Airpay and InstaReM combine to launch global FX payments solution

Indian omni-channel payments platform Airpay Payment Services has announced a partnership with digital cross-border firm InstaReM to launch a new international payments solution for its merchants. 

‘FX Payment’ will act as an alternative to credit cards used for international payments and is available for merchants across 27 countries globally. 

Incorporating InstaReM as a payment option on Airpay’s platform is expected to cut credit card processing fees, margins on FX rates and service fee; the service also offers local currency payment availability.

Prajit Nanu, co-founder and CEO, InstaReM, commented: “InstaReM’s innovative payments solutions enable individual and enterprise users to send, spend and receive money efficiently, to and from different parts of the world, while saving on high transaction costs that are traditionally associated with cross-border money movements. 

“We are now extending our capabilities to payment gateways, thereby offering a fast, secure and cost-effective payment option to customers buying on e-commerce sites. 

“With this partnership, consumers all over the world will be able to make payments in real-time to some of the highly-reputed merchant brands in India.”

“International payments via credit cards are opaque and expensive due to high credit card processing charges and hidden fees that are not typically known or explained to the consumers,” added Kunal Jhunjhunwala, principal founder and managing director, Airpay.

“By leveraging InstaReM’s global presence and capabilities in cross-border payments, we are offering a seamless and transparent payment option which is going to be immensely beneficial to the merchants using our platform as well as their customers.”