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.
Additional Info
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.
About Razorpay:
Chief Executive Officer(CEO) & Co-Founder– Harshil Mathur
HeadQuarters– Bengaluru( Bangalore), Karnataka
About Visa:
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.