyAgentOS includes a card provisioning workflow, with human confirmation before money moves.

Razorpay

PartlyUPI Reserve Pay (live) lets AI agents pay within pre-approved spending limits. It is a UPI mandate, not a card.

Working with them

How easy it is to get started.

Self-serve signup

Airwallex

YesSign up online; platform products are sales-assisted.

Razorpay

Not confirmedNot researched yet.

Published pricing

Airwallex

YesPricing pages by country.

Razorpay

Not confirmedNot researched yet.

Public API and sandbox

Airwallex

YesPublic API and sandbox.

Razorpay

Not confirmedNot researched yet.

Coming soon

Announced but not launched. These are plans, not products you can sign up for today: timing often slips, and some never ship.

Announced, not yet live

Airwallex

AnnouncedAccounts and acquiring for Korean businessesExpected by the end of 2026

AnnouncedLater than expectedFull local service for Brazilian businessesExpected by the end of 2025, not launched yet

Details and sources →

Razorpay

Nothing announced

In short

Countries onboarded

Airwallex

52 of 170

Razorpay

4 of 170

Designed for

Airwallex

Businesses that collect in one currency and spend in another, without opening bank accounts abroad.

Razorpay

Businesses registered in India that need local methods such as UPI and netbanking, and foreign businesses that want to sell to Indian customers without an Indian entity.

Limitations

Airwallex

Which products you get depends on the country your business is registered in.

Razorpay

Full service is limited to India, Malaysia, Singapore and the US, and products differ sharply by market; most platform and banking features are India-only.

