Payments company Cashfree Payments has joined J.P. Morgan Payments in a strategic collaboration aimed at enabling secure cross-border payments for businesses entering India.
Through this move, J.P. Morgan Payments will serve as an Authorised Dealer Category-I (AD-I) bank for Cashfree, supporting the processing of transactions under the Reserve Bank of India’s Master Direction on Regulation of Payment Aggregator.
Mitigating payment barriers
Even if India’s cross-border ecommerce market is expected to reach USD 1 trillion by 2030, global businesses still encounter regulatory barriers, settlement uncertainties, and complex payment requirements that can lead to issues in entering the country and raising operational risks. In addition to having the ability to scale costs, these challenges can also leave a substantial portion of India’s high-intent consumer demand untapped. This can deter global companies from reaching a significant pool of digitally savvy shoppers.
By working together, Cashfree Payments and J.P. Morgan Payments aim to address these payment-related barriers by merging global credibility with homegrown advancement. By having J.P. Morgan Payments as Cashfree Payments’ AD-I bank, import transactions get routed end-to-end in compliance, along with providing businesses with the assurance of secure, transparent, and reliable settlements through trusted rails.
Moreover, the partnership with J.P. Morgan Payments comes during a period when Cashfree Payments is directing its efforts to further simplify cross-border payments and solidify its position as a non-bank entity that has received the PA-CB licence from the Reserve Bank of India for both imports and exports.
Talking about the newly announced relationship, Akash Sinha, CEO and Co-founder, Cashfree Payments, mentioned that working with J.P. Morgan Payments and combining their expertise is set to develop the foundation for international businesses to grow their operations and enter the Indian market. At the same time, this will provide Indian consumers with access to global brands more confidently and efficiently.
Adding to this, Christine Tan, Head of Financial Institutions Group Sales, Asia Pacific, J.P. Morgan Payments, stated that, with India emerging as one of the fastest-growing digital commerce markets globally, the partnership with Cashfree Payments supports the financial institution in bringing its expertise in payments to international merchants coming to India and helping global companies in accessing the country’s ecommerce opportunity.
