Razorpay has obtained a Payment Aggregator-Cross Border license from the RBI, allowing inward and outward cross-border transactions. This regulatory approval positions Razorpay among a select group of companies in this space. International firms like Agoda and Shopify are already leveraging Razorpay’s services for payment processing.

The new license adds a regulatory layer to Razorpay’s payment system. Co-founder Shashank Kumar highlighted the increasing number of Indian businesses targeting global customers and the need for seamless international transactions. Razorpay aims to facilitate global money movements, not just payments.

Razorpay’s International Payments platform is tailored for a digital-first global economy. Indian businesses can receive payments in over 130 currencies with a 95% success rate. Global platforms can enter the Indian market instantly with access to various payment methods and features like INR-native pricing and OTP-based checkout.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay offers technology-driven payment solutions. The recent acquisition of the Payment Aggregator-Cross Border license aligns with Razorpay’s mission to simplify financial transactions for businesses worldwide. Paytm Payment Services also secured a similar license from the RBI recently.

Razorpay’s achievement of the Payment Aggregator-Cross Border license was reported by Electronic Payments International. This development underscores Razorpay’s commitment to enhancing global payment capabilities, benefiting both Indian businesses serving international clients and global companies expanding into India.

Read more at Yahoo Finance: Razorpay gains payment aggregator-cross border licence from India’s RBI