Payoneer India Secures Key RBI Approval for Cross-Border Payments

Payoneer India has received in-principle approval from the RBI to function as a payment aggregator-cross border. This development allows Payoneer to offer cross-border payment solutions for both import and export transactions. With global operations, Payoneer strengthens its position in international financial services.

Fintech firm Payoneer India has achieved a significant milestone by securing in-principle approval from the Reserve Bank of India to operate as a payment aggregator-cross border (PA-CB), the company announced on Wednesday.

Payoneer is poised to enhance its offerings, providing comprehensive cross-border payment solutions for imports and exports. The firm serves customers in more than 190 countries and territories, supported by a robust network of almost 100 banking and payment service provider partnerships.

According to Payoneer India CEO Rohit Kulkarni, this authorization marks an important step in bolstering their cross-border payment capabilities. Leveraging its regulated operations in major financial jurisdictions, including the US, Europe, and Asia, Payoneer is positioned to strengthen its role in global financial services.

(With inputs from agencies.)