With this partnership, Aramex will be able to make instant cross-border payments to the bank account of sellers in India using Cashfree’s Global Payouts solution
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
Bengaluru based payments and banking technology company, Cashfree, today announced that the leading global provider of logistics and transportation solutions, Aramex, has partnered with the company by integrating Cashfree’s Global Payouts solution. This partnership will allow Aramex to pay sellers in India for funds collected against postpaid orders from international buyers in the Middle East.
Akash Sinha, CEO and Co-Founder, Cashfree said: “India being the second largest market for cross-border commerce, we are committed to offering a fast, simple and cost-effective way to make cross-border payouts to India. With Global Payouts, we enable international businesses to pay their sellers, service providers or freelancers in India directly in their local Indian bank account. We are delighted to partner with one of the world’s foremost logistics and transportation companies, Aramex, to empower Indian sellers to take their businesses global.”
Samer Marei, Regional Director – South-eastern Asia & India Subcontinent at Aramex, said: “We are very excited to be partnering with Cashfree to provide an innovative solution which enables instant cross-border payments to Indian e-tailers selling products to the Middle East. The findings of our extensive market research showed that Cash on Delivery is the most preferred payment mode by online shoppers in the MENA region. On the other hand, the findings also showed that one of the main challenges e-tailers face is delayed funds transfer, which ultimately impacts their operations and cash flow management. To address this gap, together with Cashfree, we would provide merchants in India convenient and flexible options allowing them to receive money instantly from online purchases. This FinTech based solution supports the demands of these markets and enables Indian e-tailers to penetrate the MENA region’s markets. It also ensures retail businesses are able to seamlessly process transactions, ultimately improving cashflow management, boosting order acceptance rates, and enabling those businesses to focus on profitable growth.”
Global Payouts enables Cashfree to offer international businesses such as FinTech’s, eCommerce marketplaces, logistics platforms, remote staffing platforms, a fast (instant), simple and cost-efficient rails for cross border money transfers to Indian bank accounts, without needing to set up a legal entity in India. Businesses can send money in their preferred currency including USD, EUR, GBP, JPY. 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.