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NASDAQ-listed PayPal Holdings Inc’s Indian subsidiary PayPal Payments Private Limited has received the Reserve Bank of India’s approval to operate as a payment aggregator for cross border exports (PA-CB-E).
“The in-principle PA-CB-E approval by RBI is a significant milestone for PayPal. It reflects the strength of India’s regulatory vision and the progress toward seamless, secure cross-border transactions,” PayPal India’s director of corporate affairs Nath Parameshwaran said.
For the uninitiated, payment aggregator licences are categorised into three types based on their operations, which is – export only PA-CB (PA-CB-E), import only PA-CB (PA-CB-I) and export and import PA-CB (PA-CB-E&I).
PayPal, having obtained the nod for PA-CB-E licence, will seamlessly process cross-border online transactions for the merchants to engage in export of goods and services under a regulated framework.
The central bank’s in-principle approval allows PayPal to continue offering cross-border payment services within a regulated framework, supporting Indian merchants with enhanced consistency, transparency, and security in their global transactions.
The company also seeks to open new avenues for product innovations that suit the domestic demand, improve customer satisfaction and better access to its global payment network for large enterprises, small businesses, and freelancers in India.
(The story will be updated soon.)
The post PayPal Gets RBI’s In-Principle Nod To Operate As PA For Cross Border Export appeared first on Inc42 Media.
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