- Payrails, a payments provider based in Berlin, has partnered with inDrive, a ride-hailing platform, to expand inDrive's payment services in MENA and other regions.
- Through the partnership, inDrive hopes to improve local payment experiences for both drivers and customers, increasing conversion rates and lowering costs.
- According to Payrails, inDrive's implementation of a PSP-agnostic integration layer and dynamic payment routing resulted in an 11% increase in card approval rates.
“inDrive achieved this in a lesser time than required to launch each new integration,” Payrails said. It explained how dynamic payment routing improves payment completion rates and reduces the number of failed payments.
Orkhan Abdullayev (CEO) and Emre Talay founded Payrails in 2021 to assist businesses in accepting global payments and automating financial operations. The startup employs around 50 people and hopes to hire 100 by 2024. It has secured funding of up to $20.8 million and banked $14.4 million in June 2023 to expand its operational system. In 2022, it received $6.4 million in a funding round led by a16z.
InDrive moved to the United States in 2023 and now operates in 749 cities across 46 countries, including Nigeria, Kenya, Tanzania, Botswana, Ghana, Namibia, and South Africa. In 2023, it was named the world's second most downloaded ride-hailing app, with a total of 66.6 million downloads on Google Play and Apple.
Prior to the partnership with Payrails, inDrive announced in January 2024 that it would offer financial services products, such as small loans to drivers, in some of the African markets where it operates.
InDrive's partnership would address the integration of multiple payment service providers (PSPs) and alternative payment methods (APMs), as well as the expansion of its operations.
While dynamic payment pages are the partnership's standout feature, Payrails' solution also includes expanded alternative payment method coverage. Its unified integration layer features a single API, which is said to eliminate the need for large individual integrations.
Per Abdullayev, the partnership demonstrates the company's commitment to providing innovative solutions in the MENA region and solving large enterprise problems.
“Our aim is to set new benchmarks of excellence for payments solutions across key industries worldwide,” the CEO concluded.
