B2B marketplace IndiaMART and payment platform Tazapay have entered into a partnership to facilitate cross-border transactions for exporters in India. The partnership will help exporters have a customised seamless payment solution for B2B trades, explained the firms in a joint statement.
The companies explained that currently merchants not only have to navigate complex negotiations with payment service providers, but they also have limited options when it comes to making and accepting payments on the global stage.
The partnership between IndiaMART and Tazapay will help the B2B exporters get coverage in key economic markets like South-East Asia, the USA, the UK, the EU, and many more.
On top of offering local payment methods such as local bank transfers, credit cards, and QR code payments - similar to UPI - for buyers and sellers alike, merchants will be able to deal with international clients like a local while enjoying competitive platform fees, and the best FX rates, conveyed the firms.
The partnership will also ensure that all transactions meet international trade compliance requirements, including issuance of Foreign Inwards Remittance Advice (FIRA) where required.
The partnership with Tazapay also further strengthens the value proposition offered by the IndiaMART Verified Export Services (IVE), which were launched in 2020 enabling its merchants to expand their business across the globe by tapping into the pool of more than 10 million foreign buyers every month coming from more than 100 countries.
"Being the end-to-end businesses solution provider, we are constantly working to provide ease of doing business to our patrons. We have around 50,000 sellers on our platform who are export-oriented. So, we looked for a partner with a customer-friendly track record that can handle cross-border payments seamlessly. Now, these exporters registered on our marketplace will also be able to make and track payment for their export business," said Dinesh Agarwal, founder & CEO, IndiaMART.
"Having a seamless payments experience is increasingly crucial for B2B traders as more businesses digitize and look towards international expansion as a viable means to grow. However, cross-border B2B transactions remain as complex as ever," said Rahul Shinghal, CEO of Tazapay.
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