Buyforex Secures In-Principle PSP Approval at GIFT IFSC

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:

1. Account issuance
2. E-money issuance
3. Merchant acquisition
4. Cross-border fund transfers