Amazon Pay, Adyen, BillDesk secure RBI's cross-border payment license
Three major payment companies, Amazon Pay, Adyen and Mumbai-based BillDesk have obtained the cross-border payment aggregator license from the Reserve Bank of India (RBI). This follows Bengaluru-based Cashfree's acquisition of the same license earlier. The RBI revealed that Cashfree received its license on July 22, while Adyen and Amazon Pay were granted theirs on July 25, and BillDesk on July 29. This license will enable these companies to offer services in the export-import sector.
Cross-border payment license opens up significant opportunities
The acquisition of the cross-border payment aggregator license opens up significant opportunities for these companies, in India's substantial market for international remittances and freelancers working for global firms. The Economic Survey 2024 projects that India will receive $129 billion worth of remittances by 2025. These businesses can now facilitate payments in international currencies for Indian exporters, and assist global brands in selling their products in India using popular local payment methods.
Companies hold domestic payment aggregator license too
In addition to the cross-border payment aggregator licence, all four companies, including Cashfree, also hold the payment aggregator license for domestic operations. This dual licensing allows them to offer merchant payment services within India as well. The licenses thus broaden their service offerings and market reach in both domestic and international sectors.
