Razorpay vs Paytm vs PhonePe — which payment gateway?

Razorpay is our default for most Indian Magento stores: best DX, full SDK, native Magento module, supports cards/UPI/netbanking/wallets/EMI in one integration. ~2% fee.

Paytm if you target Tier-2/3 cities heavily (better wallet penetration). ~1.99%.

PhonePe if your audience skews younger (UPI-first). Lower fees on UPI (~0.4% under ₹2k).

Cashfree / Easebuzz for higher-volume stores wanting per-transaction negotiation.

UPI-only (BHIM intent flow) saves 50% on fees but adds checkout friction. We typically wire 2 rails: Razorpay primary + UPI Intent secondary.