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RazorPay has announced a partnership with PayPal to enable international payments for MSMEs and freelancers. The company’s partner businesses will 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.
These businesses lose out on prospective global clients due to highly complex payment and banking infrastructure, processes and systems in place that lack seamless integration. By integrating PayPal into Razorpay’s payment platform, freelancers and MSMEs will be able to accept international payments easily. This service will also reduce wait times for statutory approvals.
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 want to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital. Our association with PayPal is a step towards realising that goal.”
In a statement, 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.
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.”
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