American Express Stock – Cashfree joins hands with PayPal to help Indian businesses sell to 350mn+ customers across 200 markets
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.
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.”
Ashish Tandon, Director, Channel Partners, PayPal India, 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. At PayPal, we have an unrelenting focus on enabling safe and seamless transactions for our merchants. Together with Cashfree, Indian small businesses will be able to tap into our 350 plus 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.
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. Cashfree also offers advanced payment gateway features like 15 minutes payment gateway settlements, instant refunds, pre-authorization on card payments etc. among other innovative features. First forged in 2015, this partnership with PayPal along with the recent launch of Cashfree’s Global Payouts solution for instant cross border payments will further strengthen the digital payments ecosystem.