Airpay Wins RBI Approval as Cross-Border Payment Aggregator
Why in the news
RBI cleared Airpay to handle cross-border payments, giving it a full-stack aggregator licence.
About international payments
These are transfers between parties in different countries. They are harder than domestic ones because of forex rules, currency conversion, settlement systems and anti-money-laundering norms.
| Type | Meaning |
|---|---|
| B2B | Firms paying suppliers abroad |
| B2C | Firms paying freelancers or staff overseas |
| C2B | Individuals paying foreign merchants |
| Remittances | Individuals sending money to family abroad |
RBI conditions
- Hold a Payment Aggregator licence already.
- Follow FEMA, 1999 for conversion and remittances.
- Run strong fraud, AML and KYC systems.
- Maintain capital buffers, net worth and good governance.
- Use secure, real-time, interoperable technology.
Exam angle
- Regulator of payment aggregators: RBI.