Cashfree Payments, India’s leading payments and API banking firm, has teamed with Tazapay, a Singapore-based cross-border payments company To fuel their cross-border payments for Indian exporters. Tazapay’s relationship enables it to settle all cross-border payments in Rupees (INR) immediately to Indian exporters’ local bank accounts in one working day.
Previously, Indian exporters experienced difficulties in generating e-FIRS (Foreign Inward Remittance Statements), which took 2-3 weeks and many bank follow-ups. With this collaboration, Cashfree Payments will give e-FIRS to Tazapay merchants for all of their transactions within one business day, complete with remitter and buyer details.
This collaboration simplifies transaction processing, improves cash flow management, and provides flexible payment options. It aspires to open up new avenues for Indian vendors to broaden their reach and connect with more worldwide shoppers. This is consistent with Cashfree Payments’ goal of assisting the Indian export growth story by offering businesses with the greatest cross-border payment infrastructure possible to assist them in growing successfully. This collaboration will boost Indian export growth and assist Indian enterprises looking to expand their consumer 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 concentrated on developing new solutions for multinational corporations and international payment aggregators that need to pay Indian corporate entities or individuals from anywhere in the world. Furthermore, Cashfree Payments offers solutions that enable Indian exporters to collect payments in over 30 currencies from over 100 countries, with the option for payers to pay using their local rails such as Automated Clearing House (ACH in the United States), Single Euro Payments Area (SEPA in the European Union), Electronic funds transfer (EFT in Canada), and Faster Payments Service (FPS in the United Kingdom).
Cashfree Payments presently leads the way in bulk disbursals in India with its Payouts and is also one of the major online payment aggregators, with over 50% market share among payment processors. SBI, India’s largest lender, invested in Cashfree Payments, highlighting the company’s role in developing a strong payments environment. Cashfree Payments collaborates extensively with all major banks to develop the basic payments and banking infrastructure that underpins the company’s solutions. Cashfree Payments is also compatible with popular platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Aside from India, Cashfree Payments products are used in eight other countries, including the United States, Canada, and the United Arab Emirates.
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