Indian fintech firm Cashfree partners with PayPal to enable international payments

India-based payments and banking tech startup Cashfree announced that it has partnered with PayPal to enable international payments for merchants.

Cashfree co-founders Reeju Datta and Akash Sinha / Photo credit: Cashfree

As part of the tie-up, businesses using Cashfree’s payment gateway will be able to add PayPal’s Express Checkout option to their order pages and accept payments from the global fintech major’s users.

Under the deal, businesses could also show the prices of their products in over 28 currencies, with payments being automatically credited to their accounts in rupees.

Microbusinesses as well as small and medium-sized enterprises “form the backbone of the economy and are working relentlessly to fight the pandemic,” said Ashish Tandon, PayPal India’s director of channel partners. “Cross-border trade gives these businesses access to a global consumer base and will help them recover faster,” he added.

Cashfree said that with the onset of Covid-19, more businesses in India saw online selling as a way to grow their business. According to a recent Shopify report, roughly 86% of Indians have also adopted online shopping as the global health crisis kept them inside their homes.

In line with this, the partnership would make it easier for newer merchants reach a wider audience, said Akash Sinha, CEO and co-founder of Cashfree.

Founded in 2015, Cashfree’s technology enables businesses in India to collect and send money through payment methods like Mastercard and Visa cards, American Express, Diners Club, along with PayPal. It currently supports more than 100 payment modes for over 50,000 businesses.