Bangalore based payments company Razorpay has introduced multi-currency support for up to 100 currencies including the popularly used United States Dollar, Great Britain Pounds, Singapore Dollars, Euro and UAE Dirham.

Typically, buyers in most countries are forced to make purchases from Indian businesses in INR during international transactions, which can make the whole experience feel forced and reduce the buyer’s trust in the transaction and seller. Multi-currency support aims to allow the customers to pay for a product or service using their local currency. Listing prices in the local currency and allowing users to pay in the currency of their country can make customers feel at home while completing purchases. Merchants can now list and accept payments in the local currency of their respective customers, based on their location and preferences.

Aside from increased convenience for the customers, accepting payments in the local currency can also reduce the risk of chargebacks. Transactions processed in local currency do not incur additional currency conversion charges in their bank statements. Unknown charges in the bank statement due to changed currencies can often lead to a poor buying experience. Therefore, companies are focusing on increasing customer satisfaction and reducing cart abandonment by integrating with international payments.

Gaurav Munjal, CEO & Founder of Unacademy, one of India’s hottest ed-tech startup said, “Partnering with Razorpay’s support for International Payments has played a pivotal role in enabling us to seamlessly cater to our international learners. The easy integration and setup, along with support for 100 currencies has helped us take our offering to a wider audience abroad.”

The solution also offers international customers plans with automated recurring transactions on various payment modes in their own currency. Customers can subscribe on the basis of fixed payments, quantities or specific usage.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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