Cashfree ties up with Aramex, goes global with payouts solution, BFSI News, ET BFSI

FinTech Cashfree has announced a partnership with Aramex, allowing the logistical provider to pay sellers in India for funds collected against postpaid orders in the Middle East. The partnership relies on using Cashfree’s Global Payouts solution, which allows FinTechs, eCommerce marketplaces, logistics platforms and remote staffing platforms, rails for cross border money transfers to Indian bank accounts, without having to establish a legal entity in the country.

Akash Sinha, CEO and Co-Founder, Cashfree, on the partnership said “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.”

Aramex’s Regional Director – South-eastern Asia & India Subcontinent, Samer Marei, noted “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,” Marei added.

Businesses using Cashfree’s Global Payouts solution can send payments in 17 currencies, including USD, EUR, GBP and JPY.