Payoneer digitises FIRC; move to boost SMB exports

K R Srivats New Delhi | Updated on May 27, 2019

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Exporters can get their FIRC document directly through mail, at no additional cost

Payoneer, a global cross-border B2B digital payments provider, has come up with a digital Foreign Inward Remittance Certificate (FIRC) solution for e-commerce and service sector exporters.

This digital FIRC enables customers to get FIRCs for every transaction on real time basis automatically.

In India, sellers and services exporters are required to furnish a FIRC. Customers need to provide paper applications to their banks for every transaction to seek a FIRC. Moreover, banks charge customers significant document fees to process FIRC requests.

With the launch of digital FIRCs, Payoneer customers get this document directly through email, without having to make any requests, at no additional cost.

Commenting on the launch of Digital FIRC in India, Rohit Kulkarni, Head of South Asia, Payoneer said, “This new digital FIRC service allows us to strengthen our commitment to make it as easy as possible for SMBs to expand globally.”

With digital FIRC, sellers are not only able to get FIRCs in near real time, but also use this to claim GST refunds and various incentives offered by the government to exporters, Kulkarmi said.

Hussain Gurana, Director, A JAALD, an e-commerce Exporter, said that FIRCs are needed to enable bankers validate export transactions.

“Getting FIRCs took a lot of our resources. We had to fill in paper documents for every transaction and follow up several times with banks. Sometimes it took over six months to get FIRCs. Banks also charge documentation fees for every FIRC. Once Payoneer digitized FIRCs, FIRCs directly come to my inbox on the same day for all transactions, that too at no additional costs,” Gurana said.

Published on May 27, 2019

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