Expressnews
Chennai, December 19 2024:
Skydo, a leading cross border payments platform has received Payment Service Provider (PSP) approval from Amazon. This makes Skydo one of the first homegrown platforms to offer seamless international payments for lakhs of Indian exporters selling on Amazon global marketplaces.
With this, exporters on Amazon can receive their international payouts through Skydo in a secure and cost-effective manner. Skydo is partnered with HDFC Bank and compliant with RBI regulations. Through their payment solutions, Skydo has already empowered over 10,000 Indian exporters to receive their international payments seamlessly.
Amazon has recently announced plans to enable over USD 80 billion in cumulative e-commerce exports from India by 2030, quadrupling its earlier pledge of USD 20 billion by 2025. This highlights the robust demand for ‘Made in India’ products and the crucial role of payment service providers like Skydo in processing international payments for India’s rapidly growing exports.
As part of their launch offer, Skydo is offering zero forex markup and a USD 1 flat transaction fee to Amazon Global sellers in their first three months of using the platform. Some key features of Skydo include transparent pricing with zero markup over live mid-market forex rates, instant digital onboarding and KYC, dedicated customer support, fast settlements, and simplified regulatory compliance with instant FIRA (Foreign Inward Remittance Advice).
“We believe international payments on global marketplaces such as Amazon should be as transparent and easy as local payments. Our mission is to empower Indian exporters by eliminating inefficiencies and ensuring convenient and cost-effective cross-border transactions. Skydo’s advanced risk, compliance, and fraud prevention infrastructure ensures that sellers can operate with confidence in the global marketplace,” said Srivatsan Sridhar, CEO of Skydo.
Managing cross-border payments and navigating export compliance are major challenges for businesses expanding globally. Skydo is addressing these challenges by building a comprehensive ecosystem of services around payments tailored to Amazon sellers. This will help Indian MSMEs and D2C startups focus on growth and extend their reach to global markets.
As India targets USD 1 trillion in merchandise exports by 2030, initiatives like Amazon’s Global Selling program have expanded global market access for Indian businesses, particularly MSMEs and entrepreneurs from key export hubs across states such as Delhi NCR, Maharashtra, Gujarat, Rajasthan, Karnataka, Uttar Pradesh, and Tamil Nadu. Since its launch in 2015, the program has empowered 1.5 lac Indian exporters to sell over 400 million ‘Made in India’ products worldwide, reaching major markets like the US, UK, UAE, Canada, Germany, and Australia.These sellers hail from 200+ cities across 28 states and 7 union territories, reflecting the increasing adoption of e-commerce exports across the country.
