19 firms got RBI's PA-CB license: Who won and why
India's cross-border payments landscape changed forever in 2025. The Reserve Bank of India granted PA-CB licenses to 19 firms, reshaping how money moves across borders. This move replaced a decades-old framework with direct central bank oversight. For exporters, freelancers, and SMEs, these approvals promise lower fees and faster settlements.
India processes over $1.2 trillion in cross-border payment flows annually. Yet until recently, the firms handling these transactions operated without direct RBI licensing. The PA-CB framework now brings these players under the same regulatory umbrella as banks. It mandates strict capital, KYC, and FEMA compliance requirements that only well-prepared firms could meet.
Here is everything you need to know about the complete RBI PA-CB license list, the winners, and what comes next.
What the PA-CB license means and why RBI created it
The PA-CB (Payment Aggregator – Cross Border) license is a regulatory authorisation under the Payment and Settlement Systems Act, 2007. It governs non-bank entities that handle cross-border payment transactions for imports and exports through online channels.
Before PA-CB, cross-border payments were handled under the OPGSP framework since 2010. OPGSPs faced no direct RBI licensing and operated only through bank partnerships. The scope was limited to goods and software; service exports were largely excluded. Transaction fees ranged from 3–7%, settlements took 2–5 business days, and regulatory gaps created compliance risks. Import transactions were capped at $2,000 per transaction, severely limiting e-commerce growth.
RBI issued the landmark PA-CB circular on October 31, 2023, shifting regulation from indirect oversight of forex to direct authorisation of payment systems. On September 15, 2025, the RBI published a consolidated Master Direction that unified all payment aggregator rules. This created three PA categories: PA-Online, PA-Physical, and PA-Cross Border.
Every cross-border payment aggregator in India now operates under one of three PA-CB license types. PA-CB Inward handles money coming into India for exporters. PA-CB Outward handles outgoing payments for foreign merchants. PA-CB Inward and Outward covers both directions.
The complete list of 19 PA-CB license-approved companies
The RBI had fully authorised 19 entities to hold PA-CB licenses as of January 2026. Approvals arrived in distinct waves, with a dramatic acceleration in late 2025.
Wave 1 — early movers (mid-2024): Cashfree Payments became the first-ever PA-CB license holder in July 2024. Amazon Pay India, BillDesk, and Adyen followed between September and October 2024.
Wave 2 — mid-2025 additions: Pay10 Services and Worldline ePayments India secured full authorisation. Worldline's license covered both exports and imports, with the company absorbing Ingenico's operations under its brand.
Wave 3 — the November–December 2025 flood: The RBI granted more licenses in two months than in the previous 16 months combined. PayGlocal, backed by Tiger Global and Peak XV Partners, received authorisation on November 18 for both inward and outward transactions. Pine Labs, Easebuzz, PayU Payments, and Airpay followed in late November. Razorpay secured its license on December 2, adding cross-border capability to its already dominant domestic presence. Paytm completed its full PA license on December 17, covering online, offline, and cross-border payments. Mswipe Technologies rounded out the December batch.
Wave 4 — January 2026 completions: Skydo received final authorisation on January 9, 2026, serving 30,000+ MSMEs. BriskPe and Unlimit also confirmed full authorisation. Two additional entities completed the list of 19, though they were not individually identified in public filings.
If you're evaluating which PA-CB licensed platforms suit your needs, explore the best payment platforms for Indian freelancers and businesses.
Several major players held in-principle approvals but not full authorisation by early 2026. Payoneer India received in-principle approval on January 22, 2026. PayPal secured in-principle status in May 2025 for export-only operations. EximPe gained in-principle approval in July 2025. Xflow confirmed full authorisation by February 2026, potentially becoming the 20th licensed entity.
The regulatory timeline that shaped these approvals
Understanding the RBI payment aggregator guidelines requires tracing over a decade of regulatory evolution.
The OPGSP era ran from 2010 to 2023. RBI allowed banks to partner with online payment gateway service providers for limited cross-border facilitation. Import transactions were capped at $2,000 and exports at $10,000 per transaction.
March 2020 brought domestic PA guidelines that laid the groundwork for the compliance infrastructure PA-CB would later require. In April 2022, the RBI circulated draft cross-border directions under FEMA, but never finalised them.
