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Mercury vs Razorpay

Of the 170 countries we track, Mercury onboards businesses in 1 and Razorpay in 4 (and 161 more with limits). Both serve businesses in 1.

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For a business registered in

Onboards businesses in United States

Mercury

Available

Razorpay

Available

Accept payments

Mercury

Invoices your customers pay by card or ACH debit, also available through the API.

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

Mercury

Domestic ACH and wires, international wires, and API payments to saved recipients.

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

Mercury

US dollar checking and savings with FDIC insurance through partner banks, plus Treasury for idle cash.

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

Mercury

Debit cards and the IO corporate credit card 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

Mercury

Not offered

Razorpay

Not offered

Yield on idle cash

Mercury

Mercury Treasury invests idle cash in government money market funds and, since August 2026, an ultra-short bond fund. It is not FDIC insured, may lose value, and carries a 0.15–0.60% fee.

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

Mercury

Low risk, not insuredMoney market fundModerate riskShort-term bond fund

Razorpay

No yield offered

Is the money protected?

Mercury

Money market fund: 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.Short-term bond fund: Not insured, and the price moves every day, so you can get back less than you put in.

Razorpay

–

Does the rate change?

Mercury

Floats daily with central bank rates, so it falls when rates are cut. Moves with interest rates and bond prices.Last seen: Up to about 3.6% net, for the largest balances (May 2026)

Razorpay

–

Fees

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

How pricing works

Mercury

Mercury's core banking is $0 per month. Paid plans are Plus and Pro ($29.90 and $299 per month on annual billing; Mercury's FAQ says paid plans start at $35/month). ACH and domestic wires are free; USD international wires are free (or a flat $15 to send as OUR); non-USD international wires carry a 1% conversion fee; non-USD card transactions carry an international transaction fee (rate not stated on the page).

Razorpay

Not yet researched

Published prices

Mercury

Base plan (US): $0 per monthPaid plans (US): Plus $29.90/month and Pro $299/month (annual-billing prices shown, 15% off); FAQ says paid plans start at $35/monthDomestic transfers (US): ACH, domestic wires and real-time payments freeInternational wires (US): USD international wires free (SHA; intermediary bank fees may be deducted from what the recipient gets), or a flat $15 to send as OUR so intermediary fees are charged to Mercury; 1% conversion fee on non-USD international wires (contact Mercury if exchanging over $200K)Card FX (US): International transaction fee on non-USD debit and credit card transactions (rate not stated on the pricing page)

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

Mercury

Not stated

Razorpay

Not yet researched

Crypto

Mercury

RestrictedCrypto exchanges cannot open accounts. Mercury says it supports many other crypto and Web3 businesses (startups, DAOs, funds); accounts hold fiat only.

Razorpay

Not yet researched

Lending and financial services

Mercury

RestrictedMoney services businesses cannot open accounts. Other financial services (e.g. funds) are not excluded.

Razorpay

Not yet researched

Gambling

Mercury

Not allowedInternet gambling businesses cannot open accounts, and the Terms bar online gambling transactions even where legal.

Razorpay

Not yet researched

Adult content

Mercury

Not allowedAdult entertainment businesses cannot open accounts.

Razorpay

Not yet researched

Dating

Mercury

Not stated

Razorpay

Not yet researched

Firearms and weapons

Mercury

Not allowedMercury's Web3 FAQ says it can't work with businesses that sell firearms, weapons or ammunition. This is not repeated on the eligibility article.

Razorpay

Not yet researched

Cannabis and CBD

Mercury

Not allowedCannabis businesses cannot open accounts; the Web3 FAQ adds CBD and cannabis-derived products.

Razorpay

Not yet researched

Supplements

Mercury

Not stated

Razorpay

Not yet researched

Pharmacy and telemedicine

Mercury

Not stated

Razorpay

Not yet researched

Travel

Mercury

Not stated

Razorpay

Not yet researched

Multi-level marketing

Mercury

Not stated

Razorpay

Not yet researched

Free-trial subscriptions

Mercury

Not stated

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

Mercury

NoMercury’s API manages your own accounts; there is no product for creating accounts for your users.

Razorpay

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

Split payments and platform fees

Mercury

NoNot a payment processor.

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

Mercury

NoNo embeddable components.

Razorpay

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

Pay out to your users

Mercury

PartlyAPI payments to saved recipients by ACH or wire. Fine for paying vendors, not built for paying a platform’s users at scale.

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

Mercury

NoNot offered to platforms.

