Razorpay partners with PayPal to facilitate global transactions for small businesses, freelancers

The company's partner businesses can now integrate with PayPal and accept payments from international customers from across 200 markets in a convenient, fast and secure manner, Razorpay said in a release.

Razorpay said that having faced stiff challenges due to the coronavirus pandemic, the domestic SMEs are hoping to bounce back by leveraging digital technologies to increase their revenues, while the freelancer economy is also flourising. While the potential for MSMEs and freelancers continues to grow, businesses still lose out on prospective global clients due to highly complex payment and banking infrastructure, processes and systems, it said. By integrating PayPal into Razorpay's payment platform, freelancers and MSMEs will now be able to accept international payments without having to write a single line of code, it said. Razorpay said it is witnessing a 40-45 per cent month-on-month growth and currently, powers payments for over 8 million businesses, including Facebook, Airtel, BookMyShow and Ola.

The newly crowned unicorn company said it is all set to reach 10 million businesses by the end of this year. Razorpay Chief Innovation Officer Amitabh Tewary said, "Partnering with a globally recognised organisation like PayPal...will allow us to further empower our partner businesses and open new growth avenues for them not just within India but internationally." Ashish Tandon, director (channel partners) of PayPal India, said, "MSMEs form the backbone of the Indian economy. At PayPal, our focus has been to help these businesses leverage the global opportunity and in light of the current pandemic, our cross border business has become even more relevant."