RBI Grants In-Principle Approval to PayPal and Worldline for Cross-Border Payment Aggregation
In a major development for India’s fintech and digital payments landscape, the Reserve Bank of India (RBI) has granted in-principle approval to PayPal Payments and Worldline ePayments India to operate as cross-border payment aggregators (PAs) under the Payment and Settlement Systems Act, 2007. This move is set to boost India’s position in global trade and freelance payments by enabling smoother online cross-border transactions.
The RBI’s recent approval marks a significant shift in the regulation of cross-border payment services. Previously, these services were operating under the Online Payment Gateway Service Provider (OPGSP) framework. However, in October 2024, the RBI mandated that all cross-border PAs must seek separate authorization. PayPal and Worldline are among the first to receive this crucial in-principle nod.
Target Users,
| Summary/Static | Details |
| Why in the news? | RBI Grants In-Principle Approval to PayPal and Worldline for Cross-Border Payment Aggregation |
| Law Involved | Payment and Settlement Systems Act, 2007 |
| Reason for Approval | To regulate and secure cross-border online payments |
| Target Beneficiaries | Freelancers, small businesses, exporters, importers |
| Previous Framework | Online Payment Gateway Service Provider (OPGSP) Licence |
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