New landscape in India's cross-border payments market: Amazon Pay, Adyen, BillDesk get licences

New landscape in India's cross-border payments market: Amazon Pay, Adyen, BillDesk get licences

The Indian cross-border payments market has been booming in recent years, attracting numerous players vying for market share. Recently, the Reserve Bank of India (RBI) announced that Amazon Pay India, global payments giant Adyen and fintech startup BillDesk have been granted cross-border payments aggregator licences.

This means that these three companies will join Cashfree Payments as "players" in the cross-border payments space in India. The licence allows payment companies to offer payment services in the import and export space, opening up more opportunities in India's large international remittance market. It is predicted that by 2025, India will receive $129 billion worth of remittances.

The granting of this licence will bring more convenience to Indian exporters by helping them accept payments in international currencies and partner with global brands to promote their products and services in the Indian market.

In order to obtain a cross-border payment aggregator licence, applicants need to meet a stringent set of conditions, including registering with India's Financial Intelligence Unit (FIU-IND) and maintaining a net worth of at least INR150 million. This threshold will be raised in March 2026 to INR250 million.

The RBI is currently stepping up its efforts to issue payment aggregator licences to applicants. Since December last year, more than 20 fintech startups have been granted PA licences, including Groww, Juspay, Decentro, CRED, Amazon Pay and others.

In the future, the Indian cross-border payment market will become more active, with more players joining the competition to provide users with a more convenient and efficient payment experience.

Article source: Going to Sea

Photo credit: Pexels

Article Keywords: cross-border payments, India, Amazon Pay, Adyen, BillDesk, licences, fintech, remittances