PayU India vs Refrens: Which is Better in 2026?
By StackPicker editorial · · payment-gateway
Side-by-side comparison with INR pricing, GST and UPI considerations, integrations, pros and cons — written for Indian founders, marketers, and operators.
Quick verdict
Choose PayU India if
- Mid-to-large merchants with high transaction volumes
- Brands wanting BNPL via LazyPay
- Enterprises wanting custom MDR negotiations
Choose Refrens if
- Indian freelancers and consultants
- Solo agencies and small service businesses
- Side hustlers needing GST invoices
At a glance
| Attribute | PayU India | Refrens |
|---|---|---|
| Founded | 2011 | 2018 |
| HQ | Gurugram | Bengaluru |
| Target market | India | India |
| Pricing model | transaction | subscription |
| Free tier | No | Yes |
| Starts at | 2% per transaction | Free for unlimited invoices; Premium ₹1,500/year |
| Currency | INR | INR |
| INR billing | Yes | Yes |
| UPI support | Yes | Yes |
| IST support | Mon-Fri 10am-7pm IST | Mon-Sat 10am-7pm IST |
PayU India pricing
INRModel: transaction
Free tier: No
Starts at: 2% per transaction
2% standard, custom MDR for enterprise. ₹0 setup. Settlement T+1 to T+2.
Refrens pricing
INRModel: subscription
Free tier: Yes
Starts at: Free for unlimited invoices; Premium ₹1,500/year
Free plan covers most freelancers. Premium adds team, advanced reports, custom branding.
Pros & cons
PayU India — Pros
- +Strong relationships with acquiring banks
- +Smart routing improves success rates at volume
- +Wide enterprise adoption — proven scale
- +BNPL native via LazyPay
- +Good fraud-detection tooling
PayU India — Cons
- −Developer experience trails Razorpay/Cashfree
- −Dashboard feels dated
- −Onboarding paperwork heavy for SMBs
- −Support cycles slow for non-enterprise accounts
- −No integrated payouts/neobank product
Refrens — Pros
- +Genuinely free for invoicing — no surprise gates
- +Clean, modern UI
- +Quick setup, no training needed
- +Built-in payment collection
- +Business directory drives inbound leads
Refrens — Cons
- −Not full-stack accounting (no balance sheet automation)
- −Limited reporting and analytics
- −Multi-currency basic vs. Zoho Books
- −Premium feature unlocks behind paid plan
- −Less suited as you scale past freelancer/solo
PayU India — Best for
- Mid-to-large merchants with high transaction volumes
- Brands wanting BNPL via LazyPay
- Enterprises wanting custom MDR negotiations
- Travel, EdTech, and BFSI verticals
PayU India — Not ideal for
- Indie SaaS founders wanting modern dev DX
- Startups needing a payouts/banking layer included
- Teams optimizing for the cleanest dashboard UX
Refrens — Best for
- Indian freelancers and consultants
- Solo agencies and small service businesses
- Side hustlers needing GST invoices
- Anyone wanting free unlimited invoicing
Refrens — Not ideal for
- Mid-size businesses needing full accounting (Zoho Books fits)
- Inventory-heavy product businesses
- Teams needing multi-branch or warehouse features
- Companies needing audit-grade ledgers
Indian context
PayU India
- INR billing: Yes
- UPI support: Yes
- GST: GST on MDR; invoice via dashboard
- IST support: Mon-Fri 10am-7pm IST
Refrens
- INR billing: Yes
- UPI support: Yes
- GST: GST invoicing built in; e-invoicing on Premium
- IST support: Mon-Sat 10am-7pm IST
Final recommendation
For most Indian buyers, the choice between PayU India and Refrens comes down to pricing model, INR/GST support, and how it fits the rest of your stack. Use the verdict cards above to map your situation to the right pick — and try both free tiers before committing.