Razorpay partners with PayPal to facilitate global transactions for small businesses, freelancers

Financial solutions provider Razorpay on Wednesday said it has partnered with global digital payments platform PayPal to facilitate international payments for small businesses 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, fast and secure manner, Razorpay said in a release.

Razorpay said that having faced stiff challenges due to the coronavirus pandemic, the domestic SMEs are hoping to bounce back by leveraging digital technologies to increase their revenues, while the freelancer economy is also flourishing.

While the potential for MSMEs and freelancers continues to grow, businesses still lose out on prospective global clients due to highly complex payment and banking infrastructure, processes and systems, it said.

By integrating PayPal into Razorpay's payment platform, freelancers and MSMEs will now be able to accept international payments without having to write a single line of code, it said.

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Razorpay said it is witnessing a 40-45 percent month-on-month growth and currently powers payments for over 8 million businesses, including Facebook, Airtel, BookMyShow, and Ola.

The newly crowned unicorn company said it is all set to reach 10 million businesses by the end of this year.

Razorpay Chief Innovation Officer Amitabh Tewary said, "Partnering with a globally recognised organisation like PayPal...will allow us to further empower our partner businesses and open new growth avenues for them not just within India but internationally."

Ashish Tandon, director (channel partners) of PayPal India, said, "MSMEs form the backbone of the Indian economy. 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."

Earlier in November, Harshil Mathur, Co-founder and CEO, Razorpay, had said that the fintech unicorn and Visa have launched RazorpayX Corporate Card. The aim of these bank-issued cards is to provide relief and stability to the financial operations of startups and SMEs.

(Disclaimer: Additional background information has been added to this PTI copy for context)