The definitive moment came on October 31, 2023. The RBI issued the PA-CB circular establishing direct licensing for cross-border payment aggregators. All existing operators had to apply by April 30, 2024, or wind up by July 31, 2024.
July 2024 marked the first license grant to Cashfree. By late 2024, only four entities held full authorisation. Then, in September 202, the Master Direction unified all PA regulations into a single framework. The November–December 2025 approval wave brought the total from roughly 6 to 19 in just two months.
Why these 19 firms won and what it took to qualify
The firms on the RBI PA-CB license list share specific traits that helped them clear rigorous selection criteria.
Capital requirements served as the primary filter. Applicants needed a minimum net worth of ₹15 crore at the time of application. This must grow to ₹25 crore by March 31, 2026. This single requirement eliminated most early-stage startups from the race.
Regulatory compliance infrastructure separated winners from applicants. Firms needed FIU-IND registration, PCI-DSS compliance, annual security audits by CERT-In empanelled firms, and KYC/AML processes aligned with RBI standards. They also had to maintain separate Inward Collection Accounts and Outward Collection Accounts with AD Category-I banks.
Fit-and-proper criteria required clean records for promoters and directors. RBI verified financial integrity through cross-checks with other regulators and government departments. No insolvency or criminal history was acceptable.
Transaction limits are capped at ₹25 lakh per unit of goods or services. This represents a major increase from the OPGSP's $2,000 import ceiling. However, it still constrains high-value B2B transactions.
The winning companies share a common profile. They have established payment infrastructure, existing domestic PA licenses, strong banking relationships, and organisational capacity for dual-regime compliance under both PSSA and FEMA. Full-stack players like Razorpay, Pine Labs, and PayU now hold all three PA categories — online, physical, and cross-border.
Who didn't make it and who's still waiting
RBI has not disclosed the total number of PA-CB applications. However, the data reveal a selective process. By mid-2025, only five entities held full authorisation, while eleven more had applications under review.
No PA-CB-specific rejections have been publicly reported. This differs from the domestic PA processes, in which applications from PayU, Paytm, and others were initially returned. PayU notably had its domestic PA application returned in 2023, but later reapplied and secured all authorisations by November 2025.
Entities that missed the April 2024 application deadline or couldn't demonstrate a net worth of ₹15 crore had to wind down operations. Several smaller OPGSPs likely exited the market, though exact numbers remain unconfirmed.
Notable absences include Visa and Mastercard, which operate as card networks rather than payment aggregators. They facilitate transactions but do not aggregate payments, so they fall outside the PA-CB scope. Google Pay holds only a domestic PA-O license with no confirmed PA-CB authorisation. Stripe India similarly lacks PA-CB authorisation despite holding a domestic online PA license.
Juspay was reportedly preparing its application as of January 2026, following the amendment of its corporate charter. The pipeline for new approvals remains active.
To understand the broader role these platforms play, read about how online payment gateways help Indian businesses expand globally.
What this means for cross-border paymentsin India 2026
India's cross-border payment flows reached $1.2 trillion in FY2023. Services exports alone crossed $320 billion in 2024. With 50 million MSMEs contributing 45% of India's exports, the PA-CB framework fills a critical infrastructure gap.
For exporters and freelancers, PA-CB-licensed platforms deliver real savings. Traditional bank channels charged 3–7% in combined fees. PA-CB fintechs now offer flat-fee models with zero forex markup at mid-market rates. Settlements arrive in INR within 24 hours instead of 2–5 business days.
For foreign merchants selling to Indian consumers, the PA-CB Outward license gives them access to India's payment rails. This includes UPI access for international players without requiring a local entity. EximPe targets $1 billion in UPI-led cross-border payment volumes within 24 months of full authorisation.
For the broader ecosystem, licensed entities are projected to process 30% of cross-border flows by 2027. The framework enables embedded finance, virtual foreign accounts, multi-currency accounts, and API-driven cross-border infrastructure. India's participation in Project Nexus — connecting fast payment systems across five Asian countries by 2027 — complements the PA-CB regime. The operational UPI-PayNow bridge with Singapore already processed $1.2 billion in 2025 transactions.
