Indian businesses using Razorpay can now accept payments in over 130 currencies through various methods.
Fintech firm Razorpay on Tuesday secured the Reserve Bank of India’s licence for cross-border payment aggregation. The approval places Razorpay among a select cohort of fintechs permitted to facilitate both inward and outward cross-border payments with complete regulatory oversight, the company said in a statement.
A cross-border payment aggregator licence essentially allows a company to provide various cross-border services to its customers, including currency conversion, foreign exchange hedging facility, recurring cross-border payments, export bill discounting service (to the seller), and proxy identifiers such as QR codes, among others.
Through Razorpay, Indian businesses can accept payments in over 130 currencies …
Sonal Choudhary is a writer at The Morning Context. She writes on India's rapidly evolving startup landscape with a focus on the role played by technology in finance and banking.
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sonal@mailtmc.com
Mumbai