On December 2, 2020 Razorpay and PayPal partnered to enable Indian MSMEs(Micro, Small & Medium Enterprises) and Freelancers to seamlessly accept international payments. This removes the need to write a single line of code.
Need of the Partnership
- To help MSMEs and freelancers to accept international payments on cards through payment gateways.
- They lose their prospective global clients due to highly complex payment and banking infrastructure, processes and systems.
Note– Indian SMEs hope to recover from the challenges caused by COVID-19 pandemic by leveraging digital technologies, as they believe that this helps them increase their revenues.
About the Partnership
General Info
i.The integration of PayPal into Razorpay’s payment platform enables Indian small businesses and freelancers to go global.
ii.The businesses of all sizes can enable over 333mn PayPal users across 200 markets world-wide through the PayPal wallet.
Benefits
i.MSMEs and freelancers can accept the international payments in a convenient and secure manner.
ii.The waiting time for statutory approvals is reduced from days to minutes.
reduces the waiting time
iii.This is one of the fastest ways to accept digital payments.
Statistics regarding Freelancer
As per a recent study, India saw a 46% increase in new freelancers.
Recent Related News:
On June 29, 2020, SAP India Private Limited, a subsidiary of Germany based enterprise technology firm, in partnership with National Association of Software and Service Companies (NASSCOM) Foundation, United Nations Development Programme (UNDP) and Pratham InfoTech Foundation, has rolled out Global Bharat program to
equip micro, small and medium enterprises (MSMEs) by providing them access to global marketplace, digital skilling for the workforce and transforming business processes.
About Razorpay:
Chief Executive Officer(CEO) & Co-Founder– Harshil Mathur
HeadQuarters– Bengaluru( Bangalore), Karnataka
About PayPal:
Headquarters- San Jose, California
President and CEO– Dan Schulman
