Instamojo payment gateway: All you need to know

Wise
08.08.19
5 minute read

Before you select one for your business, it is a good idea to do your research to find the best payment gateway that works for you. Take into account factors like data security, ease of use for your customer, settlement options, and fee structure. Consider Wise as a part of your business for your international payments with its free business account, low fees, and global access.

List of contents

What is Instamojo payment gateway?

Instamojo is an online-only payment gateway provider for businesses in India. It was founded in Bangalore in 2012 and has grown to cover over 800,000 Indian businesses from 29 States and 7 Union Territories with 10+ million customers using the platform. It started out as a provider of payment links, but is now a provider of a full payment gateway, loans, marketing, accounting, and tax services. Read on to learn more about this uniquely Indian payment gateway provider and if it can be a good fit for your Indian business to receive payments online¹.

Instamojo payment gateway pricing and charges

Unlike the majority of bank payment gateways, it is free to set up and maintain an account with Instamojo. And there is no minimum commitment required. But, fees are taken out of each transaction. So instead of being charged happening upfront to have an account, you are charged per sale you get that uses the platform. Here is a breakdown of the charges² :

Type of transfer Fee
NEFT/ RTGS/ Bank Transfer Free
Debit/ Credit Cards- Mastercard/ Visa/ Maestro/ RuPay 2% + ₹3 Per Transaction
Netbanking- SBI/ HDFC/ ICICI 2% + ₹3 Per Transaction
Wallets- Freecharge/ OLAMoney / JioMoney/ MobiKwik 2% + ₹3 Per Transaction
UPI 2% + ₹3 Per Transaction
EMI Options 2% + ₹3 Per Transaction
Digital Products & Files 5% + ₹3

A GST of 18% will be added to each transaction fee as well. So if we were to look at an example of a customer paying you, as the business, ₹1000 online, the charges will look like this³:

Fee Amount
Customer pays you - ₹1000
Instamojo fee 2% of ₹1000 + ₹3 ₹23
GST on Instamojo fee 18% of 23 ₹4.14
Paid out to your bank account - ₹972.86

You can also see how much a transaction will cost you with the Instamojo fee calculator. If you do have very large payment volumes per month, you can reach out to Instamojo to see if there can be a customized pricing option for your volume and needs.

Sending business payments internationally? Wise is upto 19x cheaper than PayPal and banks

Are you using your bank or Paypal for international business payments? You could save up to 19x by using a Wise Business account. It is free to open and you can send money to 70+ countries, and receive and hold 40+ currencies in the account. So if you have a team working around the world, you can pay directly into their local account in their home country. Plus you can receive money for zero fees and at the mid-market exchange rate from customers. It is a truly global business account for your global business.

A quick note on transactions- with Instamojo you can collect a maximum of ₹1,00,000 in one transaction. This can be increased on a case by case basis brought to the notice of Instamojo. So if you have a high-value product or service, keep it in mind that the payment will be capped or reach out to customer support to get the cap raised for your business⁴.

Payment options supported with Instamojo payment gateway

Instamojo has an inclusive pan-India system for payments. It has over 100 payment methods to cover all major ways that Indian consumers like to pay. This includes 59 different Indian banks through Netbanking. As well as:

  • NEFT/ RTGS/ Bank transfer
  • Debit/ Credit Cards- Mastercard/ Visa/ Maestro/ Rupay
  • Netbanking- SBI/ HDFC/ ICICI
  • Wallets- Freecharge/ OLAMoney/ JioMoney/ MobiKwik
  • UPI
  • EMI options
  • Digital products and files

Options like the payment wallets and UPI are unique as they broaden the scope of customers that businesses using Instamojo can reach in India.

A quick note on transactions- with Instamojo you can collect a maximum of ₹1,00,000 in one transaction. This can be increased on a case by case basis brought to the notice of Instamojo. So if you have a high-value product or service, keep it in mind that the payment will be capped or reach out to customer support to get the cap raised for your business⁴.

Instamojo payment gateway international payments

Instamojo accepts international cards but only processes the payments in Indian Rupees⁵. They don’t support other currencies, so international customers will see the amount in Indian rupees and the exchange rate will be set by the rate determined by their card.

Unfortunately, that also tends to mean that the card company makes the exchange rate weaker to make a profit off of the transaction. For international payments, get Wise, which uses the real exchange rate you see on Google, so what you see is exactly what you get on every transaction.

Instamojo payment gateway settlement

Instamojo settles the payouts every business day. The transaction amount, minus the fees and GST, is then transferred to the bank account you have on file. This typically takes 3 business days. So, for example, if you receive a payment on Monday, you will see it in your listed bank account on Thursday. You will be notified by email of every payout from Instamojo⁶.

Instamojo payment gateway customer care

Instamojo is a primarily digital platform, which also extends to their customer care. If you have any trouble or need a refund, you can take a look at their extensive FAQs online, submit an online ticket or write directly to support@instamojo.com for any queries and questions⁷.

Let Wise take care of your international payments

Your business requires you to work across the globe, now make your business bank account do the same. With Wise, you can receive, send and make payments to 70 different countries. So whether your partners are in Estonia, England or Ecuador, you can make payments directly into their bank accounts.

Your customers can also pay in the currency that works best for them too. Your Wise business account will make sure you are getting the real mid-market exchange rate every time, and be 100% transparent and upfront on the low one time fee. Make your business keep working for you even when you are asleep with Wise Business.

Sources used for this article

1 About
2 Pricing
3 Transaction Fees
4 Maximum Transaction
5 International Payments
6 Payouts
7 Customer Care


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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