Razorpay bets on international payments to support MSMEs

Fintech company Razorpay has said its platform will support 100 currencies for international digital payments including dollars, euros and pounds — a move that will help its customers accept payments from other countries.

By 2021, the company aims to enable support for international payments for over 20,000 businesses and expects this to account for 30 per cent of its transaction volume.

“With this offering, the company aims to open new growth avenues for the MSME (micro, small and medium enterprises) segment, by enabling them to accept payments from other countries,” a statement by the company said.

Razorpay said during April-February of the financial year 2018-19, the Indian goods exports grew 8.85 per cent to USD 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,” it added.

Razorpay Chief Technology Officer and co-founder Shashank Kumar said businesses often report issues about unpaid B2B 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 micro, small and medium enterprises (MSMEs) access a larger pool of consumers across the world,” he added.