Bengaluru: Fintech unicorn Razorpay on Wednesday said it has partnership with global digital payments major PayPal to enable seamless international payments for Indian micro, small and medium-sized enterprises (MSMEs) 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, Razorpay said.
The move comes at a time when leveraging digital technologies has become more crucial for businesses than ever in view of the pandemic.
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, freelancers and MSMEs will now be able to accept international payments without having to write a single line of code, 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,” Amitabh Tewary, Chief Innovation Officer, Razorpay, said in a statement.
“We hope this partnership will help us serve our resilient MSME customers better and enable them to gear up for the new normal.”
Razorpay last year launched its support for 100 International currencies via Internationally issued credit and debit cards.
The full-stack financial solutions company, which currently powers payments for over eight million businesses, said it is witnessing a 40-45 per cent month-on-month growth.