Following this announcement, BillDesk received its cross-border licence for both exports and imports on the 29th of July, while Amazon Pay India and Adyen received the licence on the 25th of July, for imports only.
With this newly acquired licence, the financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The RBI has approved the request for the fintech companies in order to allow them to operate as cross-border payment aggregators as per Inc42. Fintech startups BillDesk, Amazon Pay India, and global payments firm Adyen will also join the list of companies that gained the licence, alongside Cashfree Payments. The licence is expected to give the fintech firms the possibility to provide their customers and partners with payment services for imports and exports.
The development has come at a time when RBI is on an approval spree, granting aggregator licences to its applicants and businesses. At the same time, it is reported that the central bank has given the approval for PA licences for more than 20 startup companies, including Groww, juspay, Decentro, CRED, and Amazon Pay. In addition, the central bank also directed many fintech companies in the country to get their PA licence for cross-border payments of goods and solutions, through exports and imports.
In order to gain a PA licence, fintech firms will be required to register under the Financial Intelligence Unit-India (FIU–IND) to receive authorisation for processing transactions. At the same time, they will need to keep a minimum net worth of Rs 15 Cr when applying for the licence, which is set to increase to 25 crore post-March 2026. The failure to fulfill the criteria of keeping a minimum net worth is expected to lead to all fintech discounting their tolls on the platform by the 31st of July.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now