Wise has received in-principle approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator – Cross Border for export transactions.
This regulatory milestone marks a significant step in Wise’s ongoing expansion within India’s fast-growing cross-border payments landscape.
The approval comes as Wise strengthens its local footprint, currently powering 10 per cent of all inbound remittances to India while offering Indian customers low-cost and swift international transfers. In the past year, the company has intensified its India focus by establishing a full-stack technology office in Hyderabad, led by Smrithi Ravi, APAC Head of Engineering. The hub is set to scale with hundreds of new hires in the coming years.
Further enhancing its offerings, Wise launched an account details feature enabling freelancers and businesses to receive international payments in eight currencies—including USD, GBP, and EUR, at the mid-market exchange rate. Additionally, with its own Authorised Dealer 2 (AD-II) licence, Wise has made outward remittances more affordable and efficient, charging an average fee of just 1.5 per cent for sending Rs 1 lakh abroad. Notably, 70 per cent of transactions from India are processed within 12 hours, significantly faster than the typical industry timeframe of two to three business days.
With the new Payment Aggregator licence, Wise will be able to facilitate cross-border receipts of up to Rs 25 lakh for freelancers and businesses while also paving the way to eventually support outbound payments for Indian enterprises. This aligns with Wise’s broader mission to enhance transparency, reduce costs, and eliminate inefficiencies in cross-border transactions.
Commenting on the development, Shrawan (SK) Saraogi, APAC Head of Expansion, Wise, said, “India’s export economy continues to outpace much of the world, led by dynamic small and medium-sized enterprises. However, international payments still remain a hurdle due to high costs, delays, and a lack of transparency. Our new licence is a step closer to changing that, empowering Indian exporters to grow globally with ease and confidence.”
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