PR87306

BENGALURU, India, Dec. 16, 2020 /PRNewswire=KYODO JBN/ --

- 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

24x7 funds transfer

    Payments and banking technology company, Cashfree [https://www.cashfree.com/],

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.

    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.

    For media queries, please contact: Elita Sequeira, +91-9740648708, elita@cashfree.com

    Logo: https://mma.prnewswire.com/media/1387178/Cashfree_Logo.jpg

    Source: Cashfree