Context:
Xflow, a Bengaluru-based cross-border payments fintech, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator for cross-border (PA-CB) transactions. The approval covers both import and export flows, marking a major milestone in India’s evolving fintech and digital payments ecosystem.
What is a Payment Aggregator?
A Payment Aggregator (PA) is an entity that facilitates online payments by acting as an intermediary between customers and merchants. They enable businesses to accept various payment instruments from customers without the need for a separate payment integration system.
RBI In-Principle Approval (IPA)
- Xflow now authorised to act as a cross-border payment aggregator, facilitating digital payment flows for businesses engaged in international trade.
- The in-principle approval includes both export and import payment workflows.
Tech Integration
- Recently launched FX AI Analyst, an AI-driven tool that helps businesses:
- Track USD/INR trends,
- Make currency conversion decisions,
- Maximise FX gains.
Regulatory Landscape (PA-CB):
- Other fintechs with RBI in-principle PA-CB approvals include:
- Skydo, BriskPe, PayPal, EximPe, and Wise.
- Only six firms have full RBI PA-CB licences:
- Adyen India, Amazon Pay India, Cashfree Payments, BillDesk, Pay10, and Worldline ePayments India.
