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.