Indian exporters can now receive payments in over 15 foreign currencies through the collaboration between Global Trade Plaza and Cashfree Payments.
Thanks to a collaboration between Global Trade Plaza, a worldwide B2B marketplace, and Cashfree Payments, an Indian payments and API banking provider, Indian exporters can now receive payments in over 15 foreign currencies.
The enhanced experience with cross-border payments is the outcome of Cashfree Payments’ “Global Collections” service. When a payment in one of the recently approved currencies is received, the money will be quickly converted to Indian rupees. Within 48 hours, they are subsequently transferred to their local Indian bank accounts. Additionally, exporters will receive the foreign inward remittance advice (e-FIRA) automatically within a day.
Exporters will be able to communicate with customers more effectively. Global Collections offers email, SMS, and WhatsApp as ways to communicate. Additionally, purchasers will have more options for how they want to make payments. They will be able to utilise local rails like SEPA, ACH, and Automated Clearing House, among others.
“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,” stated Reeju Datta, co-founder of Cashfree Payments. We at Cashfree Payments have led the way in developing cross-border solutions, and collaborations like these enable us to continue advancing our mission of assisting Indian companies in their expansion and worldwide success.
Making use of an expanding market
According to recent statistics, there is an opportune moment for this collaboration, as Indian merchandise exports have grown by a solid 13 percent year over year. That comes to almost $770 billion. In a similar vein, service exports have increased by an astounding 27% to reach almost $330 billion. The significant contributions of MSMEs to our exports worldwide are largely responsible for this remarkable development in exports. Additionally, the goal of this alliance is to simplify cross-border payments for Indian exporters, making it easier to promote international trade.
Presently, Cashfree Payments’ Payouts have a market share of more than 50% for disbursals. The investment made by Indian lender SBI in Cashfree Payments highlights the company’s contribution to the development of a strong payments ecosystem. In order to develop the essential banking and payments infrastructure that supports the company’s products, Cashfree Payments collaborates closely with banks.
Major platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay are also integrated with the organisation. Eight additional nations, including the United States, Canada, and the United Arab Emirates, use Cashfree Payments products in addition to India.
“We are thrilled to collaborate with Cashfree Payments to provide our exporters a seamless and efficient cross-border payment experience using their ‘Global Collections’ solution,” stated Pulkit Dwivedi, co-founder of Global Trade Plaza.
“Global Trade Plaza, a top B2B platform and Société Générale de Surveillance (SGS) official partner, is committed to supporting Indian companies as they expand internationally. Consequently, this promotes simple and safe international trade. We are collaborating with Cashfree Payments to make international transfers easier for Indian companies. We’re making sure they keep getting bigger and succeeding.
