PayPal Payments, the Indian arm of global payments giant PayPal Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to function as a cross-border payment aggregator (PA).

Worldline ePayments India has also received the final approval from the RBI to operate as a cross-border PA.

This move authorizes both companies to handle online international transactions related to the import and export of goods and services.

"The approval will pave the way for tailored innovations suited to local markets and improve user experience. It also provides Indian users, ranging from enterprises to freelancers, greater access to PayPal’s global payments ecosystem," PayPal said in its statement.

Earlier this year, Skydo, BriskPe were granted in-principle authorization to act as a cross-border payment aggregator (PA-CB). Cashfree, Adyen, Billdesk, Amazon, Pay10 are other entities which got the cross-border PA licence from the central bank.