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Razorpay launches export account for SME merchants to receive international payments

Money Control

Money Control · 2y ago

Razorpay launches export account for SME merchants to receive international payments

Razorpay, a payment solutions company, has launched an "Export Account" service for SME merchants to receive international payments, as reported by Moneycontrol. This offering enables small and medium-sized enterprises (SMEs) to efficiently handle cross-border transactions and expand their business globally. Revenues from Razorpay's international payments division contribute about 20 percent of its overall payments revenue and the firm expects to cover over 1-2 lakh businesses by end of 2025.

Related News

Razorpay to offer international payments to freelancers with its MoneySaver Export Account

Inc42 · 10m ago

Razorpay to offer international payments to freelancers with its MoneySaver Export Account

Indian payments and banking platform Razorpay has expanded its MoneySaver Export Account to cater specifically to freelancer professionals, becoming the first Indian Payment Aggregator (PA) to offer international payments for freelancers. The feature allows freelancers to open an account in any country and accept local payments via bank transfers on the Razorpay platform without withdrawal fees. The MoneySaver Export Account aims to empower over 15 million Indian freelancers by saving them up to 50% in fees and commissions on international bank transfers. The account has already seen substantial adoption since its initial launch for exporters last year.

Razorpay bolsters Malaysia play, procures licence for direct merchant onboarding

Economic Times

Economic Times · 1y ago

Razorpay bolsters Malaysia play, procures licence for direct merchant onboarding

Digital payments provider Razorpay has obtained a license to directly onboard new merchants in Malaysia for its payment gateway vertical. This move comes after Razorpay's launch of its first international payment gateway service in Malaysia earlier this year. With the license, Razorpay's international payment gateway, Curlec by Razorpay, will be regulated by Bank Negara Malaysia. Additionally, Razorpay's international gateway business will become a non-bank member of Payments Network Malaysia Sdn Bhd. Malaysia is an important strategic market for Razorpay, given its similarities with the Indian payments market.

Get QR code from another bank: RBI to merchants on Paytm Bank deadline

Inshorts · 1y ago

Get QR code from another bank: RBI to merchants on Paytm Bank deadline

RBI on Friday asked merchants, who are Paytm Payments Bank customers, to obtain new QR codes linked to an account with another bank or wallet. "After March 15...you'll not be able to receive any credit into your bank account or wallet with Paytm Payments Bank," RBI told merchants. Refunds, cashbacks, sweep-in from partner banks or interest will still be permitted.

Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur

Inc42 · 10m ago

Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur

Fintech companies such as Razorpay, Cashfree, EnKash, Open, and Payments have finally received approval from the Reserve Bank of India (RBI) to become payment aggregators (PAs) after waiting for over a year. This approval allows them to accept various payment instruments for e-commerce websites and merchants. Harshil Mathur, CEO of Razorpay, expressed his excitement about the approval and discussed the impact on their business, alternative strategies they implemented, and their plans to onboard new merchants. While the delay had some emotional impact, it had minimal financial impact, as the company focused on other business lines such as point of sale devices and international payments.

Razorpay launches full-stack payments in Malaysia

Economic Times

Economic Times · 2y ago

Razorpay launches full-stack payments in Malaysia

Razorpay, a leading Indian fintech company, has expanded its services to Malaysia by launching full-stack payment solutions in the country. With this expansion, Razorpay aims to provide seamless and comprehensive payment solutions to businesses in Malaysia. The move signifies Razorpay's commitment to expanding its presence in international markets and facilitating digital payments in the region. The company had acquired recurring payments startup Curlec in 2022 and its full-stack payment product is now going live. Razorpay will also leverage Malaysia to enter other South East Asian countries.

Razorpay launches Q-Zap, new solution for faster offline billing

Economic Times

Economic Times · 1y ago

Razorpay launches Q-Zap, new solution for faster offline billing

Razorpay has introduced Q-Zap, a new offline payment service that allows merchants to process payments anywhere in their stores. The service aims to reduce billing time by 40% and operating costs by 20%. Q-Zap also integrates with 120 billing partners to streamline tasks such as billing, payment collection, and reconciliation. The solution aims to eliminate checkout lines, freeing up staff to provide better customer assistance. Razorpay has been expanding its offline merchant payment offerings, including through the acquisition of Ezetap.

Infibeam Avenues launches CCAvenue SoundBox Max

Entrackr

Entrackr · 12m ago

Infibeam Avenues launches CCAvenue SoundBox Max

Fintech firm Infibeam Avenues has launched CCAvenue SoundBox Max, an all-in-one point of sale (POS) device tailored for merchants and retailers across India. According to CCAvenue, SoundBox Max is designed to reshape the payment landscape for retailers and merchants, offering them the flexibility to accept payments from multiple sources—UPI, debit cards, and credit cards. It is also designed to simplify and secure transactions, featuring support for static and dynamic QR payments, as well as contactless (NFC) and chip-based credit and debit card payments. Infibeam Avenues is set to enhance the CCAvenue SoundBox Max with additional value-added features, such as card EMI and brand EMI options, catering to diverse retail sectors including supermarkets, quick-service restaurants, salons, fashion boutiques, and more. The device is fully compliant with EMV L1, L2, PCI PTS, CE, FCC, and RoHS standards, ensuring robust security and performance. Infibeam Avenues claims to have processed transactions worth Rs 7 trillion (about $ 86 billion) in FY24 and currently has over 10 million clients across digital payments and enterprise software platforms. Leading fintech companies such as Paytm, BharatPe, Razorpay, Pibe Labs and PhonePe also launcher their soundbox for merchants and retailers.

Cred launches offline QR code-based ‘scan and pay’ payments

Economic Times

Economic Times · 1y ago

Cred launches offline QR code-based ‘scan and pay’ payments

Fintech unicorn Cred has introduced offline retail payments at large format stores after completing successful pilots. The company aims to roll out the solution at select merchant outlets throughout the year. The app allows customers to scan QR codes and make payments at premium retail outlets, such as supermarkets and restaurants. Additionally, Cred offers rewards for every payment transaction, which can be offset against credit card bills. The new terminals powered by Razorpay POS and Pine Labs enable merchants to provide personalized rewards and accept payments via UPI.

Paytm launches NFC soundbox that doubles up as card payment machine

Economic Times

Economic Times · 1y ago

Paytm launches NFC soundbox that doubles up as card payment machine

One97 Communications, the company behind Paytm, has introduced a card soundbox that also functions as a payment device. This innovative technology enables small shops to easily and affordably accept various types of payments, including credit or debit cards and UPI. With the Paytm NFC Card Soundbox, merchants can receive mobile payments from any UPI app and accept NFC-based debit and credit cards, simplifying the payment process for both customers and businesses. This advancement aims to empower offline merchants across the nation with inclusive payment acceptance capabilities.

Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur

Money Control

Money Control · 1y ago

Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur

Harshil Mathur, CEO of Razorpay, expressed his elation upon receiving approval from the Reserve Bank of India (RBI) to become a payment aggregator (PA). After waiting for over a year, Razorpay, along with other fintech companies like Cashfree, EnKash, Open, and Payments, can now onboard new merchants to their platforms. Mathur mentioned that thousands of merchants have been waiting and he is confident that Razorpay will be able to attract and onboard many new businesses. He also highlighted how the company focused on other business lines and initiatives to compensate during the waiting period.

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