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Introduction

Global payments are entering a new era — and India is preparing to play a much larger role.
In a significant development for the country’s booming digital economy, Airpay Payment Services has received approval from the Reserve Bank of India (RBI) to operate as a Cross-Border Payment Aggregator (PA-CB) under the unified PA framework.

This isn’t just another licence — it’s a high-impact regulatory milestone that will influence how Indian businesses collect money from international customers, how compliant these inflows are, and how scalable India’s digital exports can become.

Airpay already had licences for:

• Online Payment Aggregation (PA)
  
• Offline / Physical Payment Aggregation (PA-P)
  

The new Cross-Border PA licence completes the triangle — enabling Airpay to support domestic payments, in-person payments, and now global payments under a single unified regulatory umbrella.

Why This Blog Matters

Cross-border payments are the backbone of India’s fast-growing sectors:

• IT/ITeS exports
  
• SaaS startups
  
• Freelancers & remote service providers
  
• D2C brands targeting overseas customers
  
• E-commerce exporters
  
• Edtech, travel, hospitality, wellness & professional services
  

Until recently, most Indian merchants depended heavily on foreign intermediaries for global collections — often at high fees, long settlement cycles, and limited transparency.

Airpay’s RBI accreditation signals a major shift toward India-controlled, India-regulated, India-centric cross-border payment infrastructure.

This blog explains:
✔ What Airpay’s new licence means
✔ Why RBI introduced the PA-CB framework
✔ How Indian businesses benefit
✔ Challenges, compliance rules, and what merchants need to know
✔ The future of India’s global payment ecosystem

Let’s dive in.

What Is a Cross-Border Payment Aggregator (PA-CB)?

A Cross-Border PA is an RBI-regulated entity that enables Indian businesses to collect payments from customers located outside India in a safe, compliant, and transparent manner.

A PA-CB is responsible for:

• Providing merchants with international payment collection solutions
  
• Ensuring all inflows follow FEMA & AML rules
  
• Settling funds in India in permitted currencies
  
• Managing KYC, KYB, fraud risk, and security standards
  
• Routing payments through regulated banking channels
  
• Offering a compliant digital interface for exporters
  

Why RBI introduced this licence

Global payments used to fall into a grey area with varied regulations. RBI introduced PA-CB norms to:

• Increase compliance & transparency
  
• Reduce money-laundering risks
  
• Bring all cross-border aggregators under a unified structure
  
• Promote fintech innovation in global payments
  
• Reduce merchant dependence on foreign platforms
  

With this, India now has a formal, regulated pathway for inbound digital payments.

What Airpay’s RBI Approval Really Means

The RBI’s approval for Airpay under the Cross-Border Payment Aggregator (PA-CB) framework significantly expands the company’s capabilities. This licence does not merely allow Airpay to process foreign payments; it places Airpay in a unique position to reshape how Indian exporters — small and large — interact with global customers.

Below is a deeper breakdown of what this approval empowers Airpay to do and why it matters.

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3.1 Offer Cross-Border Payment Collection Services

With the PA-CB licence, Airpay can now officially provide end-to-end inbound international payment acceptance to Indian merchants. This is crucial for India’s rapidly growing digital exports sector.

Indian businesses can now accept payments from:

a) International Credit & Debit Cards

Including networks like:

• Visa
  
• Mastercard
  
• American Express
  
• Diners Club
  
• JCB
  
• Discover
  

These card networks are used widely across North America, Europe, APAC, and the Middle East — enabling Indian merchants to expand globally without friction.

b) Global Digital Wallets (Where Permitted by RBI)

Merchants can accept payments through popular international wallets such as:

• Apple Pay
  
• Google Pay International
  
• Samsung Pay
  
• PayPal (where integrated through banking partners)
  
• Regional wallets (e.g., Alipay, WeChat Pay — subject to RBI permissions)
  

Digital wallets significantly improve mobile checkout conversion rates, making it easier for cross-border customers to pay.

c) Overseas Bank Accounts

Airpay can enable features like:

• Direct debit from foreign bank accounts
  
• International banking rails (ACH, SEPA, etc., if partnered)
  
• Cross-border account-to-account transfers through authorized banking partners
  

This is especially useful for B2B exporters and SaaS companies billing international clients monthly.

d) Foreign Payment Methods

Airpay can integrate region-specific payment instruments such as:

• iDEAL (Netherlands)
  
• Giropay (Germany)
  
• Sofort (Europe)
  
• Interac (Canada)
  
• POLi (Australia)
  
• Local wallets in ASEAN, Middle East, Africa, etc.
  

