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Payment and banking company Razorpay has launched an account for Indian exporters, the MoneySaver Export Account.
With this product, Indian exporters will be now open a smart account in any country of their choice and receive payments locally via bank transfers on the Razorpay platform.
The initiative allows exporters to receive international bank transfers from 160 countries.
“This will be India’s first smart account to offer 50% savings on international bank transfers for exporters, and help save them from high transfer costs, chargebacks and payment failures,” said Razorpay in a statement.
Also read: Razorpay Magic Checkout reduces RTO by 30%, plans to add 5x retailers in the next year
Seamless experience
“With an intent to solve these payment concerns of Indian exporters, Razorpay enables exporters to now open a MoneySaver Export Account in any country of their choice and is entirely free from any hidden charges, providing their global customers with a seamless and cost-free experience,” it added.
The account can be opened and accessed via the Razorpay dashboard without any additional paperwork. The account comes with a single-click electronic Foreign Inward Remittance Statement (FIRS), accessible directly from the Razorpay dashboard.
“The Indian export landscape is expected to exceed $1.6 trillion, at approximately 48 per cent of our nominal GDP of $3.4 trillion. This high trade-to-GDP ratio is only set to grow in the coming years; which is why we decided it was time for us to ease the hurdles exporters face when it comes to money movement. We are thrilled to have seen an incredible early adoption of the MoneySaver Export offering, and support over 10,000 exporters already. This reinforces our belief that the market seeks a solution that simplifies international bank transfers without the hassle of maintaining multiple accounts in different countries,” said Rahul Kothari, chief business officer of Razorpay, said.
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