Cashfree Payments, India’s largest payments and API banking firm announced that it has become the first payment service provider to receive the Reserve Bank of India’s Payment Aggregator license for cross-border payments, including imports and exports. This clearance enables the organisation to provide cross-border payment solutions to Indian exporters, freelancers, global corporations, and regulated entities, allowing them to collect and make payments.
On the development, Akash Sinha, Co-founder & CEO, Cashfree Payments said, ”With the Payment Aggregator-Cross Border (PA-CB) license, we are now well-positioned to support global businesses and globally regulated entities collecting payments in India. The license also enables us to offer Indian exporters and freelancers with cross-border payment solutions. This license will foster international trade and economic growth while building a robust cross-border payments ecosystem in India.”
The International Payment Gateway from Cashfree Payments allows merchants to accept payments from 180 countries and 30 currencies globally via cards, PayPal, ACH, and other local payment methods on their websites or through payment links, rather than expensive wire transfers. Furthermore, international merchants and foreign websites can accept payments from Indian customers via UPI, bank transfers, and credit cards.
Cashfree Payments obtained an RBI Payment Aggregator licence in December 2023, making it one of the first few players to do so. It processes transactions worth more than USD 80 billion annually and is utilised by over 6,00,000 enterprises for digital payment solutions. Through its diverse portfolio of tech-first products, the company has been at the forefront of reinventing how businesses approach digital payments, onboarding, and payouts. In recent months, it has launched industry-first technologies such as FlowWise for payment orchestration, KYC Link, Risk Shield for fraud monitoring, and more. Cashfree Payments is growing its reach in the UAE region outside of India through its recently acquired partner, Telr.
