Amazon Pay, Adyen, and BillDesk Obtain RBI Cross-Border Payment License

Three prominent payment companies—Amazon Pay, Adyen, and Mumbai-based BillDesk—have secured the Reserve Bank of India’s (RBI) cross-border payment aggregator license. This follows Bengaluru-based Cashfree’s earlier acquisition of the same license. Cashfree received its license on July 22, Adyen and Amazon Pay on July 25, and BillDesk on July 29.

Market Potential

The cross-border payment aggregator license opens significant opportunities in India’s vast market for international remittances and global freelancers. The Economic Survey 2024 projects that India will receive $129 billion in remittances by 2025. These companies can now facilitate international currency transactions for Indian exporters and assist global brands in selling products in India through popular local payment methods.

Dual Licensing

All four companies, including Cashfree, also hold domestic payment aggregator licenses. This dual licensing enables them to offer merchant payment services both within India and internationally, thereby expanding their service offerings and market reach.

Company-Specific Details

  • BillDesk: One of India’s largest bill processing entities.
  • Amazon Pay: Provides mobile wallet payments, Unified Payments Interface (UPI) transactions, and bill payments.
  • Adyen: A Netherlands-headquartered company, Adyen processed nearly 300 billion euros in transactions in Q1 2024, with a net revenue of 438 million euros.

Piyush Shukla

Recent Posts

Which District of Punjab is Known as the Land of White Gold?

Punjab is a state in northern India, known for its rich culture, history, and agriculture.…

43 mins ago

Who is Known as the Father of Geometry?

Geometry is a branch of mathematics that focuses on the study of shapes, sizes, and…

2 hours ago

SECI MoU to Advance Green Hydrogen initiatives

On 19th November 2024, the Solar Energy Corporation of India Ltd (SECI), under the Ministry…

3 hours ago

Which District of Madhya Pradesh is Famous for Mhow Cantonment?

Madhya Pradesh is a large state in central India, known for its rich history, cultural…

4 hours ago

PM Modi Receives Highest Honors from Guyana and Dominica

Prime Minister Narendra Modi has been conferred prestigious awards by Guyana and Dominica in recognition…

4 hours ago

Which District of Haryana is Known as Milk City?

India is home to many cities that are uniquely recognized for their culture, history, or…

4 hours ago