{"id":4359,"date":"2023-07-26T08:27:36","date_gmt":"2023-07-26T08:27:36","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4359"},"modified":"2023-09-18T18:14:38","modified_gmt":"2023-09-18T18:14:38","slug":"razorpay-launches-indias-first-moneysaver-export-account-set-to-save-indian-exporters-more-than-50-in-bank-transfers","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpay-launches-indias-first-moneysaver-export-account-set-to-save-indian-exporters-more-than-50-in-bank-transfers\/","title":{"rendered":"Razorpay Launches India\u2019s First MoneySaver Export Account, Set to Save Indian Exporters More Than 50% in Bank Transfers"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 500;\" aria-level=\"1\"><i><span style=\"font-weight: 500;\">International Payments product suite to contribute to over 20% of Razorpay\u2019s overall payments revenue by 2025<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 500;\" aria-level=\"1\"><i><span style=\"font-weight: 500;\">Company expects to serve over 1-2 Lakhs businesses by end of 2025 (currently 10,000 businesses)<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 500;\" aria-level=\"1\"><i><span style=\"font-weight: 500;\">Existing merchants in India can open an account in the US, UK, Australia, or Canada through the Razorpay platform within 5 seconds, adhering to all guidelines set by RBI<\/span><\/i><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru &#8211; 26th July 2023:<\/b><span style=\"font-weight: 500;\"> In an industry-first move that aligns with its <\/span><b>commitment to making international money movement simpler, safer, and seamless, <\/b><a href=\"https:\/\/razorpay.com\/\"><b>Razorpay<\/b><\/a><b>,<\/b><span style=\"font-weight: 500;\"> India\u2019s Leading Full-Stack Payments and Banking Platform for Businesses, has<\/span> <span style=\"font-weight: 500;\">announced the launch of its <\/span><b>MoneySaver Export Account. <\/b><span style=\"font-weight: 400;\">This product will <\/span><span style=\"font-weight: 500;\">enable Indian exporters to <\/span><b>now open a Smart Account in any country of their choice and receive payments locally via bank transfers on the Razorpay platform. <\/b><b>This will be India\u2019s First Sma<\/b><b>rt Account to offer 50% savings on international bank transfers<\/b> <span style=\"font-weight: 400;\">for exporters<\/span><span style=\"font-weight: 500;\">, and help <\/span><b>save them from high transfer costs, chargebacks and payment failures.\u00a0<\/b><\/p>\n<p><b>India has witnessed rapid emergence as a global exporter, serving markets like <\/b><span style=\"font-weight: 500;\">the USA, Middle East, Canada, and Europe, among others and <\/span><b>witnessed exports of $63 Bn; <\/b><span style=\"font-weight: 400;\">an<\/span><b> 8% growth<\/b><span style=\"font-weight: 400;\"> from 2022.<\/span> <span style=\"font-weight: 400;\">Exporters use international bank transfers frequently, accounting for more than <\/span><b>50% of their cross-border payments.<\/b><\/p>\n<p><b>Currently, India\u2019s annual exports account for $750 Bn. Even if 10% of the overall payments happen via Bank Transfers, the SWIFT charges alone can accumulate to a staggering $5 Bn<\/b><span style=\"font-weight: 500;\">. There is a pressing need to overhaul the traditional remittance systems, which are archaic both in terms of tedious paperwork, non-transparent fees as well as time-consuming onboarding processes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 500;\">When it comes to export payments, <\/span><b>high transfer costs is one of the main concerns for businesses<\/b><span style=\"font-weight: 500;\">, others include challenges around <\/span><b>chargebacks and transaction failures<\/b><span style=\"font-weight: 500;\">. For instance, imagine an Indian textile merchant, looking to sell their goods in a London-based store. The London-based store will prefer to pay in GBP (Great Britain Pound), and through a local bank account, because an international bank payment will mean the store owner will also have to pay transfer charges. Secondly, local banking presence adds a certain degree of trust and comfort for foreign businesses, which is crucial for an Indian business looking to grow and scale across borders. <\/span><b>Currently, Indian businesses can mostly receive payments only in their Indian bank account, which would mean a plethora of charges, including SWIFT charges of $13 on every $200 remitted<\/b><span style=\"font-weight: 500;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 500;\">Hence, each time an Indian business wants to start exporting globally, they first need to plan and account for their payment process, instead of focussing on business expansion. They need a bank account in <\/span><b>every country they want to