Banking Business Fintech News

Cashfree introduces ‘Global Payouts’ for International Businesses to Remit Payments Directly to Bank Accounts in India

Cashfree introduces 'Global Payouts' for International Businesses to Remit Payments Directly to Bank Accounts in India

– Allows international businesses to pay their sellers, service providers or freelancers in India directly in their local Indian bank account

– International businesses can send money in their preferred currency including USD, EUR, GBP, JPY

– While traditional cross border methods including wire transfer and wallet payments take two to three days for funds transfer, Cashfree allows for instant 24×7 funds transfer

Payments and banking technology company, Cashfree, has launched the company’s Global Payouts solution for instant cross border payments that can be availed by international businesses to pay their sellers, service providers or freelancers in India. This solution allows businesses to make instant transfers directly to local bank accounts of recipients in Indian Rupees (INR) instead of the usual transaction time of two to three days with traditional cross border money transfer methods like wire transfers and wallet to wallet transfers.

Read More: Aeldra Launches Its Premium Global Banking Mobile App; Set to Add 300,000 Accounts

The launch of Global Payouts enables Cashfree to offer businesses such as fintechs, e-commerce marketplaces, logistics platforms, remote staffing platforms etc. 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.

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.”

Cashfree has been working with global businesses including Shell, Tencent, and HDFC Ergo with its collection and disbursal solutions for payments to their operations in India. In the first phase of Global Payouts, Cashfree is targeting businesses across geographies including US, LATAM, Middle East, APAC and Africa.

Read More: Lukka Closes Series C Led by State Street With Participation From S&P Global and CPA.com

Related posts

Onyx CenterSource Announces Global Partnership with WEX to Expand Digitized Payments Options

FTS News Desk

Century Business Solutions Partners with Klear Systems to Deliver Credit Card Processing within Sage 100cloud ERP and Acumatica Cloud ERP

FTS News Desk

CorionX And Fuse Work Together To Bring Wider Adoption Of Stablecoins And Decentralized Finance. CorionX IEO Enters Closing Round, Fuse Start First Public Decentralized Exchange Listing

FTS News Desk