Regional payment options dramatically improve trust and conversion rates among international customers.

e) Any International Instrument Approved by the RBI

This includes future payment systems such as:

• Cross-border UPI rails
  
• Digital currency rails (subject to regulations)
  
• Additional global wallets
  
• Alternative payment networks
  

In short, Airpay now becomes a unified global collection gateway for Indian exporters — eliminating the need to use multiple foreign intermediaries.

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3.2 Manage Foreign Currency Flows

Handling foreign currencies compliantly is one of the biggest challenges for Indian exporters. The PA-CB licence empowers Airpay to manage FEMA-compliant foreign currency acquisition, conversion, reporting, and settlement.

Airpay can handle collections in major global currencies such as:

• USD — US Dollar
  The world’s dominant billing currency for SaaS, exports, and B2B services.
  
• EUR — Euro
  Essential for merchants dealing with EU customers.
  
• GBP — British Pound
  Critical for services, consulting, e-commerce, and digital exports to the UK.
  
• AUD — Australian Dollar
  Popular for education, wellness, tourism, and professional services.
  
• CAD — Canadian Dollar
  Important for IT services, freelancing, immigration-related consulting, and digital services.
  

Beyond these, Airpay can support:

• JPY (Japan)
  
• AED (UAE)
  
• SGD (Singapore)
  
• CHF (Switzerland)
  
• SAR (Saudi Arabia)
  
• NZD (New Zealand)
  
• And any other currency permitted under FEMA guidelines
  

What this means for businesses

• Transparent FX conversion
  
• Better forex rates compared to foreign payment processors
  
• Compliance with RBI reporting rules
  
• Clear documentation for export of services
  
• Smooth reconciliation across currencies
  

Airpay essentially becomes a currency management engine that simplifies global billing for Indian companies.

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3.3 Serve a Larger Base of Exporters

Airpay’s new capabilities expand its potential customer base across multiple sectors. Nearly every business category dealing with global customers benefits from its cross-border infrastructure.

Industries that stand to gain the most:

a) SaaS & Software Companies

These companies need recurring billing, subscription payments, and multi-currency support.
Airpay can help them handle:

• International subscription collections
  
• Global card payments
  
• Automated invoicing & FX reconciliation
  
• Country-wise tax document generation
  

b) Freelancers & Independent Professionals

This includes:

• Writers, designers, developers
  
• Consultants & coaches
  
• Digital marketers
  
• Content creators
  
• Editors, translators, analysts
  

Freelancers finally get a regulated Indian alternative to platforms like PayPal, Payoneer, and Wise.

c) Professional Service Providers

Such as:

• Accounting & legal firms
  
• IT/ITeS agencies
  
• Management consultants
  
• Research & data analytics firms
  

These industries often work with foreign B2B clients and need compliant FX handling.

d) D2C & E-Commerce Exporters

Brands selling on:

• Shopify
  
• WooCommerce
  
• Etsy
  
• Amazon Global
  
• eBay
  
• Their own websites
  

Airpay helps them reduce global transaction costs and increase checkout conversions.

e) Education, Training & Coaching Firms

Many Indian EdTech and coaching platforms serve NRI and foreign students. Airpay helps them accept global payments seamlessly.

f) Tourism, Wellness & Hospitality Providers

Businesses serving foreign clients often face issues with:

• Deposit collection
  
• Reservation payments
  
• Advance bookings
  

Airpay reduces these inefficiencies.

In short, Airpay opens the door for millions of Indian service exporters to operate more efficiently in the global market.

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3.4 Reduce Dependency on Foreign Gateways

Historically, Indian exporters have relied on a handful of global payment processors like:

• Stripe
  
• PayPal
  
• Payoneer
  
• Wise
  
• Skrill
  
• 2Checkout (Verifone)
  
• WorldPay
  

While these platforms are widely used, they come with challenges:

• High MDR (3–6%+)
  
• Inconsistent account freezes
  
• Slower settlement timelines
  
• Limited customer support
  
• Complex compliance documentation
  
• Foreign exchange markups
  
• Data storage outside India
  
• Lack of alignment with RBI/FEMA requirements
  

What Airpay offers instead:

• Indian regulatory oversight
  
• Localized merchant support
  
• Faster settlement cycles
  
• Lower fees
  
• Transparent FX conversion
  
• Indian KYC processes
  
• Reduced risk of sudden service disruptions
  

This strengthens India’s payment sovereignty and promotes domestic fintech innovation.

