Startup customers of Razorpay can now transfer funds raised from investors from around the world to India, across sectors that include the fintech industry, edtech, and financial services.
Through the new forex service, Razorpay aims to make the process of transfers easier and more efficient for businesses, including all the steps that need to be taken through the procedure into one product. This will automate the entire documentation process while making sure the proper checks are made before the documents are uploaded to the portal of the Reserve Bank of India (RBI). Moreover, the service will allegedly lower the cost of forex rates, currency conversion charges, and administrative fees.
The cross-border payments industry includes investments, but also multiple types of payments as well, including business-to-business transactions (B2B), business-to-person transactions (B2P), person-to-business (P2B), and peer-to-peer (P2P). Using the new foreign exchange product, Razorpay focuses on investing processes more efficiently, fast, and securely for all the parties involved in it.
Razorpay is a fintech company based in India, that allows businesses and merchants to accept, process, and disburse payments while using its product suite.
The banking suite provides customers with multiple solutions, such as the RazorpayX platform, vendor payments, payout services, tax payments, as well as payout links, which allows users to send money without needing the recipient’s account details. Furthermore, the payment suite has multiple products to offer as well, including payment links, QR codes, instant settlement, invoices, payment pages and gateways, subscriptions, and international payments.
In December of 2022, the company announced that it will enable traders and customers to accept credit card transactions on Unified Payment Interface (UPI), following its partnership with Axis Bank. This announcement aimed to further strengthen and improve digital payments while boosting credit penetration in the region.
With the RuPay credit cards being enabled on UPI, the merchants and clients of Razorpay had the option to accept credit card payments while having minimal modification to their already existing and preferred setup. The first to be provided to benefit from the product update were the customers of HDFC Bank, the clients of Punjab National Bank, as well as the users of Union Bank and Indian Bank, according to the announcement made by the company.
Earlier in 2022, Razorpay acquired the payments solutions company Ezetap, aiming to tap offline payments in a cash-and-equity deal. The deal helped Razorpay offer an omnichannel payment solution, linking its online payment offerings with the offline ones.
The acquisition also helped Razorpay improve its card tokenisation stack, called `Razorpay TokenHQ`. Launched in October of 2021, the service was designed in association with multiple card networks, including Visa, Mastercard, and RuPay.
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