- PayPal, which is one of the world’s best-known cross-border payments brands, will work alongside the Indian company Cashfree to offer global payment services for those selling online.
- The service calculates the exchange rate automatically and offers a secure and fully integrated service – meaning that there is no need for the merchant to intervene or direct users to more than one webpage.
- A spokesperson for Cashfree said that the company wanted to give merchants and partner businesses a helping hand when it comes to expanding their business potential.
Online money transfer company PayPal has announced an all-new collaboration with a banking tech firm.
PayPal will work alongside Cashfree to serve customers in the key money transfer market of India.
The target market for the joint service will be merchants who are selling goods and services to companies around the world, but who need an effective payment corridor in order to accept income.
Those who are signed up to use the Cashfree service will now be able to access an option called the ‘PayPal Express Checkout’ when configuring their online stores.
From there, they will be able to take payments from people in more than 200 destinations across the globe.
These transactions will be secure.
They will also be fully integrated, meaning that the need for payments to be routed through a variety of pages or sites will not be necessary.
The company’s latest move will also mean that merchants can now offer multi-currency pricing options.
In total, more than 28 currencies are believed to be represented.
The currency exchange process is completed automatically without any need for the merchant to intervene.
In a statement, a leading figure at Cashfree said that the firm was looking forward to helping companies develop their market share.
Akash Sinha, who is the chief executive and co-founder of the firm, said that the application programming interface (API) element of the new service would help to improve experiences.
”Our new integration plans on helping our partner businesses tap into this world market opportunity,” Sinha said.
“The new API integration allows merchants to enable payments using their existing PayPal business accounts and start accepting and collecting global payments in no time.”
He went on to say that partner businesses would also be more protected once the anti-fraud services offered in the new suite of tools properly kicked in.
“Further, businesses benefit from the PayPal fraud prevention and seller protection tools. Through this partnership, new merchants will be seamlessly onboarded, and customers will have an improved payments experience of using PayPal through Cashfree,” he added.
In addition to PayPal, Cashfree also offers a variety of other payment methods to its merchants and their end users.
These payment methods include American Express and Mastercard.
In total, there are over 100 methods of payment on offer.
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