Razorpay Unveils MoneySaver Export Account, Enabling SME Exporters to Slash International Transfer Costs by 50%

Razorpay's MoneySaver Export Account for SME Exporters

Razorpay, a prominent player in the digital payments and banking space, has introduced a game-changing solution for small and mid-size exporters with its MoneySaver Export Account. This account enables exporters to open an account in any of the 160+ supported countries, facilitating seamless receipt of payments locally via the Razorpay platform.

By doing so, exporters can significantly reduce high transfer costs, chargebacks, and payment failures, ultimately leading to a 50% reduction in expenses associated with international bank transfers.

Meeting the Needs of Growing Exports from India

The launch of the MoneySaver Export Account comes at a crucial time when India's exports are experiencing robust growth. Markets such as the US, Middle East, Canada, and Europe have witnessed exports worth $63 billion, marking an 8% growth from the previous year.

This facility by Razorpay serves as a valuable resource for Indian exporters looking to expand their global footprint.

Addressing Challenges Faced by Exporters with International Bank Transfers

International bank transfers form a significant portion of cross-border payments for exporters, accounting for more than 50% of their transactions. Currently, Indian businesses often receive payments solely in their local bank accounts, leading to a myriad of charges, including SWIFT charges, which amount to $13 on every $200 remitted.

The MoneySaver Export Account by Razorpay aims to simplify and streamline these transactions, ensuring substantial cost savings for exporters.

Urgent Need for Modernizing Traditional Remittance Systems

India's annual exports amount to a substantial $750 billion, with a significant portion involving bank transfers. The traditional remittance systems in place often involve cumbersome paperwork, opaque fees, and time-consuming onboarding processes. With 10% of overall payments occurring via bank transfers, SWIFT charges alone can accumulate to a staggering $5 billion, making it imperative to modernize these systems.

How the MoneySaver Export Account Works?

Exporters can effortlessly open and access the MoneySaver Export Account through the user-friendly Razorpay dashboard. The account is compliant with OPGSP (Online Payment Gateway Service Provider) regulations, ensuring that each payment processed on the Razorpay platform is supported by a convenient, single-click electronic Foreign Inward Remittance Statement.

Rapid Adoption and Positive Impact

The MoneySaver Export offering by Razorpay has already gained significant traction, garnering support from over 10,000 exporters. This rapid adoption reaffirms Razorpay's belief that the market is seeking a simplified solution for international bank transfers, eliminating the complexities of maintaining multiple accounts in different countries.

Razorpay's Commitment to Streamlining Global Payments

Rahul Kothari, Chief Business Officer at Razorpay, expressed enthusiasm for the early adoption of the MoneySaver Export offering. He highlighted the importance of this solution in simplifying international bank transfers, removing the need for multiple accounts, and fostering a seamless experience for exporters worldwide.

With the introduction of the MoneySaver Export Account, Razorpay continues to lead the way in revolutionizing digital payments and empowering SME exporters to thrive in the global marketplace with enhanced cost-efficiency and ease of transactions.

Conclusion

Razorpay's launch of the MoneySaver Export Account brings a transformative solution for small and mid-size exporters, empowering them to navigate the challenges of international bank transfers with ease and cost-effectiveness.

With the increasing exports from India to markets worldwide, this innovative facility comes at a crucial time, offering substantial savings on transfer costs, chargebacks, and payment failures.

The MoneySaver Export Account not only addresses the pressing need to modernize traditional remittance systems but also streamlines the cross-border payment process for exporters.

By allowing businesses to open accounts in over 160 countries and receive payments locally through the Razorpay platform, the company is poised to foster seamless transactions and significant cost reductions.

Razorpay's dedication to streamlining global payments and reducing complexities aligns with the industry's demand for simplified solutions that drive efficiency and cost-effectiveness.

As the MoneySaver Export Account continues to empower exporters to expand their international reach, Razorpay remains at the forefront of transforming digital payments and enhancing the financial landscape for businesses across the world.