Razorpay secures final PSP licence to facilitate cross-border payments
With the final approval, Razorpay can support international money movement, including global investments, collections and settlements, through its GIFT City-based infrastructure.
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With the final approval, Razorpay can support international money movement, including global investments, collections and settlements, through its GIFT City-based infrastructure, a statement said.
Earlier in April this year, the fintech company had received in-principle approval for the same.
The company has already integrated its platform with RBL Bank and ICICI Bank, while integrations with key investment platforms are expected to go live soon. Razorpay said its infrastructure will allow investment platforms to complete integrations within two to three weeks, compared with the several months typically required under existing arrangements.
The development comes amid rising interest among Indian residents in overseas investments. According to Razorpay, Indians invested $2.65 billion in overseas stocks and debt instruments in FY26, marking a 56% year-on-year increase.
Currently, investment platforms often need to work with multiple banks, remittance providers and compliance systems to facilitate international investments. Razorpay's infrastructure aims to consolidate these requirements into a single integration while supporting compliance with the Foreign Exchange Management Act (FEMA) and GIFT City regulations.
Commenting on the development, Rahul Kothari, Chief Operating Officer at Razorpay, said the IFSCA approval would expand the company's cross-border payments capabilities. He added that the licence would allow Razorpay to support foreign currency transactions, multi-currency accounts and international financial flows, including overseas investments by Indian residents and remittances for NRIs.
Razorpay said it plans to further expand its GIFT City infrastructure across global investing, international collections, settlements and other cross-border financial services.
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay provides payment and business banking solutions to companies. The company is also backed by several investors and holds regulatory approvals from the Reserve Bank of India (RBI) across online, offline and cross-border payment segments.
Earlier in May, Skydo also received the final IFSCA licence to operate as Payment Service Providers from GIFT City.
Meanwhile, Razorpay has confidentially filed for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) earlier in June this year.