PayPal, FIEO tie up to promote exports using technology

Our Bureau New Delhi | Updated on April 13, 2018 Published on April 05, 2018

Tech push: Ajay Sahai, Director General & CEO of FIEO, flanked by PayPal’s VP & Global Government Relation Head, Richard Nash, and MD of India operations, Anupam Pahuja. - KAMAL NARANG

MoU will focus on training Indian SMEs in various aspects of exports

Digital payments company PayPal and exporters’ body the Federation of Indian Export Organisations (FIEO) have tied up to promote exports, leveraging the technology platform. “PayPal will work with FIEO to educate SMEs on using technology to receive money in a safe and timely manner with PayPal products such as invoicing and bring to them global best practices from across 200 markets,” Ajay Sahai, Director-General & CEO, FIEO, said at an event announcing the partnership on Thursday

The MoU will help FIEO to reach cottage industries, artisans, housewives, youth, MSMEs and clusters, even in far-flung areas, to develop their orientation towards exports, he said.

PayPal would work as an intermediary guaranteeing delivery of the promised product to the buyer and the agreed payment to the seller. “The buyer’s concern of not getting the desired product even after making full payment and the seller’s worry of not getting paid after sending the product, both are taken care of by PayPal,” explained Anupam Pahuja, Managing Director and Country Manager, India, PayPal, adding that it sort of underwrites for both the buyer and the seller.

Paypal products such as invoicing solutions, safe payment options for buyers and easy integration with existing business systems will help encourage entrepreneurs and start-ups to take to exports without any difficulty and without much technical knowhow, Sahai said.

This MoU will essentially focus on training Indian SMEs in various aspects of exports and familiarise them with global growth opportunities. “FIEO’s members contribute more than 70 per cent of India’s exports and we look forward to leveraging our partnership to strike a global chord,” Pahuja said.

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Published on April 05, 2018
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