However, concerns remain. High compliance costs strain early-stage startups. Uniform requirements regardless of size risk consolidating market power among incumbents. One legal analysis noted that identical requirements for large and small players could displace smaller fintechs. The March 2026 net worth deadline may trigger 5–10 fintech mergers as smaller players struggle to meet the ₹25 crore threshold. Market watchers also point out that, with just 19 licensed firms in a $1.2 trillion market, there is a risk of concentration.
What happens next for the PA-CB landscape
The next twelve months will shape the market's structure. The March 31, 2026, deadline forces final net worth compliance. Firms that cannot raise capital must either acquire or exit. This deadline alone could significantly reduce the number of active cross-border payment players.
Investor confidence in the space remains strong. Xflow raised $16.6 million in February 2026 from General Catalyst, Stripe, and PayPal Ventures. Skydo raised $10 million in its Series A in December 2025. Cashfree secured $53 million in March 2025. These funding rounds signal that investors see PA-CB licensing as a competitive moat.
The September 2025 Master Direction also expanded the scope of PA-CB operations. Licensed entities can now process payments for all permissible current account transactions under FEMA. Previously, the scope covered only trade under the foreign trade policy. Authorised PAs can also expand into new categories by simply notifying RBI 30 days in advance, rather than seeking fresh approval.
A clear trend toward full-stac authorisation emerged in late 2025. Companies like Razorpay, Pine Labs, Easebuzz, and PayU now hold all three RBI PA licenses. This means they can process online, physical, and cross-border payments through a single platform. Razorpay's cross-border business grows by 40% year-over-year, covering 130 currencies with a 95% transaction success rate.
The question now shifts from who got licensed to who will dominate. Full-stack incumbents such as Razorpay and PayU compete with specialised cross-border challengers such as Skydo and PayGlocal. For India's exporters and freelancers, more competition among licensed players means better rates, faster settlements, and purpose-built tools for global commerce.
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute financial or legal advice. Winvesta makes no representations or warranties about the accuracy or suitability of the content and recommends consulting a professional before making any financial decisions.
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Table of Contents
India's cross-border payments landscape changed forever in 2025. The Reserve Bank of India granted PA-CB licenses to 19 firms, reshaping how money moves across borders. This move replaced a decades-old framework with direct central bank oversight. For exporters, freelancers, and SMEs, these approvals promise lower fees and faster settlements.
India processes over $1.2 trillion in cross-border payment flows annually. Yet until recently, the firms handling these transactions operated without direct RBI licensing. The PA-CB framework now brings these players under the same regulatory umbrella as banks. It mandates strict capital, KYC, and FEMA compliance requirements that only well-prepared firms could meet.
Here is everything you need to know about the complete RBI PA-CB license list, the winners, and what comes next.
What the PA-CB license means and why RBI created it
The PA-CB (Payment Aggregator – Cross Border) license is a regulatory authorisation under the Payment and Settlement Systems Act, 2007. It governs non-bank entities that handle cross-border payment transactions for imports and exports through online channels.
Before PA-CB, cross-border payments were handled under the OPGSP framework since 2010. OPGSPs faced no direct RBI licensing and operated only through bank partnerships. The scope was limited to goods and software; service exports were largely excluded. Transaction fees ranged from 3–7%, settlements took 2–5 business days, and regulatory gaps created compliance risks. Import transactions were capped at $2,000 per transaction, severely limiting e-commerce growth.
RBI issued the landmark PA-CB circular on October 31, 2023, shifting regulation from indirect oversight of forex to direct authorisation of payment systems. On September 15, 2025, the RBI published a consolidated Master Direction that unified all payment aggregator rules. This created three PA categories: PA-Online, PA-Physical, and PA-Cross Border.
Every cross-border payment aggregator in India now operates under one of three PA-CB license types. PA-CB Inward handles money coming into India for exporters. PA-CB Outward handles outgoing payments for foreign merchants. PA-CB Inward and Outward covers both directions.
The complete list of 19 PA-CB license-approved companies
The RBI had fully authorised 19 entities to hold PA-CB licenses as of January 2026. Approvals arrived in distinct waves, with a dramatic acceleration in late 2025.
