Bangalore: Razorpay, India’s first converged payments solution company has announced that it now supports 100 currencies for international digital payments – including all popular currencies such as US 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.
By 2021, the company aims to enable support for international payments for over 20,000 businesses, expects 30% in transaction volume.
During April-February 2018-19, the Indian goods exports grew by 8.85% 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. The international payments capability on the Razorpay platform will help businesses with:
- accepting payments through cards issued by foreign banks
- instant payment gateway integration and activation
- currency conversion
“India’s position in global trade has seen a significant shift over the last 5 years, evolving both in product mix and destination markets. 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,” said Shashank Kumar, CTO & Co-founder, Razorpay.
“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,” added Kumar.
The company has been charting an exponential growth since its inception. Razorpay currently powers digital payments for over 2,00,000 small and large businesses, including Airtel, BookMyShow, IRCTC, Aditya Birla Capital, NSE, among others.
It has clocked in a healthy 15-20% month-on-month growth rate on the merchant count and is geared up to increase this to 3,50,000 this year. This converged payments solution company expects a 5x growth in its revenue by the end of the next fiscal year.