business in<\/b><span style=\"font-weight: 500;\">, to build local trust and comfort. There is also a <\/span><b>need for more transparency in fees, <\/b><span style=\"font-weight: 500;\">particularly for SMEs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 500;\">With an intent to solve these payment concerns of Indian exporters, Razorpay enables exporters to <\/span><b>now open a MoneySaver Export Account in any country of their choice and is entirely free from any hidden charges, <\/b><span style=\"font-weight: 500;\">providing their global customers with a seamless and cost-free experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 500;\">This account can be easily opened and accessed via the Razorpay dashboard. It takes an exporter <\/span><b>only ~5 seconds<\/b><span style=\"font-weight: 500;\"> to get started with receiving international bank transfers <\/span><b>across 160+ countries <\/b><span style=\"font-weight: 500;\">via the MoneySaver Export Account, without any additional paperwork. A 100% <\/span><b>OPGSP (Online Payment Gateway Service Provider) compliant solution<\/b><span style=\"font-weight: 500;\">, MoneySaver Export Account ensures that each payment on Razorpay platform is backed with a <\/span><b>single-click electronic Foreign Inward Remittance Statement<\/b><span style=\"font-weight: 500;\">, readily available on the Razorpay dashboard.<\/span><\/p>\n<p><span style=\"font-weight: 500;\">Commenting on the launch, <\/span><b>Rahul Kothari, Chief Business Officer, Razorpay said<\/b><span style=\"font-weight: 500;\">, \u201c<\/span><i><span style=\"font-weight: 500;\">The Indian export landscape is expected to exceed $1.6 Tn, at approximately 48% of our nominal GDP of $3.4 Tn. This high trade-to-GDP ratio is only set to grow in the coming years; which is why we decided it was time for us to ease the hurdles exporters face when it comes to money movement. We are thrilled to have seen an incredible early adoption of the MoneySaver Export offering, and support over <\/span><\/i><b><i>10,000 exporters<\/i><\/b><i><span style=\"font-weight: 500;\"> already. This reinforces our belief that the <\/span><\/i><b><i>market seeks a solution that simplifies international bank transfers without the hassle of maintaining multiple accounts in different countries.<\/i><\/b><i><span style=\"font-weight: 500;\"> With Razorpay\u2019s MoneySaver Export Account, our aim is to democratize the international banking landscape, providing access to such a solution for all businesses thus empowering India\u2019s export businesses to become truly global and grow disproportionately\u201d, <\/span><\/i><b>he added<\/b><span style=\"font-weight: 500;\">.<\/span><span style=\"font-weight: 500;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 500;\">One of Razorpay\u2019s customers,<\/span><b> Chirag Mehta, CEO, Satrang Technologies <\/b><span style=\"font-weight: 500;\">said, <\/span><i><span style=\"font-weight: 500;\">&#8220;For foreign bank transfers, one of the key challenges is the hidden charges. With Razorpay, we received <\/span><\/i><b><i>an affordable solution that allowed us to go-live fast<\/i><\/b><i><span style=\"font-weight: 500;\">, and enabled our customers to be able to pay us in USD. Razorpay MoneySaver Export Account has helped us reduce costs for our business.&#8221;<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">With its focus on building the country\u2019s fintech infrastructure, Razorpay has endeavored to bring innovative and seamless payment solutions to over <\/span><b>10 Million businesses<\/b><span style=\"font-weight: 400;\">. The company&#8217;s razor-sharp focus on building India\u2019s financial backbone has made it the preferred platform for growing Indian businesses to scale their business not just in India, but also in international territories.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Payments product suite to contribute to over 20% of Razorpay\u2019s overall payments revenue by 2025 Company expects to serve over 1-2 Lakhs businesses by end of 2025 (currently 10,000 businesses) Existing merchants in India can open an account in the US, UK, Australia, or Canada through the Razorpay platform within 5 seconds, adhering to<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[28],"tags":[99,33,98],"class_list":{"0":"post-4359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-technology","7":"tag-export-account","8":"tag-razorpay","9":"tag-razorpay-moneysaver"},"modified_by":"Anu Saraswat","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4359"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4359\/revisions"}],"predecessor-version":[{"id":4360,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4359\/revisions\/4360"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}