Tazapay Partners with Cashfree Payments to Enable Effortless Cross-Border Payments for Indian Exporters

• ByStartup Story Team     |    May 17, 2023

Cashfree Payments, the dominant payments and API banking firm in India, has forged a strategic alliance with Tazapay, a prominent cross-border payments organization based in Singapore, to facilitate seamless cross-border payments for Indian exporters. This collaboration empowers Tazapay to efficiently process and transfer all cross-border payments directly to the local bank accounts of Indian exporters, with settlements made in Indian Rupees (INR) within a single business day.

In the past, Indian exporters encountered difficulties in generating e-FIRS (Foreign Inward Remittance Statement), a process that typically took 2-3 weeks and involved numerous bank follow-ups. Cashfree Payments now offers Tazapay merchants the convenience of receiving e-FIRS within a single business day for all their transactions, inclusive of comprehensive remitter and buyer details.

The collaboration between Cashfree Payments and Tazapay significantly enhances transaction processing efficiency, enhances cash flow management, and presents convenient payment alternatives. Its primary goal is to unlock fresh prospects for Indian sellers to expand their market presence and engage with a broader range of global buyers. This aligns perfectly with Cashfree Payments’ mission to support the growth of Indian exports by delivering top-notch cross-border payment infrastructure, enabling businesses to achieve profitable expansion. By accelerating Indian export growth and assisting domestic enterprises in expanding their international customer base, this partnership drives remarkable benefits.

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 is just one more example of Cashfree Payments’ unwavering commitment to simplifying international payment collection, making it just as effortless as collecting payments domestically.”

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 in over 173 countries with local payment collections in 80+ countries 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.”

Cashfree Payments has dedicated its efforts to developing cutting-edge solutions tailored for global enterprises and international payment aggregators that require seamless payments to Indian businesses or individuals from anywhere across the globe. 

Moreover, Cashfree Payments offers a comprehensive range of solutions enabling Indian exporters to effortlessly receive payments in over 30 currencies from a vast network spanning more than 100 countries. To further enhance convenience, payers have the option to utilize local rails such as Automated Clearing House (ACH) in the US, Single Euro Payments Area (SEPA) in the EU, Electronic funds transfer (EFT) in Canada, and Faster Payments Service (FPS) in the UK.

Cashfree Payments, the dominant payment processor in India, holds a market share exceeding 50%. It leads the industry in bulk disbursals through its Payouts service and ranks among the top online payment aggregators. Notably, India’s largest lender, SBI, has made an investment in Cashfree Payments, highlighting the company’s pivotal role in fostering a robust payments ecosystem. 

Cashfree Payments collaborates closely with prominent banks to develop the essential payments and banking infrastructure that fuels its products. Furthermore, Cashfree Payments boasts seamless integration with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. In addition to India, Cashfree Payments extends its product offerings to eight other countries, including the USA, Canada, and UAE.

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