Cashfree Payments, India’s payments and API banking company, 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, for both imports and exports.
This approval allows the company to “extend its cross-border payment solutions to Indian exporters, freelancers, global businesses, regulated entities etc, to enable them to collect and make payments.”
Akash Sinha, Co-founder & Chief Executive Officer at 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.”
As mentioned in the announcement, Cashfree Payments’ International Payment Gateway reportedly “enables merchants to accept payments from 180 countries and 30 currencies worldwide via cards, PayPal, ACH and other local payment methods on their websites or through payment links, instead of doing expensive wire transfers.”
Additionally, international merchants and foreign websites “can collect money from Indian consumers via UPI, bank transfers, and cards.”
In December of 2023, Cashfree Payments “secured RBI Payment Aggregator license, becoming one of the first few players to receive it.”
It processes transactions “worth USD 80+ billion annually and is used by over 6,00,000 businesses for digital payment solutions.”
The company claims that it has been at the forefront of “redefining the way businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings.”
Over the last few months it has “introduced industry-first products like FlowWise for payment orchestration, KYC Link, Risk Shield for fraud monitoring and more.”
Outside of Indian markets, Cashfree Payments says that it is “expanding its presence in the UAE region through its acquired partner, Telr.”