Wave 1 — early movers (mid-2024): Cashfree Payments became the first-ever PA-CB license holder in July 2024. Amazon Pay India, BillDesk, and Adyen followed between September and October 2024.
Wave 2 — mid-2025 additions: Pay10 Services and Worldline ePayments India secured full authorisation. Worldline's license covered both exports and imports, with the company absorbing Ingenico's operations under its brand.
Wave 3 — the November–December 2025 flood: The RBI granted more licenses in two months than in the previous 16 months combined. PayGlocal, backed by Tiger Global and Peak XV Partners, received authorisation on November 18 for both inward and outward transactions. Pine Labs, Easebuzz, PayU Payments, and Airpay followed in late November. Razorpay secured its license on December 2, adding cross-border capability to its already dominant domestic presence. Paytm completed its full PA license on December 17, covering online, offline, and cross-border payments. Mswipe Technologies rounded out the December batch.
Wave 4 — January 2026 completions: Skydo received final authorisation on January 9, 2026, serving 30,000+ MSMEs. BriskPe and Unlimit also confirmed full authorisation. Two additional entities completed the list of 19, though they were not individually identified in public filings.
If you're evaluating which PA-CB licensed platforms suit your needs, explore the best payment platforms for Indian freelancers and businesses.
Several major players held in-principle approvals but not full authorisation by early 2026. Payoneer India received in-principle approval on January 22, 2026. PayPal secured in-principle status in May 2025 for export-only operations. EximPe gained in-principle approval in July 2025. Xflow confirmed full authorisation by February 2026, potentially becoming the 20th licensed entity.
The regulatory timeline that shaped these approvals
Understanding the RBI payment aggregator guidelines requires tracing over a decade of regulatory evolution.
The OPGSP era ran from 2010 to 2023. RBI allowed banks to partner with online payment gateway service providers for limited cross-border facilitation. Import transactions were capped at $2,000 and exports at $10,000 per transaction.
March 2020 brought domestic PA guidelines that laid the groundwork for the compliance infrastructure PA-CB would later require. In April 2022, the RBI circulated draft cross-border directions under FEMA, but never finalised them.
The definitive moment came on October 31, 2023. The RBI issued the PA-CB circular establishing direct licensing for cross-border payment aggregators. All existing operators had to apply by April 30, 2024, or wind up by July 31, 2024.
July 2024 marked the first license grant to Cashfree. By late 2024, only four entities held full authorisation. Then, in September 202, the Master Direction unified all PA regulations into a single framework. The November–December 2025 approval wave brought the total from roughly 6 to 19 in just two months.
Why these 19 firms won and what it took to qualify
The firms on the RBI PA-CB license list share specific traits that helped them clear rigorous selection criteria.
Capital requirements served as the primary filter. Applicants needed a minimum net worth of ₹15 crore at the time of application. This must grow to ₹25 crore by March 31, 2026. This single requirement eliminated most early-stage startups from the race.
Regulatory compliance infrastructure separated winners from applicants. Firms needed FIU-IND registration, PCI-DSS compliance, annual security audits by CERT-In empanelled firms, and KYC/AML processes aligned with RBI standards. They also had to maintain separate Inward Collection Accounts and Outward Collection Accounts with AD Category-I banks.
Fit-and-proper criteria required clean records for promoters and directors. RBI verified financial integrity through cross-checks with other regulators and government departments. No insolvency or criminal history was acceptable.
Transaction limits are capped at ₹25 lakh per unit of goods or services. This represents a major increase from the OPGSP's $2,000 import ceiling. However, it still constrains high-value B2B transactions.
The winning companies share a common profile. They have established payment infrastructure, existing domestic PA licenses, strong banking relationships, and organisational capacity for dual-regime compliance under both PSSA and FEMA. Full-stack players like Razorpay, Pine Labs, and PayU now hold all three PA categories — online, physical, and cross-border.
Who didn't make it and who's still waiting
RBI has not disclosed the total number of PA-CB applications. However, the data reveal a selective process. By mid-2025, only five entities held full authorisation, while eleven more had applications under review.
No PA-CB-specific rejections have been publicly reported. This differs from the domestic PA processes, in which applications from PayU, Paytm, and others were initially returned. PayU notably had its domestic PA application returned in 2023, but later reapplied and secured all authorisations by November 2025.