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3.5 Improve Transaction Transparency & Settlement Speed

Airpay’s PA-CB approval ensures that all global payments collected for Indian merchants will be routed through RBI-regulated Indian banks, which drastically improves trust, visibility, and control.

Benefits include:

a) Enhanced Transaction Visibility

Merchants get:

• Real-time dashboards
  
• Granular transaction logs
  
• Tracking for each FX conversion
  
• Transparent settlement timelines
  

b) Full Audit Trails

This is crucial for:

• Income tax filings
  
• GST compliance (for certain exports)
  
• FEMA reporting
  
• Company audits
  
• Investor due diligence
  

c) Faster Settlements (Compared to Foreign Gateways)

Foreign processors often take:

• 7–14 days for payouts
  
• Longer for disputed transactions
  

With Airpay, merchants may receive:

• T+1 / T+2 settlements, depending on the bank and risk profile
  

d) Better Dispute Management

Since the processor is Indian, merchants can escalate issues through:

• Local banking partners
  
• Indian customer support
  
• RBI grievance redressal mechanisms
  

e) Reduced Chargeback Risks

Airpay can offer better fraud filters, risk scoring, and KYC-led underwriting.

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In Summary

Airpay’s RBI approval means faster, safer, cheaper, and more compliant cross-border payments for Indian businesses of all sizes. The benefits span across:

• Collections
  
• Settlements
  
• FX management
  
• Transparency
  
• Regulatory compliance
  
• Merchant experience
  

This regulatory nod positions Airpay as one of the few Indian players capable of delivering a full-suite cross-border payment ecosystem, reducing reliance on international gateways and boosting India’s digital export capabilities.

Why This Is Big for India’s Payment Ecosystem

RBI’s approval for Airpay is significant because it aligns with India’s broader fintech ambitions.

4.1 India wants to become a global digital export hub

SaaS, EdTech, consulting, gaming, and digital services are booming. A local PA-CB boosts this growth.

4.2 More control over cross-border flows

Instead of data, compliance, and fees going abroad, RBI’s framework ensures:

• Indian oversight
  
• Indian settlement
  
• Indian data storage
  
• Lower costs for merchants
  

4.3 Enables MSMEs and freelancers

A huge chunk of India’s freelancers still rely on:

• PayPal
  
• Payoneer
  
• Wise
  
• Fiverr Upwork internal payment systems
  

A regulated Indian PA-CB gives them a stable alternative.

4.4 Expands India’s fintech regulatory strength

It shows RBI is:

• Allowing innovation
  
• Encouraging domestic players
  
• Increasing compliance-based competition
  
• Building a unified payments ecosystem

Benefits for Indian Businesses

5.1 Lower transaction costs

Foreign processors charge 3%–6% or more.
Domestic aggregators = significantly lower fees + better forex rates.

5.2 Faster settlements

Instead of waiting 7–14 days, merchants get quicker settlement cycles.

5.3 Better compliance

Airpay ensures:

• KYC / KYB
  
• AML screening
  
• FEMA-compliant flows
  
• Transparent FX conversion
  
• Accurate invoicing & documentation
  

5.4 One platform for domestic + international payments

Merchants avoid juggling multiple dashboards.

5.5 Easy onboarding for SMEs, D2C & freelancers

Airpay can onboard:

• Exporters
  
• Small service providers
  
• Digital creators
  
• Agencies
  
• Boutique D2C brands
  

5.6 Improved conversion rates

Localized global payment options = higher international sales.

What This Means for the Fintech Industry

Airpay’s approval will reshape competition.

6.1 Indian fintechs will now compete with global processors

Instead of relying on Stripe or PayPal clones, India will build its own compliant alternatives.

6.2 More fintech innovation

Expect:

• Multi-currency wallets
  
• Real-time FX dashboards
  
• Cross-border UPI pilots
  
• Global invoicing tools
  
• Exporter-friendly credit lines
  

6.3 Banking partnerships will increase

Banks benefit from more cross-border inflow routes.

6.4 Better fraud control

RBI-mandated security standards reduce risk for merchants.

Challenges That Lie Ahead

7.1 Stringent compliance rules

RBI keeps a close eye on:

• AML risks
  
• Transaction monitoring
  
• Data localisation
  
• Beneficial ownership checks
  

7.2 High competition

Other PA-CB applicants and established global players are strong contenders.

7.3 Merchant education

Businesses must understand:

• FEMA rules
  
• Export documentation
  
• Inbound remittance categorization
  

7.4 Adoption speed

Merchants accustomed to international gateways may take time to switch.

