Payoneer India has announced that it was granted in-principle authorisation from the RBI to operate as a Payment Aggregator – Cross Border (PA-CB).
Following the announcement, this represents an important step in the process of enabling Payoneer to expand its operations in the region of India, as well as providing end-to-end cross-border payment solutions to Indian importers and exporters for inward and outward cross-border transactions.
In addition, Indian SMBs will be given the possibility to use a broader range of Payoneer products, including accounts payable features, as well as to experience streamlined onboarding and KYC processes.
Strengthening Payoneer's position in India as a full-stack platform for cross-border small and medium-sized businesses (SMBs)
According to the official press release, this in-principle authorisation represents an important step toward further expanding Payoneer's global regulatory infrastructure, as well as strengthening its regulatory foundation in India and reflecting its long-term commitment to the market. At the same time, the company is expected to continue to invest in India, while also giving SMBs across the region the possibility to scale their businesses globally through its secure and regulated platform.
Furthermore, the in-principle authorisation from the Reserve Bank of India will enable the company to continue the process of supporting the country's export economy, which is projected by the India Department of Commerce to exceed USD 850 billion in 2026. Through the process of securing the PA-CB authorisation, Payoneer will be equipped to provide comprehensive cross-border payment solutions for both import (outward) and export (inward) transactions, while also enabling Indian businesses and institutions to tap into new opportunities and scale across the globe. In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
At the moment, Payoneer operates as a regulated entity across multiple financial jurisdictions, including the US, Europe, the UK, Hong Kong, Japan, Singapore, China, and Australia, aiming to enable SMBs, enterprises, and marketplaces to transact around the world in a secure and efficient manner.
