Razorpay Joins RBI’s Elite Cross-Border Payment Aggregator Club

Another fintech heavyweight just got the golden ticket.

Razorpay, India's payments behemoth, has officially joined the exclusive club of RBI-approved cross-border payment aggregators. This isn't just another license—it's a direct pass into the high-stakes arena of global money movement.

The Gatekeepers Have Spoken

The Reserve Bank of India doesn't hand these badges out like conference swag. Its approval framework is notoriously rigorous, designed to filter out the fly-by-night operators from the serious infrastructure players. For Razorpay, clearing this hurdle means regulatory validation at the highest level, transforming it from a domestic champion into an authorized international conduit.

Redrawing the Battle Lines

This move throws a wrench into the traditional cross-border payment machine. We're talking about a system often bogged down by legacy banks, multi-day settlement times, and fees that would make a venture capitalist blush. Razorpay's entry promises a tech-first assault on that status quo—faster settlements, sharper APIs, and potentially lower costs for businesses importing dreams or exporting goods.

The real play? Capturing the massive flow of India's digital commerce with the world. Every SaaS subscription, every freelance invoice, every e-commerce order crossing a border is now fair game.

A Nod to the Inevitable

Let's be cynical for a second: in finance, regulatory approval often arrives just in time to formalize what the market has already decided. Razorpay's dominance was clear; the RBI's stamp just makes it official for the international rulebook. It's less about permission and more about paperwork catching up to reality.

The bottom line: a major piece of India's financial plumbing just got a global upgrade. Watch the old-guard correspondents sweat.

TLDRs;

• Razorpay secures RBI cross-border license, enabling seamless global transactions.
• PA–CB approval allows Indian merchants to receive payments without local setup.
• Razorpay can now process payments up to ₹25 lakh per unit.
• Cross-border access positions Razorpay to tap India’s $125B e-commerce market.

Bengaluru-based fintech firm Razorpay has officially received the Payment Aggregator – Cross Border (PA–CB) license from the Reserve Bank of India (RBI).

This authorization allows the company to handle both inward and outward cross-border payments, joining a select group of Indian firms, including Amazon Pay, Adyen, Cashfree, and BillDesk, authorized under the PA–CB framework.

The license, which replaced the older Online Payment Gateway Service Provider (OPGSP) system in October 2023, comes with strict eligibility requirements. Applicants must meet a net worth threshold of ₹15 crore at the time of application, with existing providers required to reach ₹25 crore by March 31, 2026.

The framework also ensures rigorous oversight, including mandatory Know Your Customer (KYC) verification for merchants, and vetting of buyers for import transactions exceeding ₹2.5 lakh per unit.

Expanding Global Payment Capabilities

With this approval, Razorpay can facilitate payments for Indian businesses in over 130 currencies. It also enables international companies to accept local payment methods in India without establishing a local entity.

The firm’s existing payment infrastructure already supports UPI, RuPay, EMIs, net banking, and other local options through a single integration, making it easier for businesses to operate seamlessly across borders.

“Razorpay’s PA–CB license allows Indian and global businesses to transact efficiently while adhering to regulatory compliance,” said a company spokesperson. “This positions us as a key enabler for cross-border commerce and helps merchants expand their global footprint.”

Implications for India’s E-Commerce Market

India’s e-commerce market, which reached ₹10.8 lakh crore ($125 billion) in 2024, stands to gain significantly from the PA–CB framework. Analysts project that this market could grow to ₹29.9 lakh crore ($345 billion) by 2030, registering a compound annual growth rate (CAGR) of 15%.

Cross-border capabilities also open avenues for SaaS providers, digital service firms, and ultrafast delivery startups to reach Indian consumers more effectively.

By partnering with checkout platforms and payment orchestration vendors, international firms can now offer Indian customers local payment options without needing a physical presence in the country. This development is particularly crucial for the growing direct-to-consumer (D2C) market, which is projected to surpass ₹8.7 lakh crore in 2025.

Processing Limits and Future Growth

Razorpay’s new authorization allows the firm to process cross-border transactions of up to ₹25 lakh per unit for goods or services, significantly higher than the previous OPGSP cap. This expansion not only enhances the firm’s service portfolio but also strengthens India’s position in global digital commerce.

As India continues to refine its digital payments ecosystem, Razorpay’s PA–CB approval highlights the country’s growing emphasis on secure, scalable, and internationally compliant payment solutions.

For Indian businesses and global merchants alike, this development promises a smoother, faster, and more integrated cross-border payment experience.