Razorpay Launches Digital Payment Support for 100 Currencies
Razorpay announced that it now supports 100 currencies for international digital payments - including all popular currencies such as U.S. 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 according to a statement.
Established in 2014, the company provides tech payment solutions to over 200,000 businesses. Founded by alumni of IIT Roorkee, Shashank Kumar & Harshil Mathur. 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. However, the past few years have witnessed a range of changes in global trade paradigms, unveiling new emerging markets and channels for global business expansion. During April-February 2018-19, the Indian goods exports grew by 8.85 per cent 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
Shashank Kumar, CTO & Co-founder, Razorpay said, “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. 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.”
India’s rising prominence in the global export markets coupled with growing international opportunities offer scope for Indian players to expand internationally in travel, brands, real estate, SaaS, media and entertainment, among many other verticals. Razorpay through this offering aims at transforming the way businesses find and retain their customers, and make the transaction experience seamless.
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. Razorpay has clocked in a healthy growth rate of 15-20% month-on-month 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.
