Key Highlights
- PayPal receives RBI's in-principle approval, enabling it to act as a cross-border payment aggregator in India, facilitating seamless international transactions for merchants and freelancers.
- The move supports Indian businesses by simplifying global payments, expanding market access, and strengthening digital trade.
PayPal Payments Pvt Ltd (PayPal), PayPal Holdings Inc's Indian subsidiary, has received in-principle approval from the Reserve Bank of India to operate as a Payment AggregatorCross BorderExports (PA-CB-E).
This marks a big step forward for PayPal in India and its support of local small businesses, enabling secure payments across borders to about 200 countries, the statement explains.
The news is positive for cross-border trade as India's exports totaled USD73.8 billion in April.
It is a key step forward for PayPal to get RBI approval in principle for PA-CB-E. It proves that India’s regulatory system aims for stress-free and secure transactions with other countries. With India growing as an exporting nation, PayPal will continue to give Indian enterprises reliable and convenient digital payment options,” said Nath Parameshwaran, Senior Director - Government Relations at PayPal India.
The addition of PayPal Checkout, PayPal Invoicing and No-Code checkout tools by PayPal is designed to make global selling easier for Indian small businesses.
Innovation is crucial for PayPal and Murshed says PayPal has a record of adapting at important moments in the world of commerce for 25 years.
For more than a decade, we have assisted small businesses and freelancers in India use trusted and safe payment solutions for global trade. With new trade shifts, we will assist our customers in seeking out new areas to trade and responding to the latest demands from international buyers, Murshed explained.
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This approval supports PayPal in continuing to offer cross-border services to Indian merchants, ensuring they experience enhanced consistency, clarity and reliable security in their transactions, says the company.
As a result, there will be more chances for local product development, better customer services and more access to PayPal's global payment system for businesses and freelancers in India, so states the company.
