Razorpay Launches MoneySaver Export Account to Empower Small and Mid-Size Exporters

By siliconindia  |  Thursday, 27 July 2023, 14:45 IST

Razorpay Launches MoneySaver Export Account to Empower Small and Mid-Size Exporters
Payments and banking platform for businesses, Razorpay, has unveiled a groundbreaking solution for small and mid-size exporters with the launch of its MoneySaver Export Account. This specialized facility allows exporters to open an account in any country from a selection of more than 160 countries. By receiving payments locally via the Razorpay platform, exporters can now save significantly on high transfer costs, chargebacks, and payment failures.
The launch of the MoneySaver Export Account comes at a crucial time, with India witnessing a notable surge in exports. Markets such as the US, Middle East, Canada, and Europe have seen exports amounting to $63 billion, showcasing an impressive 8 percent growth from the previous year, as highlighted by Razorpay.
Currently, exporters frequently utilize international bank transfers, which account for more than 50 percent of their cross-border payments. The conventional method of receiving payments in their Indian bank accounts results in multiple charges, including SWIFT charges of $13 on every $200 remitted. Razorpay’s innovative offering addresses this challenge and aims to transform the traditional remittance systems, streamlining tedious paperwork, non-transparent fees, and time-consuming onboarding processes.
India’s annual exports contribute to a significant $750 billion, and even a small fraction of payments conducted through bank transfers can accumulate staggering SWIFT charges, amounting to approximately $5 billion. Razorpay’s MoneySaver Export Account addresses this pressing need for a more efficient and cost-effective remittance solution.
Exporters can easily open and access the account through the Razorpay dashboard, ensuring a seamless and user-friendly experience. The account is compliant with OPGSP (Online Payment Gateway Service Provider) standards, providing an added layer of security and ensuring each payment on the Razorpay platform is backed with a single-click electronic Foreign Inward Remittance Statement.
Rahul Kothari, Chief Business Officer at Razorpay, expressed his enthusiasm for the early adoption of the MoneySaver Export offering, with over 10,000 exporters already benefiting from this innovative solution. He stated, “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.”
With the launch of the MoneySaver Export Account, Razorpay is set to empower and transform the export landscape for small and mid-size businesses, providing them with a competitive edge in the global market.

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