Indian small and medium-sized businesses (SMBs) managing international transactions often encounter challenges such as high costs, limited payment options, and delays. Addressing these issues, BRISKPE, supported by PayU, has introduced a unified platform designed to facilitate cross-border payments. The platform offers various payment modes to cater to the specific needs of exporters, freelancers, marketplace sellers, and service providers, aiming to streamline processes and boost efficiency. By focusing on user-friendly solutions for global markets, BRISKPE intends to bridge payment inefficiencies that SMBs frequently face.
What features does the BRISKPE platform offer?
The platform supports account-to-account (A2A) transfers, card-based collections through PayU, and wallet-based payments via PayPal (NASDAQ:PYPL). Additionally, it provides local payment processing in six major currencies, including U.S. dollars, British pounds sterling, and euros. For A2A transactions, BRISKPE charges a flat 1% fee and ensures funds are credited within one day. The platform also includes real-time payment tracking and instant Know Your Customer (KYC) approvals to expedite onboarding. Furthermore, it supports Swift transfers in over 30 currencies to accommodate diverse business needs.
How does BRISKPE address challenges Indian SMBs face?
By consolidating multiple payment methods into a single platform, BRISKPE simplifies financial management for SMBs engaged in global trade. The company highlights cost savings and adaptability as key benefits of its offerings. BRISKPE Co-Founder and CEO Sanjay Tripathy emphasized that the platform not only reduces operational inefficiencies but also enables businesses to focus on innovation and growth. He noted,
“By simplifying cross-border payments and offering a variety of payment options, including A2A, card-based, and wallet-based collections, we’re enabling businesses to address diverse client needs.”
Compared with other initiatives in the cross-border payments space, BRISKPE’s focus on flat fees and faster transaction processing stands out. PayU, BRISKPE’s backer, has previously collaborated with firms like CellPoint Digital to enhance payment options for travel merchants and has joined efforts with Visa in India to promote digital payments through platforms like PayU Push Provisioning. These earlier efforts indicate a broader strategy to expand digital payment solutions across different sectors, aligning with BRISKPE’s SMB-centric approach.
BRISKPE’s $5 million seed funding from PayU in May 2024 highlights the confidence investors have in the platform’s potential. The funding has likely enabled the development of advanced features like real-time tracking and multi-currency support. PayU’s involvement also builds on its existing partnerships aimed at improving payment infrastructure in India and globally, reflecting a consistent push toward innovation in digital payment systems.
The launch comes at a time when Indian SMBs are increasingly seeking tools to compete in global markets. Cross-border payment platforms like BRISKPE not only facilitate seamless transactions but also offer competitive advantages by addressing specific regional and operational hurdles. With the growing adoption of digital payments, platforms providing cost-efficient and transparent solutions could play a crucial role in driving economic growth.
BRISKPE’s focus on SMBs aligns with emerging trends in the cross-border payments industry, emphasizing user-centric design and operational efficiency. As SMBs continue to expand internationally, platforms like BRISKPE could act as enablers, helping businesses reduce complexities while meeting client demands effectively. For businesses involved in global trade, understanding such solutions can be crucial for optimizing financial operations and maintaining competitiveness.
