Razorpay targets 1.5 lakh exporters on Amazon's Global Selling Platform

Fintech firm Razorpay is targeting over 1.5 lakh exporters onboard e-commerce giant Amazon’s Global Selling Platform to process their cross-border transactions, becoming one of the early payment aggregators (PAs) in the country to offer the service.

 

The Bengaluru-based company said it will offer zero forex markup on such transactions, enabling merchants to save up to 50 per cent in transaction charges compared to traditional payment methods.

 

Since December last year, Indian merchants part of Amazon’s Global Selling programme have been able to collect their global payouts using the company’s offering for international bank transfers.

 

The company has served over 1 lakh exporters to date.

 

It added that it will reduce waiting time for customers by processing the Foreign Inward Remittance Certificate (FIRC) in one day. Merchants can transfer their earnings to their Indian bank account in Indian rupees (INR) within 24 hours.

 

“This initiative is set to benefit over 1.5 lakh Indian sellers who rely on Amazon Global to reach international customers. With the Indian e-commerce sector projected to reach $325 billion by 2030, I believe solutions like MoneySaver Export Account will play a crucial role in boosting global trade participation for small and medium-sized businesses,” said Rahul Kothari, chief operating officer (COO), Razorpay.

 

The service is open to freelancers and services exporters, the company said.

 

This month, the company announced its entry into Singapore, its second international market foray after Malaysia three years ago.

 

The firm said its payment solutions would enable businesses in Singapore to reduce cross-border transaction fees by 30 to 40 per cent.

 

Singaporean businesses will be able to tap into the Bengaluru-based company’s payment solutions, including payment gateway, cross-border transaction solutions, and financial analytics.

 

The expansion into Singapore comes as part of the company’s focus on the South-East Asian market.