Cashfree, a payments and banking technology company, has recently entered a partnership deal with PayPal, a digital payments service, to allow international payments for merchants.
Under this partnership, several businesses that are using the payment gateway of Cashfree will be able to add the Express Checkout option of PayPal to their order pages and seamlessly accept payments from nearly 350 million customers in 200 markets. They will also be able to show their product prices in more than 28 currencies. Cashfree reportedly stated that it has been automatically conducting the foreign currency exchange, with amounts getting credited to the businesses’ accounts in rupee.
Akash Sinha, Cashfree’s Co-founder & CEO, has reportedly cited that the new API integration will enable merchants to conduct payments using the existing PayPal business accounts as well as accept and collect global payments. Furthermore, the deal will help businesses gain high benefits from the fraud prevention & seller protection tools developed by PayPal.
According to PayPal India’s Director of Channel Partners, Ashish Tandon, the company’s collaboration with Cashfree will allow small businesses in India to cater to more than 350 million customers across 200 markets. He added that microbusinesses as well as small- and medium-sized enterprises form the backbone of the economy, which are consistently contributing to the fight against the ongoing pandemic. This is due to the fact that cross-border trade can provide these businesses access to global customers and help them rapidly recover from the rising challenges.
Several businesses that are currently partnering with Cashfree can further activate One Touch payments to let customers stay logged in & check out in a seamless manner. This payment platform provides international payment methods to businesses, such as Diners Club, American Express, Mastercard, and Visa cards, in addition to PayPal. It presently supports nearly 100 payment modes to accept both international and domestic payments.
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