The rise of open banking and real-time payment networks such as PayNow in Singapore and Unified Payments Interface (UPI) in India has created new payment options for millions of customers in emerging markets. It has also led to more businesses and consumers demanding for payments to be completed in real-time and via platforms they are familiar with.
However, there are many complexities for merchants who sell across borders to overcome in this new world. They are juggling the need to keep costs low and settlement times short, while navigating tricky regulations across multiple jurisdictions.
Tazapay helps by combining both card and real-time payments methods as a full-stack service, so that cross-border merchants only need to use one payment platform.
Businesses who use the service have access to the firm’s global network of over 170 markets for its card coverage and 85 markets for its local payments collection coverage through a single API integration.
The result? Buyers can secure payments from their customers without having to create local entities everywhere while keeping costs low.
With the Series A funding, Tazapay’s CEO and co-founder Rahul Shinghal plans to further scale the business across Asia and expand in other regions such as the Middle East and Europe.
This includes the application of payment licenses in major markets and adding more local payment methods to better serve a growing list of verticals, including cross-border e-commerce, education technology, Software-as-a-Service and travel.
Read more about Tazapay’s Series A raise here.
