The collaboration lets Tazapay settle all cross-border payments straight to Indian exporters’ local bank accounts in rupees (INR) in a matter of a business day.
As per the information provided in the press release, in the past, Indian exporters faced challenges with e-FIRS (Foreign Inward Remittance Statement) generation, which required between two to three weeks and a multitude of bank follow-ups. Following this cooperation, Cashfree Payments is set to provide Tazapay merchants with e-FIRS, complete with remitter and buyer details, for all their transactions within a business day.
The collaboration looks to simplify transaction processing, improve cash flow management, and offer convenient payment options, aiming to unlock new opportunities for Indian sellers to expand their reach and tap into more global buyers. This is in alignment with Cashfree Payments’ objective to support Indian export growth by offering businesses cross-border payment infrastructure to assist them with growing profitably. The partnership is set to expedite Indian export growth and assist Indian businesses looking to increase their customer base in international markets.
Commenting on this, Reeju Datta, Co-Founder of Cashfree Payments advised that India is among the biggest markets for inward remittances globally, covering merchandise and services exports, however traditional wire transfers have been the go-to payment method for Indian businesses. Per the official’s statement, these methods cause payment delays, affecting exporters’ operations and cash flow management, and the partnership with Tazapay helps eliminate payment hassles, enabling Indian exporters to expand their business across borders. The spokesperson believes this to exemplify Cashfree Payments’ commitment to simplifying international payment collection, making it as simple as collecting payments domestically.
Rahul Shinghal, CEO of Tazapay said the collaboration with Cashfree Payments marks an important milestone in the company’s mission of simplifying cross-border transactions for Indian merchants. The official believes that by combining Tazapay’s broad coverage in more than 173 countries with local payment collections in over 80 countries and Cashfree Payments’ expertise in local payout solutions, the companies are helping India-based businesses seize new opportunities and overcome challenges brought forth by traditional payment methods.
Together, they aim to improve operational efficiency and cash flow management, and tap into previously inaccessible markets, fostering an extensive cross-border ecosystem that helps drive growth, innovation, and success for Indian merchants worldwide.
The announcement further details that Cashfree Payments has focused on building solutions for global companies and international payment aggregators who need to carry out payments to Indian business entities or individuals worldwide. Furthermore, the company provides solutions to help Indian exporters collect payments in more than 30 currencies from over 100 countries, with the possibility to enable payers to pay by leveraging their local rails of the likes of Automated Clearing House (ACH in the US), Single Euro Payments Area (SEPA in EU), Electronic funds transfer (EFT in Canada), and Faster payments service (FPS in the UK).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now