Razorpay and Paypal have joined hands to make international payments seamless for MSMEs and freelancers. With the new tie-up, the waiting time for customers will reduce to minutes from days. Paypal will be integrated into Razorpay’s payment platform, through this partner business of Razerpay can accept payments from international customers without having to write a single line of code.
Amitabh Tewary, Chief Innovation Officer at Razorpay said that partnership with globally recognized fintech company like Paypal will enable digital payments for SMEs and freelancers allowing the company to empower its partner businesses. This opens new growth avenues for the company, not just in India but also internationally. He also added that this partnership may help them to serve its resilient MSME customers by enabling them to prepare for the new normal.
Ashish Tandon, Director, Channel Partners, PayPal India said that at Paypal the focus is to help MSMEs to leverage on the global opportunities. The relevance of the company’s cross-border business has increased during the pandemic. He added that the partnership would be instrumental in helping Indian MSMEs and freelancers to go global and connect with a 333 million consumer base of Paypal across 200 markets.
Through internationally issued credit and debit cards Razorpay launched its support for 100 international currencies last year, including popular currencies such as USD, EUR GBP, CAD and SGD. Razorpay’s international payments, including payment gateway, payment connections, payment sites, subscriptions and invoices, are integrated in its product offering, through this business of all sizes can now connect with Paypal customers across the world through Paypal wallet.
Razorpay is witnessing a month-on-month growth of up to 40%-45% and the company has 8 million businesses including Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, and ICICI Prudential etc. It is also aiming to reach 10 million businesses by the end of the year. MSMEs are the backbone of the Indian economy. SMEs are trying to bounce back after the severe set back from the impact of the pandemic. A recent study showed that India saw a 46% increase in new freelancers. The tie-up between Razorpay and Paypal would help MSMEs and freelancers grow despite the uncertainties.