Opportunities Going Forward

8.1 Cross-border UPI

India is already partnering with:

• UAE
  
• Singapore
  
• France
  
• Nepal
  
• Sri Lanka
  

Once inbound UPI cross-border ramps up, PA-CB companies will play a key role.

8.2 Growth of Indian SaaS exports

India’s SaaS exports could reach $25–30 billion in the next few years.
PA-CB players will power this growth.

8.3 E-commerce exports via ONDC

As ONDC expands globally, cross-border payment aggregation becomes crucial.

8.4 Support for digital freelancers

A massive, underserved segment finally gets a compliant local platform.

Who Stands to Benefit the Most? 

The RBI’s approval for Airpay to operate as a Cross-Border Payment Aggregator (PA-CB) creates a ripple effect across India’s digital economy. While practically every business selling to global customers gains from this, certain categories stand to benefit disproportionately.

Below is a deeper, industry-by-industry analysis of who wins the most — and why.

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9.1 Freelancers & Independent Professionals

India has one of the largest freelancer populations in the world, with over 15 million+ independent workers earning from global clients (Nasscom, Payoneer).

Who this includes:

• Content writers & copywriters
  
• Software developers & app builders
  
• UI/UX designers
  
• Video editors, animators & graphic designers
  
• Digital marketers & SEO specialists
  
• Consultants & strategists
  
• Coaches, trainers, and online mentors
  
• Virtual assistants, project managers, researchers
  

Why Airpay is a game-changer for them:

a) Lower transaction fees compared to PayPal/Payoneer

Most freelancers lose 3–6% to foreign platforms. Airpay can help reduce these costs significantly, increasing net income.

b) Faster settlement in Indian bank accounts

No more waiting 7–14 days for international payouts.

c) Better compliance & documentation

Freelancers often struggle with:

• FIRC (Foreign Inward Remittance Certificates)
  
• Payment proofs for tax filings
  
• Transaction audits
  Airpay provides automated, RBI-compliant documentation, simplifying taxation.
  

d) Less chance of sudden account freezes

Global platforms often freeze accounts without notice.
With Airpay, merchants deal with a regulated Indian ecosystem.

e) Multi-currency acceptance

Useful for freelancers with clients in:

• US
  
• UK
  
• EU
  
• Australia
  
• Middle East
  

This dramatically expands earning potential.

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9.2 SaaS & Software Companies

India’s SaaS industry is projected to reach $50–70 billion by 2030 (Bain & Co.).
Almost all SaaS companies rely on global recurring billing, which requires stable, compliant cross-border infrastructure.

Key advantages for SaaS businesses:

a) Smooth subscription billing

Airpay can support:

• Recurring card payments
  
• International wallets
  
• Automated renewals
  
• Multi-country billing
  

Perfect for SaaS products catering to global users.

b) Improved FX & tax compliance

SaaS companies often struggle with:

• FX conversion
  
• International invoices
  
• FEMA documentation
  
• GST treatment for export of services
  

Airpay simplifies all backend paperwork.

c) Lower failure rates for global payments

Many global card payments fail due to:

• Geo-restrictions
  
• Payment routing issues
  
• Legacy gateways
  

Airpay’s updated rails reduce decline rates.

d) Better margins

Lower acquiring fees = higher profitability.

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9.3 D2C Brands Selling Internationally

India’s D2C export sector is booming — especially in categories like:

• Beauty & skincare
  
• Ayurvedic / herbal products
  
• Clothing & accessories
  
• Home décor
  
• Furnishings
  
• Indian ethnic wear
  
• Wellness products
  
• Food products (where permitted)
  

Platforms they sell on:

• Shopify
  
• Amazon Global
  
• Etsy
  
• WooCommerce
  
• eBay
  
• TikTok Shop (globally)
  
• Their own websites
  

Airpay benefits for D2C exporters:

a) Reduced dependency on expensive foreign payment gateways

Stripe, PayPal, and 2Checkout charge high fees + FX markups.
Airpay can significantly lower the cost of international transactions.

b) Higher checkout conversions

Accepting local payment methods in each country boosts trust and reduces cart abandonment.

c) Handling of customs documentation and export compliance

Airpay’s settlement documentation aids with:

• IEC requirements
  
• Export invoicing
  
• Shipping documentation
  
• GST filings (for exporters)
  

d) Faster payouts

Crucial for D2C brands with tight cashflow cycles.

This is especially beneficial for small Indian brands going global.

