Razorpay and PayPal have entered into a partnership to enable trouble-free international payments for micro, small and medium enterprises (MSMEs) and freelancers.
This collaboration will see Razorpay’s partner businesses integrating with PayPal to make international payments seamless and safe. The biggest advantage is that waiting time will be reduced from days to minutes. The payments can be accepted from across 200 markets by the MSMEs and freelancers, and they can also take advantage of the opportunity to tap Paypal’s consumer base of 333 million.
Faced by challenges due to the pandemic, this move will help Indian MSMEs recover faster, in terms of revenues. This is also expected to benefit the freelancer economy that has grown by 46 per cent in recent months.
These businesses tend to lose out on global clients due to the complex international payment system and banking infrastructure processes that are not smoothly integrated. With the new service shortening the waiting period for statutory approval, it will be a boon for Indian entrepreneurs.
Given that MSMEs serve as the backbone of the Indian economy, it has been PayPal’s endeavour to help them leverage a global opportunity presented by the pandemic and go digital.
PayPal, the leading full-stack financial solutions company is witnessing a 40-45 per cent monthly growth. It currently links payments for over eight million businesses and is set to serve 10 million businesses by the end of 2020.
Razorpay, on the other hand, is a full-stack financial services company that helps Indian businesses with comprehensive and innovative tech solutions to address payment and banking processes for any business. It provides technology payment solutions to over five million businesses.
The previous year, Razorpay had launched support for 100 International currencies through internationally-issued credit and debit cards.