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 rupees.
In a statement, Akash Sinha, CEO & Co-founder of Cashfree 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.”
“MSMEs 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,” said Ashish Tandon, Director, Channel Partners, PayPal India, in a statement.
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.
Businesses have been eyeing selling online as the way to grow businesses and not be restricted to geographical boundaries since the pandemic began in 2020. 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.
Cashfree, as a payment platform, offers businesses with international payment methods like Mastercard and Visa cards, American Express, Diners Club along with PayPal. Currently, it supports over 100 payment modes for accepting domestic and international payments.