On November 26, 2020 Razorpay in partnership with Visa launched the 1st of its kind card, ‘RazorpayX Corporate Cards’ for Indian entrepreneurs. The card provides business owners with access to secure payments and financing and improved cash flows.
Purpose of the Card
The bank-issued cards help to provide relief and stabilize the financial operations of the business owners of startups and SMEs(Small and Medium sized Eneterprises) who are severely affected by COVID-19 pandemic.
Benefits of ‘RazorpayX Corporate Cards’:
Credit limit up to Rs 20 lakhs
i.It offers a credit limit of up to Rs 20 lakhs, a higher limit when compared to other corporate and personal cards.
ii.This empowers business owners to free up working capital expenses with zero personal risk and liability.
iii.Business owners get a benefit of interest free loan for 45 days and they get the option of flexible repayment.
To set up online payments & monitor monthly operational expenses
i.It helps entrepreneurs to set up recurring & non-recurring online payments.
ii.It also helps them to monitor monthly operational expenses like SaaS subscriptions, digital marketing expenses, utilities, replenishing inventory among others in a digitized and convenient manner.
Used in online payments & Purchase at a PoS
It can be used to make online payments and purchases at a PoS.
Note– These cards can be extended to employees in order to create a smooth repayment experience.
Key Info about SMEs:
i.SMEs is one among the most impacted sectors by the pandemic worldwide.
ii.It contributes around 40% of India’s Gross Domestic Product(GDP).
iii.As per the recent Entrepreneurship Survey by GoDaddy, over 70% of Startups & SMEs have seen an overall decrease in investment, that has led to a decreased revenue.
With RazorpayX Corporate Cards, Razorpay aims to support more than 1 lakh entrepreneurs in the next 4 months.
Recent Related News:
On October 23, 2020 SBI Card and Payment Services ltd.(SBI Cards) in association with Delhi Metro Rail Corporation (DMRC) launched ‘Delhi Metro- SBI Card’, a Multipurpose Credit Card for Delhi Metro Commuters. The card functions as a credit card and also as a metro smart card.
Chief Executive Officer(CEO) & Co-Founder– Harshil Mathur
HeadQuarters– Bengaluru( Bangalore), Karnataka
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.