Most merchants do not have a payment mechanism for any overseas sales. Banks only cater to B2B payments for large corporate using letter of credit and other mechanisms for cross-border payments, according to Co-founder of Trupay, Vivek Lohcheb, business-standard.com reports.
He added that jewellery and handicrafts mean over USD 50 billion worth of transactions annually from India, and now there are limited options for merchants to collect payments directly from overseas customer. The partnership will allow global reach for small merchants to sell its goods overseas directly to customers with total security and fraud prevention mechanisms.
Trupay will leverage the global best practices and risk management systems of PayPal. It 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.
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