Fintech co Razorpay launches international payments to help MSMEs in India

New Delhi, 5 June (KNN) Fintech company Razorpay announced it has added support for 100 currencies, allowing Indian businesses to accept payments from different countries.

These include all popular currencies the US Dollar (USD), Euro (EUR), British Pound (GBP), Arab Emirates Dirham (AED) and Singapore Dollar (SGD). With this offering, the company is also aiming to open new growth avenues for the MSME segment.

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.

The company said that its platform will support 100 currencies for international digital payments.

“During April-February of the financial year 2018-19, the Indian goods exports grew 8.85 per cent to USD 298.47 billion”, it added.

Company said that 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.

"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.

Shashank Kumar, Razorpay Chief Technology Officer and co-founder said "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.

He said that businesses often report issues about unpaid B2B invoices and time taken for international transactions.