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PayPal Payments (PayPal), the Indian subsidiary of PayPal Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator (PA).
Another fintech company, Worldline ePayments India, announced that the central bank has approved its licence to operate as a cross-border PA under the Payment and Settlement Systems Act, 2007.
This authorisation enables the companies to facilitate cross-border online transactions for the import and export of goods and services.
According to PayPal, this opens new avenues for localised product innovations and improved customer experiences for customers, along with enhanced access to PayPal’s global payment network for large enterprises, small businesses, and freelancers in India.
Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity. BRISKPE, a PayU-backed cross-border payments platform, also received RBI’s in-principle PA-CB authorisation for exports in March this year.
Last October, the RBI had asked aggregators offering cross-border payments to secure separate approval. Before that for almost a decade, payment companies had been operating with an Online Payment Gateway Service Provider or OPGSP licence.
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