Wise, a global technology company building the best way to move and manage money around the world, has secured in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border for exports.
Last week, PayPal Payments (PayPal), the Indian subsidiary of PayPal Holdings and Worldline ePayments India, received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator (PA).
With the new licence, Wise will be able to support higher transaction limits of up to 25 lakh for freelancers and businesses receiving cross-border payments through its international account details feature. The approval also opens the door for Wise to help businesses in India send payments abroad in the future.
SK Saraogi, APAC Head of Expansion, said, “India’s export economy continues to outpace much of the world, driven by a rapidly growing base of small and medium-sized businesses innovating across sectors. However, many of these businesses still face friction when it comes to receiving international payments, including high fees, transaction delays, unfavourable exchange rates and no price transparency.”
“Today’s announcement marks another step forward in our mission to give Indians a faster, cheaper, more transparent alternative for their cross-border payment. This new licence is the latest addition to Wise’s growing suite of solutions in the country, enabling us to support exporters with a fast and cost-effective way to receive payments from customers abroad, helping them retain more earnings and grow their global footprint with confidence,” he added.
Wise is a global technology company, building the best way to move and manage the world’s money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world’s money.
The company claims to power 10% of all money sent from abroad to India, while also enabling customers to send low-cost and fast transfers from the country.