	Airwallex Global account	Razorpay Regional processor
Onboards businesses in United States	Available	Available
Accept payments	Online payments with cards and 160+ local methods, settled into multiple currencies.	Payment gateway, payment links, payment pages, subscriptions, QR codes and POS. In India it supports cards, netbanking, UPI, wallets, EMI and Pay Later; Malaysia (Curlec) adds FPX, DuitNow and others; Singapore and US offer cards, wallets, PayNow (SG) and ACH (US). Non-Indian businesses can also collect from Indian customers.
Pay people abroad	Transfers to 150+ countries, often over local bank rails.	RazorpayX payouts to contacts in India via IMPS, RTGS, NEFT or UPI from a RazorpayX current account; also vendor and salary payouts. Razorpay Curlec in Malaysia also lists payouts. Cross-border payouts are not documented as a general product.Not for businesses in United States.
Multi-currency account	Global Accounts give you local bank details in 20+ currencies, so you get paid like a local business.	RazorpayX current accounts for Indian businesses, provided by partner banks (ICICI, RBL, Yes Bank); RazorpayX is not a bank.Not for businesses in United States.
Business cards	Multi-currency corporate cards with spend controls.	RazorpayX Corporate Card (Visa corporate credit card issued by RBI-licensed partner banks) for Indian businesses.Not for businesses in United States.
Stablecoins	Not offered	Not offered
Yield on idle cash	Airwallex Yield invests idle balances in AAA-rated J.P. Morgan money market funds. Airwallex says it is not a savings or deposit product, and returns are variable.	Not offered
Yield on idle cashA return on money you are not using. How safe it is depends on where the return comes from, not on how high the rate is.
Where the return comes from	Low risk, not insuredMoney market fund	No yield offered
Is the money protected?	Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses.	–
Does the rate change?	Floats daily with central bank rates, so it falls when rates are cut.Last seen: About 3.6–3.7% on USD in 2026, depending on plan	–
FeesPublished prices only, with the date we read them. Many providers negotiate prices instead.
How pricing works	Airwallex publishes plan and transaction prices per country. US: domestic cards 2.80% + $0.30, international cards 4.30% + $0.30, FX 0.5% above interbank for major currencies (1% others), SWIFT $15-$25. UK: 1.30% + £0.20 UK cards, 2.40% + £0.20 EEA cards, 3.15% + £0.20 international. Platform/embedded use is custom-priced.	Not yet researched
Published prices	Domestic cards (US): 2.80% + $0.30International cards (US): 4.30% + $0.30FX conversion (US): 0.5% above interbank rates for major currencies; 1% for all other currenciesTransfers (US): Domestic USD and CAD transfers free; SWIFT $15-$25 per transferPlans (US): Explore $0 per user/month; Grow $12 per user/month plus a platform fee based on team size; Accelerate customPlatform API / embedded finance (all): Custom pricing (contact sales)	–
What you can sellFrom each provider’s acceptable use policy. “Restricted” means allowed only with approval or conditions, or banned for part of the category.
Software and digital goods	Not stated	Not yet researched
Crypto	RestrictedCryptocurrencies, crypto-assets, NFTs, ICOs, stablecoins and tokenised real-world assets need Airwallex's approval.	Not yet researched
Lending and financial services	RestrictedDeposit-taking, lending, BNPL, money transfer and currency exchange, payment instruments and securities/FX trading need approval. Payday and predatory lending and unlicensed regulated financial services are prohibited.	Not yet researched
Gambling	RestrictedCasinos, lotteries and online gambling need approval. Gambling that is illegal or offered without permits or licences is prohibited.	Not yet researched
Adult content	Not allowedAdult content and related services (pornography, escort and prostitution services, advertising of sexual services) are prohibited.	Not yet researched
Dating	RestrictedMatchmaking or dating services need approval.	Not yet researched
Firearms and weapons	Not allowedWeapons manufacturing, sales and supplies, including firearms and their components, are prohibited.	Not yet researched
Cannabis and CBD	RestrictedMarijuana, THC and CBD products need Airwallex's approval.	Not yet researched
Supplements	RestrictedPharmaceuticals and nutraceuticals (including sexual enhancement and weight-loss products) need approval.	Not yet researched
Pharmacy and telemedicine	RestrictedPharmaceuticals (including prescription medication) and regulated medical devices and services need approval.	Not yet researched
Travel	RestrictedTravel-related arrangement services and other delayed-delivery merchants need approval.	Not yet researched
Multi-level marketing	Not allowedPonzi schemes, pyramid schemes, multi-level marketing and telemarketing are prohibited.	Not yet researched
Free-trial subscriptions	RestrictedNegative option billing clients need approval.	Not yet researched
Platform & marketplaceRun payments for other businesses: sign them up, take a cut, pay them out.
Sub-accounts for your users	YesConnected accounts for businesses and individuals, through hosted onboarding, embedded components or the native API.	YesPartners can onboard sub-merchants through APIs, with sub-merchants completing KYC on the partner's platform.
Split payments and platform fees	YesCollect payments on behalf of connected accounts and take a platform fee.	YesRoute splits incoming payments among linked accounts. Since RBI's September 2025 rules, Route requires minimum turnover (over INR 40 lakh domestic or INR 5 lakh export) and a payer-payee transparency declaration.
Embeddable UI	YesEmbedded components for onboarding and account features.	YesMerchant Onboarding UI: pre-built, brand-configurable components for onboarding sub-merchants (on request); Embedded Payments for platforms.
Pay out to your users	YesTransfers to 150+ countries, often over local rails.	YesRazorpayX payouts to bank accounts and UPI IDs in India (IMPS/RTGS/NEFT/UPI). Domestic Indian payouts only in the docs checked.
Embedded finance for your usersGive your users financial products under your brand.
Accounts that hold money	YesEach connected account can get multi-currency wallets and local account numbers.	Not confirmedNot found in public materials (provider's own pages checked). RazorpayX current accounts are for the merchant itself, not for its users.
Cards for your users	YesIssuing APIs for connected accounts’ cardholders, with secure card-display iframes.	Not confirmedNot found in public materials (provider's own pages checked). The RazorpayX Corporate Card is for the merchant's own spending.
Financing for your users	Not confirmedNot confirmed.	PartlyRazorpay Capital runs an invite-only partner programme in which B2B businesses can refer their customers to Razorpay's Line of Credit. This is a referral, not an embedded lending API.
Consumer appsBuild for individuals, not just businesses, the way Bridge allows.
End users can be individuals	PartlyPlatforms can create connected accounts for individuals. Card issuing and third-party payouts need full KYC.	Not confirmedNot found in public materials (provider's own pages checked).
Consumer wallets or accounts	PartlyWallets on connected accounts can belong to individuals.	NoRazorpay's White Label Wallet (closed wallets for your customers) was discontinued in April 2023 and takes no new users.
Consumer cards	Not confirmedPublic materials describe business card programs.	Not confirmedNot found in public materials (provider's own pages checked).
StablecoinsDollar-backed tokens as a payment and treasury rail.
Accept stablecoins	NoNo stablecoin product found in public materials.	Not confirmedNot found in public materials (provider's own pages checked). Razorpay's India terms bar merchants from crypto activity.
Hold stablecoin balances	NoNo stablecoin product found in public materials.	Not confirmedNot found in public materials (provider's own pages checked).
Pay out in stablecoins	NoNo stablecoin product found in public materials.	Not confirmedNot found in public materials (provider's own pages checked).
Issue your own stablecoin	NoNo stablecoin product found in public materials.	Not confirmedNot found in public materials (provider's own pages checked).
Regulatory risk in United States	No stablecoin products	No stablecoin products
AI agentsBuild with AI tools, and let AI agents shop and pay.
Official MCP server	YesAgentOS includes production, sandbox and docs MCP servers plus a CLI. Every money-out action needs a human to confirm it.	YesOfficial Razorpay MCP Server, hosted (remote) or self-hosted via Docker, with 35+ tools covering payments, orders, links, refunds, settlements and payouts.
Checkout for AI agents	Not confirmedNo agent checkout protocol support confirmed.	PartlyRazorpay Agentic Payments: in-app agentic checkout (live in beta), voice payments and in-chat purchases on LLM platforms.
Cards for AI agents	PartlyAgentOS includes a card provisioning workflow, with human confirmation before money moves.	PartlyUPI Reserve Pay (live) lets AI agents pay within pre-approved spending limits. It is a UPI mandate, not a card.
Working with themHow easy it is to get started.
Self-serve signup	YesSign up online; platform products are sales-assisted.	Not confirmedNot researched yet.
Published pricing	YesPricing pages by country.	Not confirmedNot researched yet.
Public API and sandbox	YesPublic API and sandbox.	Not confirmedNot researched yet.
Coming soonAnnounced but not launched. These are plans, not products you can sign up for today: timing often slips, and some never ship.
Announced, not yet live	AnnouncedAccounts and acquiring for Korean businessesExpected by the end of 2026 AnnouncedLater than expectedFull local service for Brazilian businessesExpected by the end of 2025, not launched yet Details and sources →	Nothing announced
In short
Countries onboarded	52 of 170	4 of 170
Designed for	Businesses that collect in one currency and spend in another, without opening bank accounts abroad.	Businesses registered in India that need local methods such as UPI and netbanking, and foreign businesses that want to sell to Indian customers without an Indian entity.
Limitations	Which products you get depends on the country your business is registered in.	Full service is limited to India, Malaysia, Singapore and the US, and products differ sharply by market; most platform and banking features are India-only.

