US based company PayPal partners with Razorpay to support Businesses Globally

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Some authentic sources have informed the financial technology unicorn Razorpay has formed a partnership with US-based global digital payments company PayPal. The move came to enable seamless international payments for MSMEs (micro, small and medium enterprises) and freelancers. The company’s partner businesses can now integrate with PayPal and accept payments from international customers from across 200 markets in a convenient and secure manner. It would efficiently reduce wait time from days down to minutes. The chief innovation officer for Razorpay said, “MSMEs have been impacted the most by disruptions caused by the ongoing pandemic. We at Razorpay are striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital”.

He added, “Our association with PayPal is an important step towards realizing that goal”. The freelancer economy is also flourishing and the potential for MSMEs and freelancers continues to grow. Point to be noted that businesses still lose out on prospective global clients due to highly complex payment and banking infrastructure, processes, and systems in place. Micro-entrepreneurs have traditionally found it difficult to accept international payments on cards via payment gateways as many of them could not pass the eligibility checks at the banks’ end. The company says freelancers and MSMEs will now be able to accept international payments without having to write a single line of code by integrating PayPal into Razorpay’s payment platform.

This new service will be considered one of the best and fastest ways to accept digital payments. They will now experience heavily-reduced wait-times for statutory approvals. The Director of Channel Partners for PayPal said, “At PayPal, our focus has been to help these businesses leverage the global opportunity and in light of the current pandemic, our cross-border business has become even more relevant. We firmly believe in the power of partnerships to serve our consumers and merchants and our partnership with Razorpay will be instrumental in enabling Indian small businesses and freelancers to go global and tap into our 333 million consumer base across 200 markets”.