IndiaMART, Tazapay Team to Help Exporters With X-Border Payments

B2B marketplace IndiaMART and payment platform Tazapay are joining forces to give exporters in India an easier solution for cross-border transactions, according to a joint press release.

“Having a seamless payments experience is increasingly crucial for B2B traders as more businesses digitize and look toward international expansion as a viable means to grow,” said Tazapay CEO Rahul Shinghal in the release. “However, cross-border B2B transactions remain as complex as ever.”

The companies said in the release merchants need to navigate complicated negotiations with payment service providers, while also contending with limited options for making and accepting global payments. Their partnership will help B2B exporters gain access to important economic markets, such as Southeast Asia, the United States, the United Kingdom and the European Union.

In addition to getting access to payment methods like local bank transfers, credit cards and QR code payments, merchants will also get the chance to deal with international clients “like a local while enjoying competitive platform fees, and the best [foreign exchange (FX)] rates,” the release stated.

The partnership follows IndiaMART’s $1.8 million investment in February in Realbooks, a cloud-based accounting software platform, a move that gives it a 26.01% piece of the company.

Read more: IndiaMART Purchases Stake in Realbooks

Based in the Indian city of Kolkata, Realbooks lets businesses create customized invoices, attach files to vouchers, and keep on top of their inventory, while also letting companies manage multiple business units from a single dashboard.

In March, IndiaMART invested $11.4 million in Livekeeping, an app that allows businesses to keep tabs on their accounting software. As in the case of Realbooks, this investment saw IndiaMART purchase a stake in Livekeepng, this time for 51.09%.

See more: B2B Marketplace IndiaMART Invests $11M in Livekeeping

“We have around 50,000 sellers on our platform who are export-oriented,” said IndiaMART Founder and CEO Dinesh Agarwal at the time. “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 payments for their export business.”