Cashfree Payments has announced its achievement as the first payment service provider to receive the Reserve Bank of India (RBI’s) Payment Aggregator (PA) licence for cross-border transactions. This enables Cashfree Payments to offer comprehensive cross-border payment solutions for Indian exporters, freelancers, global corporations and regulated entities, facilitating collection and payment processes.
Speaking in this regard, Akash Sinha, Co-Founder and Chief Executive Officer (CEO), Cashfree Payments, stated, “With the Payment Aggregator-Cross Border (PA-CB) licence, we are now strategically positioned to support global businesses and regulated entities in collecting payments within India. This license also empowers us to provide Indian exporters and freelancers with efficient cross-border payment solutions. It will foster international trade and economic growth while establishing a robust cross-border payments ecosystem in India.”
Cashfree Payments’ international payment gateway allows merchants to accept payments from 180 countries in 30 currencies worldwide via cards, PayPal, ACH and other local payment methods on their websites or through payment links, offering a cost-effective alternative to wire transfers. Additionally, international merchants and foreign websites can accept payments from Indian customers via UPI, bank transfers and credit cards.
In December 2023, Cashfree Payments was among the first few companies to obtain an RBI PA licence. The company processes transactions exceeding $80 billion annually, and serves over 600,000 enterprises with digital payment solutions.
