Announcement
Razorpay, the Indian omnichannel payments platform for businesses, announced on 20 August 2026 the launch of its Multi‑Currency Exchange Earners' Foreign Currency (EEFC) Account. The new offering enables exporters and internationally operating businesses to receive payment settlements directly in the original transaction currency—specifically United States Dollars (USD), Euros (EUR), British Pounds (GBP), United Arab Emirates Dirhams (AED) and Singapore Dollars (SGD)—without the mandatory conversion to Indian Rupees (INR).
Operational Rationale
Indian exporters traditionally receive international payments settled in INR, which forces them to reconvert funds back into foreign currencies when they have overseas expenses. This creates multiple conversion cycles and incurs avoidable foreign‑exchange (FX) costs, a challenge that intensifies as Indian firms expand globally and require greater flexibility over when and how to convert earnings.
Features and Benefits
The Multi‑Currency EEFC Account addresses these pain points by allowing businesses to retain earnings in the original foreign currency and convert only when operationally necessary. Key advantages include direct foreign‑currency settlements, reduction of FX leakage through the elimination of repeated conversions, enhanced cash‑flow management by giving merchants control over conversion timing, seamless integration with Razorpay’s existing dashboard, settlement engine and reconciliation processes, and the absence of any additional setup, onboarding or changes to the current payment configuration.
Executive Commentary
Commenting on the launch, Rahul Kothari, Chief Operating Officer of Razorpay, stated that Indian businesses are selling to the world like never before, reaching a record USD 860 billion in FY26. He emphasized that exporters need financial infrastructure that scales with their growth, and that the Multi‑Currency EEFC Account simplifies retention of foreign earnings, reduces conversion costs and bolsters confidence in global markets.
Strategic Significance
The introduction of the EEFC Account extends Razorpay’s export‑payments stack beyond mere collections, supporting the entire export money lifecycle—from international payment collection to foreign‑currency retention and onward cross‑border payouts. This move reinforces Razorpay’s commitment to building financial infrastructure that enables Indian businesses to compete internationally.
Company Background
Founded in 2014 by IIT Roorkee alumni Shashank Kumar and Harshil Mathur, Razorpay provides technology‑driven payment and banking solutions to a wide range of Indian businesses. The company has attracted angel investors who share its mission to simplify payments and business banking.
Disclaimer
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