Razorpay joins PayPal to help MSMEs, freelancers go global
Bengaluru: 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 will 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," he observed. He added, "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, "MSMEs 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," he said.
"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 pointed out.
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 300 million 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.