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Last Updated : Jun 06, 2019 07:27 PM IST | Source: Moneycontrol.com

Razorpay launches digital payment support for 100 currencies

Razorpay aims to open new growth avenues for the MSME segment, by enabling them to accept payments from other countries.

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Razorpay, a converged payments solution company, announced that it now supports 100 currencies for international digital payments - including all popular currencies such as U.S. Dollar (USD), European Dollar (EUR), British Pound (GBP), Arab Emirates Dirham (AED) and Singapore Dollar (SGD).

With this offering, the company aims to open new growth avenues for the MSME segment, by enabling them to accept payments from other countries.

For the longest time, businesses in India have been losing out on potential customers and partner businesses due to the inability to accept payments from other countries. However, the past few years have witnessed a range of changes in global trade paradigms, unveiling new emerging markets and channels for global business expansion.

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During April-February 2018-19, the Indian goods exports grew by 8.85 per cent to $298.47 billion. This depicts how the cross border e-commerce will only see an upward spike through the next five years. Enabling businesses with support for international transactions will play a key role.

Razorpay’s International payments is integrated across the entire range of its product offering including Payment Gateway, Payment Links, Payment Pages, Subscriptions and Invoices

Shashank Kumar, CTO & Co-founder, Razorpay said, “Today, with the rising digital influence on consumers globally, online as a channel for trade is witnessing an enormous growth. On the flip side, businesses often report issues about unpaid international invoices and time taken for international transactions.

With the launch of support for international payments, we will be able to help businesses tackle these issues quickly, and make payment acceptance for cross-border e-commerce seamless, thereby helping SMEs & MSMEs access a larger pool of consumers across the world.”

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First Published on Jun 6, 2019 07:27 pm
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