PayPal Payments, the Indian subsidiary of PayPal Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator (PA). This authorization enables the company to facilitate cross-border online transactions for the import and export of goods and services. Another fintech company, Worldline ePayments India, also announced that it has received approval from the RBI to operate as a cross-border PA under the Payment and Settlement Systems Act, 2007.
Key Developments
- PayPal India’s approval as a cross-border PA allows it to enhance its cross-border payment capabilities.
- Worldline ePayments India received similar approval, expanding its cross-border payment services.
- The RBI’s approvals are expected to boost the fintech industry by facilitating smoother cross-border transactions.
The RBI’s decision to grant these approvals is seen as a positive step towards liberalizing cross-border payment services in India. Both PayPal and Worldline ePayments India are now poised to expand their services, providing more efficient and secure cross-border payment solutions for businesses and individuals engaged in international trade.
