India-based payment disbursal platform Cashfree Payments has partnered with Tazapay, a Singapore-based cross-border payments company, to facilitate cross-border payments to Indian exporters.
Partnership with Cashfree Payments will enable Tazapay to settle all cross-border payments directly to Indian exporters’ local bank accounts in Rupees (INR) in one business day. The partnership aims to create new opportunities for Indian sellers to expand their reach and tap into more global buyers. It also aims to accelerate Indian export growth and aid Indian businesses looking to grow their customer base in international markets.
The move will eliminate hassles for many Indian exporters, who previously faced challenges with e-FIRS generation requiring two or more weeks, alongside numerous bank follow-ups. Cashfree Payments now provides e-FIRS to all Tazapay merchants, complete with remitter and buyer details, for all their transactions – within one business day.
Cashfree Payments has focused on building solutions for global companies and international payment aggregators, who need to pay Indian business entities or individuals from anywhere in the world. The India-based company also provides solutions to enable Indian exporters to collect payments in over 30 currencies from more than 100 countries. It also offers an option enabling payers to pay using their local rails like Automated Clearing House (ACH in US), Single Euro Payments Area (SEPA in EU), Electronic funds transfer (EFT in Canada)and Faster payments service (FPS in UK).
Supporting payment in India
Reeju Datta, co-founder of Cashfree Payments
Reeju Datta, co-founder of 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 over 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.”
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