Digital payment start up Trupay has announced its strategic partnership with global payments giant Paypal to enable international cross border payments for its customers and merchants along with enabling Paypal to use Trupay for its inward payments in India.
"With this partnership Trupay aims to be the one stop shop for all payments requirements for its online and offline merchants. Currently most merchants do not have a payment mechanism for any sales done overseas. Banks only cater to B2B payments for large corporate using letter of credit and other mechanisms for cross border payments," said Co-founder of Trupay, Vivek Lohcheb.
"Jewellery and handicrafts alone constitute over USD 50 billion worth of transactions annually from India, at present there are limited options for merchants to collect payments directly from overseas customer. This partnership will allow global reach for even the smallest merchant to sell its goods overseas directly to customers with total security and fraud prevention mechanisms," added Lohcheb.
"With this partnership Trupay also seeks to leverage the global best practices and risk management systems of PayPal. Trupay has already gone live with 21 banks and has also integrated with some of the top mutual funds, insurance and securities brokerages to provide UPI based real-time payments. Within a month of launching United Payments Interface (UPI) on Trupay, the number of user downloads has already crossed 1,50,000 downloads figure," added Lohcheb.