Payrails, a leading payment platform catering to global enterprises is announcing a strategic collaboration with inDrive, the world’s second most downloaded ride-hailing app. The partnership enables California based inDrive to overcome the challenge of integrating multiple payment service providers (PSPs) and alternative payment methods (APMs) across different regions, such as MENA. Payrails implemented a solution featuring a PSP-agnostic integration layer, dynamic payment routing, and expanded alternative payment method coverage. inDrive achieved an 11% increase in card approval rates as part of an effort to boost conversion rates, accomplishing this in a fraction of the time usually required to launch each new integration.
At the core of the partnership is pioneering technology designed to revolutionize payment processing and operations for businesses worldwide. The collaboration aims to enhance local payment experiences for drivers and customers, boosting conversion rates while reducing costs. By leveraging Payrails’ innovative solutions, inDrive can expand its global footprint, ensuring seamless transactions and driving economic opportunities in the rapidly growing gig economy.
Payrails’ unified integration layer offers a seamless experience by providing a single API, eliminating the need for cumbersome individual integrations. Dynamic payment routing and backup options help to increase payment completion rates, minimize failed payment numbers and simultaneously increase income security for gig economy workers. A standout feature of the collaboration is the implementation of dynamic payment pages, tailored to meet specific needs, delivering a personalized and user-friendly checkout experience.
Vasiliy Everstov, Head of Fintech at inDrive, expressed enthusiasm, stating, “Partnering with Payrails empowers us to activate all of our key payment objectives for the business across our top priority markets. Together, we are driving tech innovation in the mobility industry and unlocking new opportunities for drivers and consumers alike.”
Orkhan Abdullayev, Co-Founder and CEO of Payrails, echoed this sentiment, remarking, “Collaborating with inDrive to revolutionize global payment processing underscores our commitment to providing innovative solutions in the MENA region and beyond that address the evolving needs of large enterprises. Our aim is to set new benchmarks of excellence for payments solutions across key industries worldwide.”
Through this alliance, inDrive can now access and automate the most suitable payment route in each market at the lowest cost, thereby driving efficiency and profitability in the industry using Payrails’ unified technology and API.
About Payrails:
Payrails is a flexible payment infrastructure for high-growth businesses to accept payments globally and automate financial operations in a unified platform. After building and scaling the FinTech arm at the world’s largest delivery platform, Orkhan Abdullayev and Emre Talay founded Payrails in 2021 and have launched their next-generation operating system to enable enterprises to build, operate, and scale payment solutions without the need for costly and complex in-house infrastructure. The Berlin-based company was founded in 2021; employs ~50 staff growing to ~100 this year; has onboarded multiple high-profile early customers including Vinted and Just Eat Takeaway; and has raised $20.8 million from some of the world’s most established investors, including Andreessen Horowitz, EQT Ventures, General Catalyst, and HV Capital.
About inDrive:
inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 200 million times, and was the second most downloaded mobility app in 2022 and 2023. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance and courier delivery. In 2023, inDrive launched New Ventures, a venture and M&A arm.
inDrive operates in 749 cities in 46 countries. Driven by its mission of challenging social injustice, the company is committed to having a positive impact on the lives of one billion people by 2030. It pursues this goal both through its core business, which supports local communities via a fair pricing model; and through the work of inVision, its non-profit arm. inVision’s community empowerment programs help to advance education, sports, arts and sciences, gender equality and other vital initiatives.