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9.4 Startups Offering International Services

A large pool of Indian startups sell services globally. Key sectors include:

Industries that benefit:

• EdTech (courses, coaching, test prep)
  
• IT/ITeS firms
  
• Analytics & data services
  
• Gaming startups
  
• Online learning platforms
  
• AI tools & automation services
  
• Healthcare & wellness (teleconsulting for NRIs)
  
• Content & media platforms
  
• Digital marketing agencies
  

Why Airpay supports their growth:

a) Enables multi-country monetisation

Startups can accept payments from customers in 100+ countries without needing multiple foreign gateways.

b) Simplifies international scaling

Startups avoid the pain of:

• Complex onboarding with foreign gateways
  
• Bank verification delays
  
• High-risk merchant monitoring
  
• Sudden service suspensions
  

c) Supports modern payment methods

Crucial for digital-native businesses.

d) Helps with audits & investor due diligence

RBI-compliant documentation increases investor trust.

e) Lower operational costs

Startups can save millions annually on foreign processing charges.

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9.5 MSMEs & Exporters

India has over 63 million MSMEs, many of which want to sell internationally.
However, traditional cross-border payments have been challenging for them due to:

• High bank charges
  
• Lengthy paperwork
  
• Slow settlements
  
• Limited support from foreign gateways
  
• Difficult FEMA compliance
  
• Currency conversion losses
  
• Need for multiple intermediaries
  

How Airpay transforms MSME exports:

a) Lower cost of cross-border acceptance

MSMEs save money on every transaction — critical for thin-margin businesses.

b) Simplified documentation

Airpay provides export-related payment records automatically.

c) Faster settlement improves working capital

Exporters often struggle with cash flow; faster payouts help them scale faster.

d) Greater global reach

MSMEs can now accept payments from:

• Foreign retailers
  
• International bulk buyers
  
• Global marketplaces
  
• Overseas distributors
  
• Importers
  

e) Enhanced transparency

Real-time transaction tracking builds trust and helps during audits.

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Summary: Who Benefits the Most?

Category	Key Benefit
Freelancers	Lower fees, faster payouts, reliable compliance
SaaS companies	Smooth recurring billing, multi-currency support
D2C brands	Reduced dependency on foreign gateways
Startups	Scalability + smoother global monetization
MSMEs	Lower cost + simpler compliance

Airpay vs Other Cross-Border Aggregators

Feature	Airpay	Other PA-CB Providers
Full-stack solution	✔️ Yes — Airpay offers an end-to-end payment infrastructure that covers onboarding, KYC, invoicing, domestic payments, international collections, reconciliation, settlements, compliance workflows, dashboards, and API integrations — all on a single platform.	Varies — Many players offer partial stacks (e.g., collections only, or just payouts). Merchants often need multiple vendors for invoicing, FX settlement, accounting, or compliance management.
Unified domestic + cross-border payments	✔️ Integrated system — Businesses can manage Indian (INR) payments and international (USD/EUR/GBP/etc.) flows in one dashboard, with unified reporting, settlements, dispute handling, and automated reconciliation.	Often separate systems — Domestic and international collections usually sit on different platforms, requiring separate dashboards, API keys, onboarding processes, and customer support teams.
SME-focused	✔️ Strong focus on MSMEs, freelancers, startups, and emerging exporters — offers easier onboarding, simplified documentation, transparent pricing, and support for low-volume merchants.	Mixed focus — Many global providers prefer mid-market or large enterprise clients, have stricter eligibility, higher minimum volumes, or complex verification requirements.
Local compliance expertise	✔️ Deep India-first compliance infrastructure — fully aligned with RBI PA/PG norms, FEMA rules, export documentation norms, and Indian banking settlement systems. Helps SMEs navigate LRS, FCS, SOFTEX, GST implications, and cross-border invoicing rules.	Depends on provider — International players may not fully understand India-specific rules, paperwork, FEMA restrictions, or RBI audits. Local support for compliance gaps is often limited.

FAQs Section

Summary

• Airpay’s RBI approval as a Cross-Border PA strengthens India’s fintech infrastructure
  By enabling a regulated, India-based platform to process international payments, Airpay adds depth to the country’s digital financial ecosystem. This reduces reliance on foreign gateways and aligns with India’s push toward financial sovereignty, digital exports, and compliant FX management.
  
