India's largest 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 customized seamless payment solution for B2B trades.
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.
The partnership will ensure that all transactions meet international trade compliance requirements, including issuance of Foreign Inwards Remittance Advice (FIRA) where required. The association between IndiaMART and Tazapay bodes well for exporters of goods based in India and exporters of service.
The partnership with Tazapay also further strengthens the value proposition offered by the IndiaMART Verified Export Services (IVE). IndiaMART launched the IVE service 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. "Through this integration with IndiaMART, we hope that our solution can ease the burden of building trust and paying business partners promptly overseas and bring Indian exporters to a more competitive level on the global market."
IndiaMART is an end-to-end solution for businesses to connect with buyers and sellers online, with 75 million monthly visitors to the website and carrying more than 97000 product verticals. Tazapay is a payment platform that provides escrow as a service, specialising in providing security for high value transactions, processing millions in transactional volume per month and covering more than 173 countries worldwide.
Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 4890.05 as compared to the previous close of Rs. 4837.30. The total number of shares traded during the day was 6160 in over 1604 trades.
The stock hit an intraday high of Rs. 4978.40 and intraday low of 4788.60. The net turnover during the day was Rs. 30130686.00.