Payments and banking technology company, Cashfree has bolstered cross border payments with the launch of its Global Payouts solution.
The launch allows firms to boost efficiency in the way they pay sellers, services providers and freelancers based in India.
Akash Sinha, CEO and Co-Founder, Cashfree said: “As India is the second-largest market for cross border commerce, we realised the need for a fast, simple and cost-effective way to make cross border payouts to India.
“With Global Payouts, Cashfree opens the door for international businesses to automate seamless cross border payments to India. We have been piloting the feature with a set of our global users and are excited to make the feature available to all businesses looking to make payouts to India.”
The launch of Global Payouts enables Cashfree to offer businesses such as fintechs, ecommerce marketplaces, logistics platforms, remote staffing platforms, based outside India, an instant, simple, and cost-efficient rails for bulk cross border money transfers to India.
International businesses can use Cashfree’s solution without having to set up a place of business in India. While businesses can send payments in 17 currencies, the solution also helps the recipient partners and sellers obtain the necessary certificates for their regulatory filing.
Expert Analysis: India remains a thriving hub for fintech and business, the launch of the Cashfree solution can be key in accelerating this growth and continuing to boost the economy in the region, through what has been a significantly tough time.