airpay Secures RBI Approval to Operate as a Cross-Border Payment Aggregator

airpay Payment Services has received approval from the Reserve Bank of India to operate as a cross-border payment aggregator, as per news reports. 

This completes its set of licences under the unified PA framework, which already included permissions for online payments (PA-O) and physical acceptance points such as POS and QR (PA-P). 

Regulatory Conditions Under the PA-CB Licence 

The cross-border approval falls under the RBI’s PA-CB rules, which bring international payment handling under direct regulatory oversight. The norms cover governance checks, escrow processes and compliance with foreign exchange regulations.  

These requirements are aimed at keeping cross-border settlements structured and reducing risks for businesses receiving or sending money overseas. 

Coverage Across Merchant Categories 

With the PA-CB licence in place, airpay joins a limited group of firms allowed to facilitate both domestic and international payments across online and offline channels.  

The company said the combined authorisations allow merchants, including enterprises, D2C brands and small businesses to manage collections, payouts and settlements through one platform, regardless of whether the transaction is local or linked to an overseas customer. 

Expected Impact on Volumes and Merchant Base 

airpay expects the new licence to add to its operational scale. It has projected a 30-40% rise in processing volumes over the next six to twelve months. Cross-border flows are expected to contribute more than 20% of its revenue during this period.  

The company also anticipates onboarding more than 50,000 merchants as sectors such as exports, SaaS and digital commerce expand their international presence. 

Market Setting and Cross-Border Activity 

The approval comes at a time when more Indian businesses are selling abroad, especially through online platforms. Cross-border e-commerce has been rising on both import and export fronts.  

Companies in categories such as consumer goods, software and logistics are increasingly dealing with international customers, creating a need for regulated payment channels that can handle multiple markets. 

Read More: SEBI Bans Live Market Data, Launches PaRRVA to Verify Past Returns! 

Conclusion 

With this approval, airpay now holds all three categories of payment aggregator licences currently recognised by the RBI. 

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