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

Mercury

NoCards are for your own team.

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

Mercury

NoNot offered to platforms.

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

Mercury

NoMercury Personal is Mercury’s own consumer banking; you cannot build consumer products on it.

Razorpay

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

Consumer wallets or accounts

Mercury

NoNot offered to platforms.

Razorpay

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

Consumer cards

Mercury

NoNot offered to platforms.

Razorpay

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

Stablecoins

Dollar-backed tokens as a payment and treasury rail.

Accept stablecoins

Mercury

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

Mercury

NoNo stablecoin product found in public materials.

Razorpay

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

Pay out in stablecoins

Mercury

NoNo stablecoin product found in public materials.

Razorpay

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

Issue your own stablecoin

Mercury

NoNo stablecoin product found in public materials.

Razorpay

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

Regulatory risk in United States

Mercury

No stablecoin products

Razorpay

No stablecoin products

AI agents

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

Official MCP server

Mercury

YesHosted MCP server in beta: AI assistants can read balances, transactions, cards and recipients, with OAuth sign-in.

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

Mercury

NoDoes not process checkout payments, so there is nothing for an agent to check out with.

Razorpay

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

Cards for AI agents

Mercury

Not confirmedNot found in public materials.

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

Mercury

YesApply online.

Razorpay

Not confirmedNot researched yet.

Published pricing

Mercury

YesFree core plan; paid plans are published.

Razorpay

Not confirmedNot researched yet.

Public API and sandbox

Mercury

YesREST API for accounts, transactions, payments and invoicing, with webhooks and OAuth for partner apps.

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

Mercury

Awaiting approvalMercury Bank, N.A.No date given · Includes United States

Details and sources →

Razorpay

Nothing announced

In short

Countries onboarded

Mercury

1 of 170

Razorpay

4 of 170

Designed for

Mercury

US startups that want a fast, API-friendly bank account, including founders based outside the US.

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

Mercury

Only for US-registered companies, and not designed for building products on top of.

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.

