Cross-border payments startup Skydo has received Payment Service Provider (PSP) approval from Amazon. Skydo will now be able to offer international payments for Indian exporters selling on Amazon global marketplaces.

With this, exporters on Amazon can receive their international payouts through Skydo, the company said in its statement. 

"Amazon has recently announced plans to enable over $80 billion in cumulative e-commerce exports from India by 2030, quadrupling its earlier pledge of $20 billion by 2025. This highlights the robust demand for ‘Made in India’ products and the crucial role of payment service providers like Skydo in processing international payments for India’s rapidly growing exports," Skydo added.

As part of their launch offer, Skydo is offering zero forex markup and a $1 transaction fee to Amazon Global sellers in their first three months of using the platform.

Skydo claims to have has already empowered over 10,000 Indian exporters to receive their international payments.

As India targets $1 trillion in merchandise exports by 2030, initiatives like Amazon's Global Selling program have expanded global market access for Indian businesses, particularly MSMEs and entrepreneurs from key export hubs across states such as Delhi NCR, Maharashtra, Gujarat, Rajasthan, Karnataka, Uttar Pradesh, and Tamil Nadu. Since its launch in 2015, the program has empowered 1.5 lakh Indian exporters to sell over 400 million products worldwide.