Razorpay And Paypal Partner To Help Indian MSME's And Freelancers Go Global

CIOReviewIndia Team | Wednesday, 02 December 2020, 09:25 IST

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On Wednesday, December 2, 2020, fintech unicorn Razorpay announced its partnership with global digital payments major PayPal for enablement of seamless international payments to Indian micro, small, and medium-sized enterprises (MSMEs), and freelancers.

With this, the company’s partner business can now integrate with PayPal, and accept payments from international customers from across 200 markets in a convenient, and secure manner, thereby reducing wait time from days to minutes.

It comes at a time when digital technology leverage has become more crucial for business than ever in view of the pandemic.

MSMEs, and freelancers potential is continuing to grow, however, businesses still lose out on prospective global clients because of highly complex payment, and banking infrastructure, processes, and systems in place, which lacks seamless integration.

Traditionally, micro-entrepreneurs have found it difficult in accepting international payments on cards, via payment gateway, as majority of them could not pass the eligibility checks at the bank’s end.

With integration of PayPal and Razorpay’s payment platform, freelancers, and MSMEs will get international payments without any coding.

In a statement, Amitabh Tewary, Chief Innovation Officer, Razorpay, said, "Partnering with a globally recognised organization like PayPal with the expertise and experience of enabling digital payments for SMEs and freelancers will allow us to further empower our businesses and open new growth avenues for them not just within India but internationally. We hope this partnership will help us serve our resilient MSME customers better and enable them to gear up for the new normal."

Last year, Razorpay launched its support for 100 international currencies through internationally issued credit, and debit cards.

Now, with the full-stack financial solution, the company, which currently power payments for over eight million businesses, said it is witnessing a 40-45 percent monthly growth.

 

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