Indian exporters can now collect payments in over 15 foreign currencies following a partnership between Cashfree Payments, an Indian payments and API banking company and Global Trade Plaza, a global B2B Marketplace.
The improved cross-border payments experience comes as a result of Cashfree Payments’ solution ‘Global Collections’. Having received a payment in one of the newly accepted currencies, the received funds will be efficiently converted into INR. They are then settled into their local Indian bank accounts within 48 hours. Further, exporters will also be able to get the auto-generated foreign inward remittances advice (e-FIRA) within 24 hours.
Exporters will be able to have better communication with clients. Global Collections provides communication channels via email, SMS or WhatsApp. Furthermore, buyers will have greater flexibility when it comes to making payments. They will have the option to use local rails such as Automated Clearing House (ACH), Single Euro Payments Area (SEPA), etc.
Reeju Datta, co-founder, Cashfree Payments, said: “We are excited to partner with Global Trade Plaza to offer a seamless cross-border payment experience to Indian exporters through our ‘Global Collections’ solution. At Cashfree Payments, we have been at the forefront of building cross-border solutions, and partnerships like these help us further our goal of supporting and helping Indian businesses to grow and thrive globally.”
Capitalising on a growing market
Recent reports highlight a favourable moment for this collaboration, with a robust 13 per cent year-on-year growth in Indian merchandise exports. This totals around $770billion. Similarly, service exports have seen a remarkable 27 per cent surge, reaching approximately $330billion. This impressive export growth owes much to the substantial contributions of MSMEs to our global exports. Furthermore, this partnership aims to streamline cross-border payments for Indian exporters, facilitating international trade promotion with added ease.
Cashfree Payments‘ Payouts currently has over 50 per cent of the disbursals market share. Indian lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with banks to build the core payments and banking infrastructure that powers the company’s products.
The company is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.
Pulkit Dwivedi, co-founder, Global Trade Plaza, said: “We are thrilled to collaborate with Cashfree Payments to provide our exporters with a seamless and efficient cross-border payment experience using their ‘Global Collections’ solution.
“As a leading B2B portal, and official partner of Société Générale de Surveillance (SGS), Global Trade Plaza is dedicated to aiding Indian businesses in global growth. This in turn fosters easy and secure international trade. Together with Cashfree Payments, we are working towards simplifying global transactions for Indian businesses. We are ensuring their continued growth and success.”