Entities that missed the April 2024 application deadline or couldn't demonstrate a net worth of ₹15 crore had to wind down operations. Several smaller OPGSPs likely exited the market, though exact numbers remain unconfirmed.
Notable absences include Visa and Mastercard, which operate as card networks rather than payment aggregators. They facilitate transactions but do not aggregate payments, so they fall outside the PA-CB scope. Google Pay holds only a domestic PA-O license with no confirmed PA-CB authorisation. Stripe India similarly lacks PA-CB authorisation despite holding a domestic online PA license.
Juspay was reportedly preparing its application as of January 2026, following the amendment of its corporate charter. The pipeline for new approvals remains active.
To understand the broader role these platforms play, read about how online payment gateways help Indian businesses expand globally.
What this means for cross-border paymentsin India 2026
India's cross-border payment flows reached $1.2 trillion in FY2023. Services exports alone crossed $320 billion in 2024. With 50 million MSMEs contributing 45% of India's exports, the PA-CB framework fills a critical infrastructure gap.
For exporters and freelancers, PA-CB-licensed platforms deliver real savings. Traditional bank channels charged 3–7% in combined fees. PA-CB fintechs now offer flat-fee models with zero forex markup at mid-market rates. Settlements arrive in INR within 24 hours instead of 2–5 business days.
For foreign merchants selling to Indian consumers, the PA-CB Outward license gives them access to India's payment rails. This includes UPI access for international players without requiring a local entity. EximPe targets $1 billion in UPI-led cross-border payment volumes within 24 months of full authorisation.
For the broader ecosystem, licensed entities are projected to process 30% of cross-border flows by 2027. The framework enables embedded finance, virtual foreign accounts, multi-currency accounts, and API-driven cross-border infrastructure. India's participation in Project Nexus — connecting fast payment systems across five Asian countries by 2027 — complements the PA-CB regime. The operational UPI-PayNow bridge with Singapore already processed $1.2 billion in 2025 transactions.
However, concerns remain. High compliance costs strain early-stage startups. Uniform requirements regardless of size risk consolidating market power among incumbents. One legal analysis noted that identical requirements for large and small players could displace smaller fintechs. The March 2026 net worth deadline may trigger 5–10 fintech mergers as smaller players struggle to meet the ₹25 crore threshold. Market watchers also point out that, with just 19 licensed firms in a $1.2 trillion market, there is a risk of concentration.
What happens next for the PA-CB landscape
The next twelve months will shape the market's structure. The March 31, 2026, deadline forces final net worth compliance. Firms that cannot raise capital must either acquire or exit. This deadline alone could significantly reduce the number of active cross-border payment players.
Investor confidence in the space remains strong. Xflow raised $16.6 million in February 2026 from General Catalyst, Stripe, and PayPal Ventures. Skydo raised $10 million in its Series A in December 2025. Cashfree secured $53 million in March 2025. These funding rounds signal that investors see PA-CB licensing as a competitive moat.
The September 2025 Master Direction also expanded the scope of PA-CB operations. Licensed entities can now process payments for all permissible current account transactions under FEMA. Previously, the scope covered only trade under the foreign trade policy. Authorised PAs can also expand into new categories by simply notifying RBI 30 days in advance, rather than seeking fresh approval.
A clear trend toward full-stac authorisation emerged in late 2025. Companies like Razorpay, Pine Labs, Easebuzz, and PayU now hold all three RBI PA licenses. This means they can process online, physical, and cross-border payments through a single platform. Razorpay's cross-border business grows by 40% year-over-year, covering 130 currencies with a 95% transaction success rate.
The question now shifts from who got licensed to who will dominate. Full-stack incumbents such as Razorpay and PayU compete with specialised cross-border challengers such as Skydo and PayGlocal. For India's exporters and freelancers, more competition among licensed players means better rates, faster settlements, and purpose-built tools for global commerce.
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute financial or legal advice. Winvesta makes no representations or warranties about the accuracy or suitability of the content and recommends consulting a professional before making any financial decisions.
Get paid globally. Keep more of it.
No FX markups. No GST. Funds in 1 day.
