• Tazapay to use Cashfree Payments’ cross border payment solutions to help businesses process cross-border payments into India
• Partnership will enable Tazapay to settle cross-border payments directly to Indian exporters’ local bank accounts in Rupees (INR) in one business day
• Partnership will eliminate hassles for Indian exporters, who previously faced challenges with e-FIRS generation requiring 2-3 weeks and multiple bank follow-ups
• Cashfree Payments will provide automatically generated e-FIRS (Foreign Inward Remittance Statement) to Tazapay merchants
• Partnership aligns with Cashfree Payments objective of supporting the Indian export growth story by providing businesses with the best cross-border payment infrastructure available to help them grow profitably
BENGALURU, India, May 18, 2023 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking company, has partnered with Tazapay, Singapore-based cross-border payments company to power their cross-border payments for Indian exporters. The partnership allows Tazapay to settle all cross-border payments directly to Indian exporters’ local bank accounts in Rupees (INR) in one business day.
Previously, Indian exporters faced challenges with e-FIRS (Foreign Inward Remittance Statement) generation, which required 2-3 weeks and multiple bank follow-ups. With this partnership, Cashfree Payments will provide e-FIRS to Tazapay merchants, complete with remitter & buyer details, for all their transactions within one business day.
This partnership streamlines transaction processing, improves cash flow management and offers convenient payment options. It aims to unlock new opportunities for Indian sellers to expand their reach and tap into more global buyers. This aligns with Cashfree Payments’ objective of supporting the Indian export growth story by providing businesses with the best cross-border payment infrastructure available to help them grow profitably. This partnership will accelerate Indian export growth and aid Indian businesses aiming to grow their customer base in international markets.
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 focused on building innovative solutions for global companies and international payment aggregators, who need to pay Indian business entities or individuals from anywhere in the world. In addition, Cashfree Payments also provides solutions to enable Indian exporters to collect payments in over 30 currencies from more than 100 countries, with an option to allow 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).
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
