Financial technology unicorn Razorpay has formed a partnership with global digital payments company PayPal to enable seamless international payments for MSMEs (micro, small and medium enterprises) and freelancers. The company’s partner businesses can now integrate with PayPal and accept payments from international customers from across 200 markets in a convenient and secure manner, reducing wait time from days down to minutes.
“MSMEs have been impacted the most by disruptions caused by the ongoing pandemic,” said Amitabh Tewary, chief innovation officer, Razorpay. “We at Razorpay are striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital. Our association with PayPal is an important step towards realising that goal.”
After having faced stiff challenges due to the ongoing pandemic, Indian SMEs are hoping to bounce back by leveraging digital technologies as they believe it’ll help them increase their revenues. The freelancer economy is also flourishing. A recent study revealed that India saw a 46 per cent increase in new freelancers. 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.
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, the company said 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.
“At PayPal, our focus has been to help these businesses leverage the global opportunity and in light of the current pandemic, our cross border business has become even more relevant,” said Ashish Tandon, director, Channel Partners, PayPal. “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.”
Source: Business-Standard