Fintech company PayGlocal has received the Reserve Bank of India’s (RBI) final authorisation to operate as a Payment Aggregator – Cross Border – Inward & Outward (PA-CB-I&O).
For context, this authorisation allows PayGlocal to facilitate both inbound and outbound transaction flows in India. And it comes in the wake of the fintech entity receiving the Payment Aggregator – Online (PA-O) license from the country’s central bank in September 2024.
In light of the PA-CB-I&O authorisation, the fintech’s Co-Founder and Chief Executive Officer (CEO), Prachi Dharani, highlighted that India is becoming an increasingly important entity in the global digital commerce sector.
As such, Dharani said that the “payment infrastructure supporting this growth is reliable, compliant and globally aligned”.
And as of now, PayGlocal says that Indian exporters, freelancers and enterprises using its digital payment infrastructure can continue receiving payments in India from international customers.
Meanwhile, global businesses can accept payments from Indian consumers through UPI (unified payments interface), cards and other payment methods.
What Does PayGlocal Do Exactly?
PayGlocal is a fintech company that facilitates both Indian and global businesses to accept payments across markets.
The fintech currently offers products like domestic and international payment gateway services, multi-currency accounts (MCAs), and alternate payment methods, as well as tools aimed at improving payment success rates and fraud prevention. Notably, PayGlocal claims that its platform combines “intelligent routing” and “advanced fraud prevention” to deliver “compliant and reliable global payment experiences”.
And with the latest RBI nod, the fintech says that it can specifically offer international customers payment outflows originating within India.
Payment Aggregators Space In India Expanding Lately
Fintech company Easebuzz has also received full authorisation from the RBI recently to function as a PA for online, offline, and cross-border transactions.
Notably, the expanded licence will allow the company to serve exporters, D2C (direct-to-consumer) brands, SaaS (software-as-a-service) platforms, and other businesses that collect payments from customers outside India
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Furthermore, Easebuzz provides payment APIs (application programming interfaces) and workflow-based tools for sectors such as education, insurance, travel, non-banking financial companies (NBFCs), real estate, e-commerce, and government services.
What Do Fintechs Need to Do for the Cross-Border Payments Nod?
The RBI on October 31, 2023, issued a circular that laid out the rules for fintech entities that facilitate cross-border payments for the import and export of goods and services.
These entities were classified as Payment Aggregators – Cross Border (PA-CB) and required the RBI’s approval to function as such.
Notably,…
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