The partnership strives to help overcome payment and banking-related challenges
Razorpay and PayPal have formed a partnership to enable seamless international payments for MSMEs and Freelancers across 200 markets in a convenient and secure manner, reducing wait time from days down to minutes.
While the pandemic-hit MSMEs-Freelancers are making their best efforts to adapt to the changes and embrace a digital way of doing business, Razorpay is striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital, Amitabh Tewary, Chief Innovation Officer, Razorpay, said on 2 Dec 2020 announcing the partnership.
After having faced stiff challenges due to the ongoing pandemic, the Indian SMEs are hoping to bounce back by leveraging digital technologies as they believe it will help them increase their revenues, said Razorpay.
While the potential for MSMEs and freelancers continues to grow, businesses still lose out on prospective global clients due to highly complex payment and banking infrastructure, processes and systems in place that lack seamless integration, it said.
Traditionally, micro-entrepreneurs have found it difficult to accept international payments on cards via payment gateways as many of them could not pass the eligibility checks at the banks’ end.
By integrating PayPal into Razorpay’s payment platform, freelancers and MSMEs will now be able to accept international payments without having to write a single line of code. Having heavily-reduced wait-times for statutory approvals, this new service will be one of the fastest ways to accept digital payments, a boon for Indian entrepreneurs.
“MSMEs have been impacted the most by disruptions caused by the ongoing pandemic. While they are making their best efforts to adapt to the changes and embrace a digital way of doing business, we at Razorpay are striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital,” said Tewary.
“Partnering with a globally recognized organization like PayPal with the expertise and experience of enabling digital payments for SMEs and Freelancers will allow us to further empower our partner 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,” said Tewary.
“At PayPal, our focus has been to help these businesses leverage the global opportunity and in light of the current pandemic, our crossborder business has become even more relevant,” Ashish Tandon, Director, Channel Partners said on the partnership.
“We firmly believe in the power of partnerships to serve our consumers and merchants and our partnership with Razorpay will be instrumental in enabling Indian small businesses and freelancers to go global and tap into our 333 million consumer-base across 200 markets,” he said.
“MSME’s form the backbone of the Indian economy,” he noted.
Last year, Razorpay launched its support for 100 International currencies via Internationally issued Credit and Debit cards – including all popular currencies such as USD, EUR GBP, CAD and SGD.
Razorpay’s International payments are integrated across its product offering including Payment Gateway, Payment Links, Payment Pages, Subscriptions and Invoices.
The leading full-stack financial solutions company is witnessing a 40-45% month-on-month growth. This newly crowned FinTech Unicorn currently powers payments for over 8 Million businesses including the likes of Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach 10 million businesses by the end of this year.
Razorpay, a full-stack financial services company established in 2014, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 350 million consumers and merchants in more than 200 markets to join and thrive in the global economy. #banking #economy #trade #investment #exports #MSMEs /fiinews.com
