Cashfree Payments partners with Global Trade Plaza

Through this collaboration, Cashfree Payments’ Global Collections solution allows Indian exporters to collect payments in over 15 foreign currencies. After the funds are received, they are converted into INR and settled into their local Indian bank accounts within 48 hours. Exporters are also able to get auto-generated foreign inward remittances advice (e-FIRA).

India-based payments and API banking company Cashfree Payments has partnered with Global Trade Plaza to provide cross-border payments to Indian exporters.

The partnership’s objective

According to Cashfree Payments’ officials, the partnership with Global Trade Plaza allows them to further the company’s goal of supporting and helping Indian businesses expand globally. The two companies aim to offer exporters a seamless and efficient cross-border payment experience using the Global Collections solution. Representatives from Global Trade Plaza stated their commitment to simplify global transactions for Indians, while also fostering secure international trade.

With Cashfree Payments’ solution, exporters are able to share their global collection account details with their international clients via email, SMS, or WhatsApp, while the buyers can make payments using local rails like Automated Clearing House (ACH), and Single Euro Payments Area (SEPA), among others. The partnership between the two companies is also backed by recent research showing a robust 13% year-on-year growth in Indian merchandise exports, amounting to approximately USD 770 billion. Moreover, service exports have seen a 27% increase, reaching USD 330 billion. The surge is mostly due to the substantial contribution of the MSME sector to global exports.

Cashfree Payments’ latest developments

The company provides full-stack payment solutions aiming to enable businesses in India to collect payments and make payouts through all available methods with simple integration. At the end of September 2023, Cashfree Payments launched its One Escrow platform, a modular solution that aims to ensure transparency in financial dealings. The plug-and-play escrow service allows merchants to go live faster while being compliant with regulatory requirements.

During the same period, Cashfree Payments tapped Shopify aiming to extend onsite payments for Indian merchants. Through this collaboration, merchants can offer an improved checkout experience for their clients by collecting payment information directly on their website. The onsite payments feature on Shopify currently allows customers to pay via credit card and debit cards, with additional payment options to be added in the future.

At the beginning of the month, the company launched a one-step UPI payment service for mobile-first businesses, enabling them to collect UPI payments from clients, without needing to use the application. The product was developed in strategic partnership with NPCI and Axis Bank, aiming to provide UPI Plug-in with the required security and compliance.