Sokin, the new generation fintech payment firm, has signalled its intention to become a market leader in India, as it inks a significant deal with Razorpay, the leading full stack financial solutions company to enter the Indian market.
Sokin will work with the RazorpayX, the fintech giant’s Neobanking arm, to provide its clients with a fully operational business banking service including current accounts which can be seamlessly integrated with Sokin’s simple app, or online-based platform, which allows multiple international transfers with no hidden costs, all for a fixed monthly fee.
Vroon Modgill, CEO at Sokin, knows the link with RazorpayX will offer significant cost savings for Indian nationals and businesses based around the world. He commented: “The remittance and transfer market into India is very important. The deal we have signed, for the first time, will allow anyone to send money home with no additional or recurring hidden costs. We offer users monthly one off subscription fees to enable money transfers from over 150 countries and in more than 35 different currencies, without adding repeat costs or marking-up exchange rates. Through this partnership with Razorpay, the service will now be available for everyone in the Indian market to use.”
The Sokin and Razorpay payment gateway will give clients a fast, secure and compliant way to move money back into their home country. It is the first partnership between Razorpay and a European based payments company, which will help millions of people who have family members working overseas.
Shashank Kumar, CTO and Co-Founder of Razorpay said: “The Indian payments and money transfer market is undergoing significant change driven by innovation and fintech investment, which is improving the services and products available to customers. The Indian FinTech sector is at its exciting best right now and we are very excited about developing this relationship with Sokin at such a ripe time. With our association with Sokin, we hope to together make real-time, intelligent business banking solutions accessible to the businesses and people living overseas who will be able to save money and time when making remittances.”
Sokin allows users to make unlimited payments and transfers for one low monthly fee, starting as low as INR 499. There is no mark-up on transactions and average prices are 20% lower than other existing payment solutions. Fast and secure payments are made through Sokin's app covering a range of business and consumer clients.