The RBI has approved the request for fintech start-ups BillDesk, Amazon Pay India, and global payments major Adyen to operate as cross-border payment aggregators as per Inc42.
BillDesk received its cross-border licence for both exports and imports on July 29, while Amazon Pay India and Adyen received the licence for imports only.
The RBI has approved the request for fintech start-ups BillDesk, Amazon Pay India, and global payments major Adyen to operate as cross-border payment aggregators as per Inc42.
The trio will now join the list of companies including the firm Cashfree Payments which got its licence earlier this month.
The licence allows the fintech firms and payment solutions companies to offer payment services to users for imports and exports.
BillDesk received its cross-border licence for both exports and imports on July 29, while Amazon Pay India and Adyen received the licence for imports only on July 25.
The development comes at a time when RBI is on an approval spree granting aggregator licences to its applicants. It is reported that the central bank has given the nod for PA licence for more than 20 fintech startu-ps including Groww, juspay, Decentro, CRED, Amazon Pay.
The central Bank directed many Fintech firms in the country to get their PA licence for cross-border transactions of goods and services through exports and imports.
The fintech firms seeking to gain PA licence should register under the Financial Intelligence Unit-India (FIU–IND) to receive authorisation for processing payments. Also, they need to keep a minimum net worth of Rs 15 Cr when applying for the licence which will increase to 25 crore post March 2026.
Failure to fulfill the criteria of keeping a minimum net worth will lead to all fintech discontinuing their services on the platform by July 31, as per RBI.