Indian exporters selling on the Amazon Global Selling Platform may now take advantage of a 0% FX markup via domestic payment aggregator (PA) Razorpay. Compared to more conventional approaches, this move enables exporters to save up to 50% on transaction fees while still collecting foreign revenues. With Razorpay, an Amazon exporter making Rs 5 lakh a month may save more than Rs 1 lakh a year. For these firms, this seeks to improve cash flow and profitability. The business added that it is now the first PA in India to let more than 1,50,000 Amazon exporters to operate in the country with no foreign exchange markup on their worldwide profits.
How this change will help Amazon exporters in India
By 2026, it is anticipated that India’s exports from cross-border e-commerce would total more than $200 billion. According to the firm, more than 400 million “Made in India” items have been sold globally through Amazon Global Selling, which is used by more than 150,000 Indian vendors. This initiative helps Amazon reach its target of facilitating a total of $80 billion in Indian e-commerce exports by 2030.
Indian exporters still have difficulties getting foreign payments in spite of this expansion. These difficulties include high forex conversion fees, hidden margins, slow settlements, high transaction costs, complicated compliance requirements, and delays of two or more weeks in obtaining Foreign Inward Remittance Certificates (FIRC).
These problems are being fixed by Razorpay’s MoneySaver Export Account. With this approach, money received in USD from Amazon Global Selling may be sent in INR, with no FX markups, to an Indian bank account in less than a day.
More than 100,000 exporters have benefited from Razorpay’s up to 50% transaction fee reductions, one-day FIRC issuance and IEC registration help, round-the-clock customer service in India, and thorough adherence to RBI rules and international payment standards.
Razorpay’s MoneySaver Export Account, which was made available to freelancers and service exporters last year to allow them to receive foreign payments with no forex markup, has been expanded.
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