Expanding into India is an incredible opportunity for international businesses. With over 1.4 billion people and a booming digital economy, India is a massive market. But here’s the challenge: accepting payments from Indian customers isn’t straightforward.
India’s payment ecosystem is unique. UPI dominates with 80% of digital transactions, RuPay cards are on the rise, and Indian banking regulations can make cross-border payments complex. This is where Razorpay’s Import Stack comes in.
With Razorpay Import Stack, international businesses can accept payments from Indian customers in INR and settle them in their preferred currency—without setting up a local entity. In this blog, we’ll break down how it works and why it’s the easiest way to unlock India’s market.
1. The Challenge: Why Accepting Payments from India is Hard for Global Businesses
A. UPI is India’s Default Payment Method—But Most International Businesses Can’t Accept It
UPI processed ₹18.41 trillion ($220B) across 12.2 billion transactions in January 2024. It’s the go-to way Indians pay for everything—from groceries to high-value purchases.
However, most global businesses can’t accept UPI payments because traditional international payment gateways don’t support it.
Without UPI, businesses face:
❌ Higher cart abandonment rates
❌ Lost revenue due to lack of payment options
❌ A trust gap with Indian consumers
B. RuPay Credit on UPI is Expanding—But International Merchants Miss Out
RuPay, India’s domestic card network, is now a major force. 750M+ RuPay cards are in circulation, and the introduction of RuPay credit on UPI is making them even more relevant.
If your business only supports Visa/Mastercard, you’re excluding a huge segment of Indian buyers who use RuPay.
C. Accepting INR Payments is a Compliance Nightmare
Indian regulations require:
✔ Specific payment processing rules for international businesses
✔ Complex foreign exchange (FX) settlement procedures
✔ Strict compliance documentation (IEC, FIRC, shipping bill regularization, etc.)
Setting up a local Indian entity to handle INR payments can take months, with high operational costs and regulatory burdens.
2. The Solution: What is Razorpay’s Import Stack?
Razorpay’s Import Stack is a fully compliant, seamless payment solution that allows international businesses to:
✅ Accept INR payments from Indian customers via UPI, RuPay, and cards
✅ Settle payments in an international bank account in USD, EUR, GBP, or any preferred currency
✅ Bypass the need for a local entity, saving months of setup time
✅ Ensure high success rates with an in-house UPI switch and native OTP authentication for cards
3. How Razorpay’s Import Stack Works
A. Accept India’s Favorite Payment Methods
✔ UPI – India’s #1 digital payment method with 500M+ users
✔ RuPay Cards – India’s domestic debit & credit card network
✔ Visa & Mastercard – Support for international cardholders
✔ UPI Autopay – Enable subscription-based payments effortlessly
B. INR to International Settlements – No Local Entity Needed
🔹 Indian customers pay in INR
🔹 Razorpay automatically converts INR to your preferred currency
🔹 The amount is settled directly in your international bank account
This means:
✔ No need to set up an Indian company
✔ Faster access to funds
✔ Compliant with Indian regulations
C. Highest Success Rates on UPI and Cards
✔ India’s best UPI stack with our in-house UPI switch for the highest success rates
✔ Native OTP authentication for cards, reducing transaction failures
✔ Smart routing technology to optimize payment success
4. Why Choose Razorpay’s Import Stack?
| Feature | Razorpay Import Stack | Traditional Payment Gateways |
| Accept UPI Payments | ✅ Yes | ❌ No |
| Accept RuPay Cards | ✅ Yes | ❌ No |
| Enable INR Payments | ✅ Yes | ❌ No (Only USD/EUR, etc.) |
| Settle in Foreign Currency | ✅ Yes | ✅ Yes |
| Highest UPI Success Rates | ✅ Yes (In-house switch) | ❌ No |
| Subscription Payments | ✅ Yes (UPI Autopay) | ❌ No |
| Local Entity Required? | ❌ No | ✅ Yes (For INR Payments) |
5. Who Should Use Razorpay’s Import Stack?
🔹 E-commerce brands selling to Indian customers
🔹 SaaS companies looking to enable subscriptions in India
🔹 Global marketplaces expanding into the Indian market
🔹 D2C brands shipping products to India
If you want to seamlessly accept payments from Indian customers, Razorpay’s Import Stack is the easiest, fastest, and most compliant way to do it.
Conclusion: Unlock India’s Market with Razorpay
India is a UPI-first digital economy. If you’re an international business looking to sell here, you need to speak the payments language of Indian customers—UPI, RuPay, and INR payments.
With Razorpay’s Import Stack, you can:
✅ Accept UPI, RuPay, and INR payments
✅ Settle funds in your international bank account
✅ Avoid setting up a local entity
✅ Maximize success rates with India’s best UPI and OTP-authenticated card payments
