Online payment gateway: How Indian businesses expand globally
To succeed in today's world, companies need to expand internationally. But dealing with cross-border transactions and international payments can be difficult. For over a decade that job was done by Online Payment Gateway Service Providers, or OPGSPs. That framework has since been retired: the RBI withdrew it through its cross-border payment aggregator circular of 31 October 2023, and cross-border collections now sit under the Payment Aggregator - Cross Border (PA-CB) framework, consolidated into the RBI (Regulation of Payment Aggregators) Directions, 2025. The mechanics below still describe how collection accounts work in practice, but the licensing model has changed, so read OPGSP here as the predecessor framework rather than something you can sign up to today.
What is an online payment gateway?
An OPGSP enabled businesses to receive international payments quickly and securely, acting as a bridge between exporters and foreign buyers. A customer abroad paid the provider, which then converted the money to INR and credited the Indian seller's bank account. That basic flow is unchanged under the PA-CB framework that replaced it. What changed is the oversight: a provider must now hold PA-CB authorisation from the RBI directly, rather than operating through a bank partnership without its own licence.
How does an online payment gateway work?
OPGSPs facilitate online payments and transfers between businesses, freelancers, and international clients. With RBI's approval, banks can work with OPGSPs to send exports up to $10,000 and imports up to $2,000 per transaction.
Banks must follow RBI guidelines and do a careful check before partnering with OPGSPs. This helps businesses trade internationally safely and without breaking the rules.
How do online payment gateways compare to SWIFT and PayPal?
Wire transfers and SWIFT are expensive and time-consuming, with high transaction fees (1-2%) and long processing times. PayPal is also a popular payment method for Indian exporters, but it often imposes steep transaction fees (typically 3-5%), which can impact the exporter’s earnings.
OPGlower fees are better suited to accept international trade. They charge lower fees for payments, accept multiple currencies, and offer competitive exchange rates. They also offer real-time tracking and reporting, fraud detection, and chargeback management.
How virtual accounts work with online payment gateways
When a company or freelancer signs up with a cross-border collections provider, they are typically issued local receiving account details in each currency they invoice in. This lets an Indian business collect as though it held a local account abroad, without going through the cost and difficulty of opening a foreign bank account. Funds are then converted and settled into the business's Indian bank account.
Using virtual accounts with OPGSPs reduces transaction costs for Indian SMEs. passing through any. The funds go straight into the Indian bank account without passing through any intermediary banks. Unique virtual account numbers help track and reconcile payments with invoices, reducing errors and fraud.
Winvesta: Virtual Multi-Currency accounts
With Winvesta, you can get your own global collection accounts with local US, UK, and SEPA IBANs. Businesses and individuals can receive payments from 180 countries in over 30 currencies faster and at a lower cost.
Winvesta's Global Collections Account gives you local receiving account details in major currencies, with conversion to INR starting at $3 + 0.99% and funds typically credited in as little as one day. To be precise about the structure, since this article is about licensing: Winvesta provides the product and technology layer, and the regulated cross-border payment rail behind it is operated by an RBI-authorised partner. Winvesta is not itself an OPGSP, and no provider is, because that framework no longer exists.
Indian SME exporters face significant challenges in receiving payments from foreign buyers, including delays, high transaction costs, and currency conversion charges. OPGSPs have revolutionised how Indian SMEs conduct international trade by offering a secure, fast, and cost-effective alternative to traditional payment methods.
By partnering with banks, online payment gateways have gained credibility and trust among businesses. Using virtual accounts in conjunction with OPGSPs, such as Winvesta, can further reduce transaction costs and improve payment reconciliation. With the rise of global e-commerce, OPGSPs are becoming indispensable tools for Indian SMEs to succeed in the global marketplace.
Open your virtual multi-currency account with Winvesta today!
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.
To succeed in today's world, companies need to expand internationally. But dealing with cross-border transactions and international payments can be difficult. For over a decade that job was done by Online Payment Gateway Service Providers, or OPGSPs. That framework has since been retired: the RBI withdrew it through its cross-border payment aggregator circular of 31 October 2023, and cross-border collections now sit under the Payment Aggregator - Cross Border (PA-CB) framework, consolidated into the RBI (Regulation of Payment Aggregators) Directions, 2025. The mechanics below still describe how collection accounts work in practice, but the licensing model has changed, so read OPGSP here as the predecessor framework rather than something you can sign up to today.
What is an online payment gateway?
An OPGSP enabled businesses to receive international payments quickly and securely, acting as a bridge between exporters and foreign buyers. A customer abroad paid the provider, which then converted the money to INR and credited the Indian seller's bank account. That basic flow is unchanged under the PA-CB framework that replaced it. What changed is the oversight: a provider must now hold PA-CB authorisation from the RBI directly, rather than operating through a bank partnership without its own licence.
How does an online payment gateway work?
OPGSPs facilitate online payments and transfers between businesses, freelancers, and international clients. With RBI's approval, banks can work with OPGSPs to send exports up to $10,000 and imports up to $2,000 per transaction.
Banks must follow RBI guidelines and do a careful check before partnering with OPGSPs. This helps businesses trade internationally safely and without breaking the rules.
How do online payment gateways compare to SWIFT and PayPal?
Wire transfers and SWIFT are expensive and time-consuming, with high transaction fees (1-2%) and long processing times. PayPal is also a popular payment method for Indian exporters, but it often imposes steep transaction fees (typically 3-5%), which can impact the exporter’s earnings.
OPGlower fees are better suited to accept international trade. They charge lower fees for payments, accept multiple currencies, and offer competitive exchange rates. They also offer real-time tracking and reporting, fraud detection, and chargeback management.
How virtual accounts work with online payment gateways
When a company or freelancer signs up with a cross-border collections provider, they are typically issued local receiving account details in each currency they invoice in. This lets an Indian business collect as though it held a local account abroad, without going through the cost and difficulty of opening a foreign bank account. Funds are then converted and settled into the business's Indian bank account.
Using virtual accounts with OPGSPs reduces transaction costs for Indian SMEs. passing through any. The funds go straight into the Indian bank account without passing through any intermediary banks. Unique virtual account numbers help track and reconcile payments with invoices, reducing errors and fraud.
Winvesta: Virtual Multi-Currency accounts
With Winvesta, you can get your own global collection accounts with local US, UK, and SEPA IBANs. Businesses and individuals can receive payments from 180 countries in over 30 currencies faster and at a lower cost.
Winvesta's Global Collections Account gives you local receiving account details in major currencies, with conversion to INR starting at $3 + 0.99% and funds typically credited in as little as one day. To be precise about the structure, since this article is about licensing: Winvesta provides the product and technology layer, and the regulated cross-border payment rail behind it is operated by an RBI-authorised partner. Winvesta is not itself an OPGSP, and no provider is, because that framework no longer exists.
Indian SME exporters face significant challenges in receiving payments from foreign buyers, including delays, high transaction costs, and currency conversion charges. OPGSPs have revolutionised how Indian SMEs conduct international trade by offering a secure, fast, and cost-effective alternative to traditional payment methods.
By partnering with banks, online payment gateways have gained credibility and trust among businesses. Using virtual accounts in conjunction with OPGSPs, such as Winvesta, can further reduce transaction costs and improve payment reconciliation. With the rise of global e-commerce, OPGSPs are becoming indispensable tools for Indian SMEs to succeed in the global marketplace.
Open your virtual multi-currency account with Winvesta today!
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.