• It unlocks seamless global commerce for SMEs, freelancers, and digital-first businesses
  Millions of small exporters, SaaS founders, creators, and service professionals can now accept international payments more easily. With simplified onboarding, transparent FX, and faster settlements, global selling becomes less complex — allowing Indian businesses to scale beyond domestic markets without heavy documentation or expensive intermediaries.
  
• Projected revenue acceleration and higher payment volumes signal strong future adoption
  With rising global demand for Indian talent, D2C products, IT exports, SaaS tools, and digital services, Airpay’s PA-CB capabilities will likely see rapid merchant onboarding. Early indicators suggest significant increases in transaction throughput, FX settlements, and cross-border payment volumes as SMEs shift to domestic providers.
  
• Stronger compliance under RBI, FEMA, AML, and KYC frameworks ensures safer international transactions
  Airpay’s operations run through authorized dealer banks, real-time monitoring systems, and Indian regulatory scrutiny. This reduces the risks associated with chargebacks, fraud, cross-border documentation errors, and data security — particularly compared to foreign processors outside Indian jurisdiction.
  
• The move aligns with India’s broader digital economy goals and export-led growth strategy
  India is pushing to boost digital exports, support MSME globalization, and build locally controlled fintech systems. Airpay’s approval directly supports these national objectives by enabling regulated, scalable, and transparent channels for global earnings to flow into the country.
  
• Merchants gain cost efficiency, operational clarity, and easier reconciliation through a unified platform With domestic pricing, integrated invoicing, automated compliance, and faster T+1/T+2 settlements, Airpay offers an end-to-end solution. Businesses avoid fragmented tools and enjoy better financial control — from payment acceptance to FX conversion to bank settlement.

Conclusion 

Airpay’s approval to operate as a cross-border payment aggregator marks a watershed moment for India’s rapidly evolving fintech sector. At a time when global demand for Indian products, digital services, SaaS tools, and freelancing talent is surging, the country urgently needs compliant, scalable, and cost-efficient infrastructure to collect payments from international customers. Airpay’s entry into the PA-CB ecosystem fills this gap by giving Indian businesses a homegrown, RBI-regulated alternative to expensive foreign processors — creating a smoother, safer path for global earnings to flow into India.

This approval doesn’t just strengthen digital payment rails; it directly empowers India’s MSMEs, startups, D2C exporters, and independent professionals to participate more confidently in the global economy. With faster settlements, FEMA-aligned FX handling, improved transparency, and reduced cross-border friction, Airpay helps level the playing field for smaller merchants who previously struggled with documentation hurdles, slow payouts, or high fees from international gateways. The result? A more inclusive, export-friendly financial ecosystem where even small creators or early-stage founders can access global customers without operational bottlenecks.

In the bigger picture, Airpay’s new capability reinforces India’s ambition to become a digital-first export powerhouse over the next decade. As digital commerce, remote work, and cross-border SaaS markets continue expanding, solutions like Airpay will play a critical role in enabling millions of Indian businesses to scale beyond borders. This is not just a regulatory milestone — it is a strategic shift toward strengthening India’s position in the global digital economy.

References

• RBI – Cross-Border Payment Aggregator Framework (Official Circular)
  https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12620&Mode=0
  
• RBI – Payment Aggregators & Payment Gateways Guidelines (PA/PG Framework)
  https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11942&Mode=0
  
• RBI – FEMA Guidelines for Cross-Border Payments
  https://www.rbi.org.in/scripts/Fema.aspx
  
• The Week – Article on Airpay Receiving RBI Approval
  https://www.theweek.in/news/biz-tech.html
  
• Business Standard – Cross-Border Payments Market Insights
  https://www.business-standard.com/markets
  
• Economic Times – Indian Fintech & Payment Aggregator Coverage
  https://economictimes.indiatimes.com/tech/startups
  
• Telangana Today – Report on Airpay’s Approval & Cross-Border Expansion
  https://telanganatoday.com/business
  
• Statista – Global Cross-Border Payments Market Size Forecast
  https://www.statista.com/topics/8753/cross-border-payments
  
• McKinsey – Global Payments Report 2023–2024
  https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-report
  
• World Bank – Remittances & Global Payment Flow Trends
  https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues
  
• IMF – Digital Payments & Regulatory Compliance Insights
  https://www.imf.org/en/Topics/fintech
  
• NPCI – India’s Digital Payments Ecosystem Overview
  https://www.npci.org.in/
  
• Deloitte – Cross-Border Payments Transformation Research
  https://www2.deloitte.com/global/en/pages/financial-services
  
• EY – Fintech & Digital Payments India Growth Reports https://www.ey.com/en_in/financial-services