PayPal to work with Razorpay as part of new payments push

|

Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Razorpay and PayPal will collaborate as part of a new effort to help payments reach small businesses and individual freelancers.
  • The change will mean that Razorpay clients will now be able to link up with PayPal and ensure that smooth international payments can take place.
  • A leading figure at Razorpay argued that the collaboration would mean that small firms and individual freelancers would be able to enhance their revenue streams – in India as well as further afield.

An Indian financial services firm has confirmed that it will work alongside global household name PayPal as part of a new effort to help freelancers and small firms make payments.

Razorpay said that its many customers would now be able to join up their accounts with PayPal.

This will mean that self-employed people and smaller firms will now be able to take cash from clients around the world.

Overall, around 200 national and regional markets will now be available when it comes to transferring cash.

There will also be a knock-on effect in terms of the time taken for transactions to process.

Those sending money will now see the time they wait for the transfer to go through slashed from the current time, which can run into days, to just a few moments.

In a statement to the press, Amitabh Tewary, who is the chief innovation officer at Razorpay, said that the target market for this new cross-border payments move matched those who have been most affected by the coronavirus pandemic.

He pointed out that adaption and change were among some of the ways that firms were coping with the effects of the disruption.

“MSMEs, micro, small and medium enterprises have been impacted the most by disruptions caused by the ongoing pandemic,” he said.

“While they are making their best efforts to adapt to the changes and embrace a digital way of doing business, we at Razorpay are striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital,” he said.

He went on to emphasise how significant it is for PayPal to work alongside Razorpay.

“Our association with PayPal is an important step towards realising that goal,” he said.

The combination will mean that the company’s clients will be able to expand their revenue bases – both domestically and abroad.

“Partnering with a globally recognized organization like PayPal with the expertise and experience of enabling digital payments for SMEs and Freelancers will allow us to further empower our partner businesses and open new growth avenues for them not just within India but internationally,” he explained.

In the past, integration of this sort was hard to achieve.

The new service from the two firms will not require companies to do any sort of coding or other highly technical work in order to accept payments, Razorpay said.

PayPal is just one of a whole host of providers operating in the online money transfer space – to learn more about these providers, check out our reviews section.


Most Read

Use Our Currency Comparison Tool

Select country...

Select country...

Send

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.