India is one of the largest and fastest growing economies in the world. With its enormous domestic market, India is increasingly becoming a preferred destination for global businesses and investors. The Union government has spoken of India’s digital economy growing from about $200 billion in 2017 to between $800 billion and $1 trillion by 2030. This would imply that the share of the digital economy would grow from about 8 per cent to 18-23 percent inside the next decade.
To enable this, the government has taken numerous measures to facilitate an easy market entry and promote global collaborations. In addition to these reforms, the increase in international business opportunities in India has stemmed from technological disruption, internet penetration, and rising incomes.
However, accepting payments from Indian businesses has been a pain point for international businesses. The existing channels of accepting payments have significant limitations and require a great amount of time and effort for activation.
Limitations of existing channels in India
|Important Factors while considering India PA/PG||Other Payment Aggregators/ Payment Gateways||Banks|
|Ability to avoid tedious paperwork||✘||✘|
|Ability to avoid multiple approvals for every transaction||✘||✘|
|Offer UPI as a Payment Method||✘||✘|
|Offer Recurring Payments in India||✘||✘|
|Maximum Coverage of Local Methods||✘||✘|
With these limitations, it is challenging for International businesses today to find a solution that simplifies the collection of payments in India and offers their Indian customers payment options as per local preferences.
Razorpay enables International businesses to collect payments from India
Razorpay has launched a solution to enable International businesses to accept payments in India. With this solution, international businesses can accept payments from Indian customers and have the funds settled directly in their foreign currency bank accounts. At the same time, the buyers can make payments in the local currency (INR) through a wide range of payment methods such as UPI, UPI Autopay, Recurring payment methods, domestic debit and credit cards, Netbanking, etc. International businesses can now thus offer the best-in-country success rates and ensure a great end-user experience with Razorpay!
No Additional Paperwork Required!
International transactions and exports usually come with large amounts of painful paperwork, which is a source of unnecessary friction and frustration for International businesses to export services in India. With this solution, Razorpay businesses do not need to register their business in India and can have their funds settled in their foreign currency bank accounts directly. International businesses can get initiated without need for any complex paperwork.
One-stop solution for International businesses
International businesses can, therefore, overcome all existing challenges and limitations of traditional channels of collecting payments from India with our solution.
|Important Factors while considering India PA/PG||Other Payment Aggregators/ Payment Gateways||Banks||Razorpay|
|Ability to avoid tedious paperwork||✘||✘||✓|
|Ability to avoid multiple approvals for every transaction||✘||✘||✓|
|Offer UPI as a Payment Method||✘||✘||✓|
|Offer Recurring Payments in India||✘||✘||✓|
|Maximum Coverage of Local Methods||✘||✘||✓|
Our product has been launched for the below mentioned business categories. Our endeavour is to include other business categories in our offering in the coming months.
- Digital Goods
- Digital Services
- Online Travel Agencies
How do international businesses benefit from this solution?
With Razorpay, international businesses can offer a class-leading payments experience to their end customers in India, every time!
- Wide range of domestic payment methods
- UPI: 500 million+ UPI users can be your end customers
- Net Banking (All banks): Offerflexibility to choose from any Indian bank covered
- Cards (Mastercard, Visa, Rupay, Amex, Diners): Support all global networks and India-specific ones like Rupay
- UPI AutoPay: Support recurring payments on UPI
- Card Recurring: Support recurring payments on cards
- Emandate: Collect recurring payments through direct account to account transfers
- Compliant with latest RBI Guidelines
Razorpay enables International businesses to offer recurring payments to end customers in India in accordance with the latest RBI guidelines on tokenization and mandate management.
- Seamless onboarding
It is easy for overseas businesses to integrate with Razorpay’s RESTful/developer-friendly APIs and enable a whole host of payment methods and features. The account enablement process is also simple where the business gets onboarded with the KYC details as per their jurisdiction. The easy integration and simple account enablement process make the entire onboarding experience seamless and fast for the business.
- Best-in-class success rates
With an understanding and depth in the Indian payment space, Razorpay provides best-in-class success rates to foreign businesses for accepting payments from Indian customers.
- Hassle-free experience
Razorpay offers payment flows (or products) to provide a hassle-free experience with a choice of payment methods for Indian customers and low transaction charges by foreign payment providers.
- Multi-currency settlement support
Razorpay supports a range of foreign currencies, including USD, SGD, AUD, CAD, EUR, GBP, HKD, INR, and MYR, for transactions originating from India.
- Powerful dashboard
Take better business decisions by analyzing detailed reports about payments, settlements, and refunds.
- Pay in native currency
Customers can initiate payments in their native currency, and payments will be settled in your foreign bank accounts
Razorpay thus provides a comprehensive and easy-to-use solution to all International Businesses looking to accept payments from India. If you are a business headquartered in a geography other than India and are looking to settle funds in your foreign bank account, you can contact us by clicking on the button below.
After enabling this solution for international exporters in the digital goods & services sector, Razorpay is working to make it easier for other international businesses in the Goods, Travel, and Investments categories. We are also focusing on enabling other under-served market segments such as B2B exporters, adding new payment methods to make accepting international payments easier for Indian MSMEs, and making international payments safer through rigorous, technology-driven risk checks.
If you are looking for new international markets to take your business to the next, global, level, consider Razorpay! If you are an existing Razorpay user, check your dashboard for easy enablement of international transactions.