Razorpay has secured a Payment Aggregator-Cross Border licence from the Reserve Bank of India (RBI).
This approval allows the fintech firm to conduct inward as well as outward cross-border transactions under regulatory supervision, joining a limited number of companies permitted to operate in this space.
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The new licence introduces an additional regulatory requirement to Razorpay’s payments infrastructure.
Several international companies, including Agoda, Airbnb, Klook, Hostinger, and Shopify, are said to use Razorpay’s services for handling payments.
Razorpay cofounder and MD Shashank Kumar was quoted by The Economic Times as saying: “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. At Razorpay, we’ve always seen ourselves as a money-movement platform for businesses, not just a payments company.”
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By GlobalDataRazorpay’s International Payments platform is structured to mirror the movement of funds in a digital-first, global economy.
On the export front, Razorpay said that Indian businesses are able to receive payments in more than 130 currencies using commonly used channels such as wallets, cards, and local bank transfers, with optimised processes resulting in a 95% success rate for worldwide transactions.
On the import side, global platforms are said to be able to launch services in India instantly without the need to establish an Indian entity by providing RuPay, Unified Payments Interface (UPI), equated monthly instalments (EMIs), netbanking, and over 100 local payment methods via a single integration, with features such as INR-native pricing, one-time password (OTP)-based checkout, and support based in India.
Razorpay was established in 2014 by Shashank Kumar and Harshil Mathur, providing technology-driven payment solutions for businesses.
Recently, One 97 Communications, the parent company of Paytm Payment Services, announced the receipt of the RBI’s online payment aggregator licence.
