Razorpay and PayPal Partner to Help Indian MSME’s and Freelancers go Global
The partnership will make international payments seamless and safer
Razorpay is the first payment gateway to offer an integration with PayPal without code
Continuing its efforts to empower businesses with easy access to digital payment technologies,
Razorpay,
India’s leading
full-stack financial solutions company, today announced a partnership
with PayPal, a global leader in digital payments to enable seamless
international payments for 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.
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. Even the
freelancer economy is flourishing, a recent study revealed that India
saw a 46% 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, 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.
Commenting on the partnership, Amitabh Tewary, Chief Innovation Officer, Razorpay, said,
“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. Our association with PayPal is an important step
towards realising that goal. 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 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.”
Speaking on the partnership,
Ashish Tandon, Director, Channel Partners said, “MSME’s form the
backbone of the India economy. 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. 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.”
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. With the PayPal integration, businesses
of all sizes can enable over 300mn PayPal users across 200 markets
world-wide through the PayPal wallet.
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.