Cashfree Payments and Tazapay to offer cross border payments to Indian exporters
By Leandra Monteiro
Cashfree Payments has partnered with Tazapay, Singapore-based cross-border payments company to power its cross-border payments for Indian exporters. The partnership allows Tazapay to settle all cross-border payments directly to Indian exporters’ local bank accounts in INR in one business day.
Previously, Indian exporters faced challenges with e-FIRS (Foreign Inward Remittance Statement) generation, which required 2-3 weeks and multiple bank follow-ups. With this partnership, Cashfree Payments will provide e-FIRS to Tazapay merchants, complete with remitter & buyer details, for all their transactions within one business day.
Reeju Datta, Co-Founder, Cashfree Payments said, “India is the biggest market for inward remittances globally, covering merchandise and services exports. However, traditional wire transfers have been the go-to payment method for Indian businesses. These methods have caused payment delays, affecting exporters’ operations and cash flow management. Our partnership with Tazapay now eliminates payment hassles, empowering Indian exporters to expand their business across borders smoothly.”
This partnership streamlines transaction processing, improves cash flow management and offers convenient payment options. It aims to unlock new opportunities for Indian sellers to expand their reach and tap into more global buyers. This aligns with Cashfree Payments’ objective of supporting the Indian export growth story by providing businesses with cross-border payment infrastructure available to help them grow profitably. This partnership will accelerate Indian export growth and aid Indian businesses aiming to grow their customer base in international markets.
Rahul Shinghal, CEO of Tazapay, said, “Our collaboration with Cashfree Payments marks a significant milestone in our mission to streamline cross-border transactions for Indian merchants. Combining Tazapay’s extensive coverage and Cashfree Payments’ expertise in local payout solutions, we are empowering businesses in India to seize new opportunities and overcome challenges posed by traditional payment methods. Together, we aim to enhance operational efficiency and cash flow management, and tap into previously inaccessible markets, fostering a robust cross-border ecosystem that drives growth, innovation, and success for Indian merchants in the global arena.”
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 08, 2023