Common questions

Is Airwallex or Razorpay available in more countries?

Razorpay. Of the 170 countries we track, Airwallex onboards businesses in 52 and Razorpay in 4 (and 161 more with limits). Both serve businesses in 52. Only Razorpay: Argentina, Colombia, Chile, Peru, United Arab Emirates, Saudi Arabia, Turkey, Egypt, Nigeria, Kenya, South Africa, Ghana and 101 more.

What do Airwallex and Razorpay offer?

Accept payments: Airwallex yes, Razorpay yes. Pay people abroad: Airwallex yes, Razorpay yes. Multi-currency account: Airwallex yes, Razorpay yes. Business cards: Airwallex yes, Razorpay yes. Stablecoins: Airwallex no, Razorpay no. Yield on idle cash: Airwallex yes, Razorpay no.

How do Airwallex and Razorpay differ for platforms and embedded finance?

Accounts that hold money: Airwallex yes, Razorpay not confirmed. Cards for your users: Airwallex yes, Razorpay not confirmed. Financing for your users: Airwallex not confirmed, Razorpay partly. End users can be individuals: Airwallex partly, Razorpay not confirmed. Consumer wallets or accounts: Airwallex partly, Razorpay no. Accept stablecoins: Airwallex no, Razorpay not confirmed. Hold stablecoin balances: Airwallex no, Razorpay not confirmed. Pay out in stablecoins: Airwallex no, Razorpay not confirmed. Issue your own stablecoin: Airwallex no, Razorpay not confirmed. Checkout for AI agents: Airwallex not confirmed, Razorpay partly.

Who is Airwallex designed for?

Businesses that collect in one currency and spend in another, without opening bank accounts abroad. Limitations: Which products you get depends on the country your business is registered in.

Who is Razorpay designed for?

Businesses registered in India that need local methods such as UPI and netbanking, and foreign businesses that want to sell to Indian customers without an Indian entity. Limitations: Full service is limited to India, Malaysia, Singapore and the US, and products differ sharply by market; most platform and banking features are India-only.