	Mercury Business banking	Razorpay Regional processor
Onboards businesses in United States	Available	Available
Accept payments	Invoices your customers pay by card or ACH debit, also available through the API.	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	Domestic ACH and wires, international wires, and API payments to saved recipients.	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	US dollar checking and savings with FDIC insurance through partner banks, plus Treasury for idle cash.	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	Debit cards and the IO corporate credit card 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	Mercury Treasury invests idle cash in government money market funds and, since August 2026, an ultra-short bond fund. It is not FDIC insured, may lose value, and carries a 0.15–0.60% fee.	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 fundModerate riskShort-term bond fund	No yield offered
Is the money protected?	Money market fund: 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.Short-term bond fund: Not insured, and the price moves every day, so you can get back less than you put in.	–
Does the rate change?	Floats daily with central bank rates, so it falls when rates are cut. Moves with interest rates and bond prices.Last seen: Up to about 3.6% net, for the largest balances (May 2026)	–
FeesPublished prices only, with the date we read them. Many providers negotiate prices instead.
How pricing works	Mercury's core banking is $0 per month. Paid plans are Plus and Pro ($29.90 and $299 per month on annual billing; Mercury's FAQ says paid plans start at $35/month). ACH and domestic wires are free; USD international wires are free (or a flat $15 to send as OUR); non-USD international wires carry a 1% conversion fee; non-USD card transactions carry an international transaction fee (rate not stated on the page).	Not yet researched
Published prices	Base plan (US): $0 per monthPaid plans (US): Plus $29.90/month and Pro $299/month (annual-billing prices shown, 15% off); FAQ says paid plans start at $35/monthDomestic transfers (US): ACH, domestic wires and real-time payments freeInternational wires (US): USD international wires free (SHA; intermediary bank fees may be deducted from what the recipient gets), or a flat $15 to send as OUR so intermediary fees are charged to Mercury; 1% conversion fee on non-USD international wires (contact Mercury if exchanging over $200K)Card FX (US): International transaction fee on non-USD debit and credit card transactions (rate not stated on the pricing page)	–
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	RestrictedCrypto exchanges cannot open accounts. Mercury says it supports many other crypto and Web3 businesses (startups, DAOs, funds); accounts hold fiat only.	Not yet researched
Lending and financial services	RestrictedMoney services businesses cannot open accounts. Other financial services (e.g. funds) are not excluded.	Not yet researched
Gambling	Not allowedInternet gambling businesses cannot open accounts, and the Terms bar online gambling transactions even where legal.	Not yet researched
Adult content	Not allowedAdult entertainment businesses cannot open accounts.	Not yet researched
Dating	Not stated	Not yet researched
Firearms and weapons	Not allowedMercury's Web3 FAQ says it can't work with businesses that sell firearms, weapons or ammunition. This is not repeated on the eligibility article.	Not yet researched
Cannabis and CBD	Not allowedCannabis businesses cannot open accounts; the Web3 FAQ adds CBD and cannabis-derived products.	Not yet researched
Supplements	Not stated	Not yet researched
Pharmacy and telemedicine	Not stated	Not yet researched
Travel	Not stated	Not yet researched
Multi-level marketing	Not stated	Not yet researched
Free-trial subscriptions	Not stated	Not yet researched
Platform & marketplaceRun payments for other businesses: sign them up, take a cut, pay them out.
Sub-accounts for your users	NoMercury’s API manages your own accounts; there is no product for creating accounts for your users.	YesPartners can onboard sub-merchants through APIs, with sub-merchants completing KYC on the partner's platform.
Split payments and platform fees	NoNot a payment processor.	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	NoNo embeddable components.	YesMerchant Onboarding UI: pre-built, brand-configurable components for onboarding sub-merchants (on request); Embedded Payments for platforms.
Pay out to your users	PartlyAPI payments to saved recipients by ACH or wire. Fine for paying vendors, not built for paying a platform’s users at scale.	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	NoNot offered to platforms.	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	NoCards are for your own team.	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	NoNot offered to platforms.	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	NoMercury Personal is Mercury’s own consumer banking; you cannot build consumer products on it.	Not confirmedNot found in public materials (provider's own pages checked).
Consumer wallets or accounts	NoNot offered to platforms.	NoRazorpay's White Label Wallet (closed wallets for your customers) was discontinued in April 2023 and takes no new users.
Consumer cards	NoNot offered to platforms.	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	YesHosted MCP server in beta: AI assistants can read balances, transactions, cards and recipients, with OAuth sign-in.	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	NoDoes not process checkout payments, so there is nothing for an agent to check out with.	PartlyRazorpay Agentic Payments: in-app agentic checkout (live in beta), voice payments and in-chat purchases on LLM platforms.
Cards for AI agents	Not confirmedNot found in public materials.	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	YesApply online.	Not confirmedNot researched yet.
Published pricing	YesFree core plan; paid plans are published.	Not confirmedNot researched yet.
Public API and sandbox	YesREST API for accounts, transactions, payments and invoicing, with webhooks and OAuth for partner apps.	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	Awaiting approvalMercury Bank, N.A.No date given · Includes United States Details and sources →	Nothing announced
In short
Countries onboarded	1 of 170	4 of 170
Designed for	US startups that want a fast, API-friendly bank account, including founders based outside the US.	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	Only for US-registered companies, and not designed for building products on top of.	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 Mercury or Razorpay available in more countries?

Razorpay. Of the 170 countries we track, Mercury onboards businesses in 1 and Razorpay in 4 (and 161 more with limits). Both serve businesses in 1. Only Razorpay: Canada, Mexico, Brazil, Argentina, Colombia, Chile, Peru, United Kingdom, Ireland, Germany, France, Netherlands and 152 more.

What do Mercury and Razorpay offer?

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

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

Sub-accounts for your users: Mercury no, Razorpay yes. Split payments and platform fees: Mercury no, Razorpay yes. Embeddable UI: Mercury no, Razorpay yes. Pay out to your users: Mercury partly, Razorpay yes. Accounts that hold money: Mercury no, Razorpay not confirmed. Cards for your users: Mercury no, Razorpay not confirmed. Financing for your users: Mercury no, Razorpay partly. End users can be individuals: Mercury no, Razorpay not confirmed. Consumer cards: Mercury no, Razorpay not confirmed. Accept stablecoins: Mercury no, Razorpay not confirmed. Hold stablecoin balances: Mercury no, Razorpay not confirmed. Pay out in stablecoins: Mercury no, Razorpay not confirmed. Issue your own stablecoin: Mercury no, Razorpay not confirmed. Checkout for AI agents: Mercury no, Razorpay partly. Cards for AI agents: Mercury not confirmed, Razorpay partly.

Who is Mercury designed for?

US startups that want a fast, API-friendly bank account, including founders based outside the US. Limitations: Only for US-registered companies, and not designed for building products on top of.

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.