Source: TH
Why in News?
In January 2026, Buyforex, a wholly owned entity of EbixCash World Money (subsidiary of Eraaya Lifespaces Ltd.), received in-principle approval for Payment Service Provider (PSP) authorisation from the International Financial Services Centres Authority (IFSCA) at GIFT IFSC.
Key Significance
- Buyforex became the first Authorised Dealer Category-II (AD-II) licensed group entity to secure PSP approval at GIFT IFSC.
- Strengthens India’s ambition to position GIFT IFSC as a global cross-border payments hub.
What is a Payment Service Provider (PSP)?
A Payment Service Provider (PSP) is an entity authorised by a financial regulator to offer, facilitate, and manage payment services, including digital payments, e-money, merchant payments, and cross-border fund transfers, in a regulated and secure manner.
PSP Authorisation in India
Regulatory Authorities
- Reserve Bank of India (RBI)
- Regulates PSPs operating within India
- International Financial Services Centres Authority (IFSCA)
- Regulates PSPs operating from GIFT-IFSC for cross-border and international transactions
Permitted Services under PSP Approval
Buyforex is authorised to provide four regulated payment services:
- Account issuance
- E-money issuance
- Merchant acquisition
- Cross-border fund transfers
