Bengaluru-based payments and banking technology company, Cashfree, has announced its partnership with PayPal, a global leader in digital payments, to enable international payments for merchants.
Businesses using Cashfree’s payment gateway will be able to add the PayPal Express Checkout option to their order pages and accept payments from users across 200 markets in a secure and seamless manner, Cashfree said in a release.
One of the biggest challenges in collecting domestic and international payments has been the need to maintain separate websites with the products shown in the home currency based on user location. With this integration, businesses can show the prices of all products in 28 currencies. Cashfree does the foreign currency exchange automatically and the amount gets credited to businesses’ accounts in INR.
Cashfree CEO and Co-founder Akash Sinha said, ”Our new integration plans on helping our partner businesses tap into this world market opportunity.”
“The new API integration allows merchants to enable payments using their existing PayPal business accounts and start accepting and collecting global payments in no time. Further, businesses benefit from the PayPal fraud prevention and seller protection tools. Through this partnership, new merchants will be seamlessly onboarded, and customers will have an improved payments experience of using PayPal through Cashfree,” he added.
PayPal India Director, Channel Partners, Ashish Tandon said, “MSMEs today form the backbone of the economy and are working relentlessly to fight the pandemic. Cross-border trade gives these businesses access to a global consumer base and will help them recover faster. Together with Cashfree, Indian small businesses will be able to tap into our 350 million consumer base across 200 markets.”
Customers with a PayPal account will be able to use the PayPal Express Checkout button and pay in their preferred currency. Businesses partnering with Cashfree can activate One Touch payments that would let their customers stay logged in and check out with a couple of clicks.
With the onset of the pandemic, businesses are eyeing selling online as the way to grow businesses and not be restricted to geographical boundaries. While the demand exists a section of the Indian sellers has been shying away from selling abroad because of the banking infrastructure and compliance requirements when it comes to collecting international payments, the release added.
Cashfree, as a payment platform, offers businesses with international payment methods like Mastercard & Visa cards, American Express, Diners Club along with PayPal. Currently, Cashfree supports over 100 payment modes for accepting domestic and international payments.
