India’s fintech ecosystem is rapidly deepening its presence in cross-border payments, with several start-ups and large payment gateways securing the Reserve Bank of India’s (RBI) payment aggregator–cross border (PA-CB) licence and forming strategic partnerships to expand global money-movement capabilities.
Recently, fintech major Razorpay received the Reserve Bank of India’s Payment Aggregator-Cross Border (PA-CB) licence, enabling it to facilitate both inward and outward cross-border transactions.
The new authorisation expands its ability to offer compliance-aligned payment infrastructure for businesses operating across markets, the firm said in a statement.
“A growing number of Indian businesses today are being built for global customers from day one, just as a rising wave of global companies are choosing India as one of their most important growth markets. What these businesses need are financial rails that make it just as easy to serve a customer in New York or Singapore as it is in Mumbai,” said Shashank Kumar, MD & co-founder, Razorpay.
The licence allows the company to support international collections in over 130 currencies and onboard global platforms looking to offer UPI, RuPay, EMIs, netbanking and other India-specific payment methods without requiring a local entity.
Cashfree Payments announced a strategic collaboration with JP Morgan Payments, which will act as its authorised dealer category-I (AD-I) bank. The partnership will allow Cashfree to process import transactions under RBI regulations, strengthening its compliance and settlement infrastructure.
“As India sets global benchmarks in digital payments, the next era will be defined by enabling international businesses to enter India compliantly while allowing Indian consumers to shop from global brands effortlessly,” said Akash Sinha, CEO and co-founder of Cashfree Payments. Combining JP Morgan’s global rails with Cashfree’s local stack creates “the foundation for international businesses to expand into India with confidence and speed”, he said.
With fintechs scaling compliant infrastructure and forming bank partnerships, India’s cross-border payments landscape is poised for accelerated expansion, mirroring the broader surge in global digital commerce.
Published on December 2, 2025
