New Delhi: Jio Payment Solutions Ltd (JPSL), a wholly-owned subsidiary of Jio Financial Services, on Wednesday announced the launch of its cross-border payment platform to help Indian exporters accept international payments from global customers and boost their global competitiveness.
Through Jio Payment Solutions Ltd's (JPSL) new facility, domestic exporters can accept international payments via virtual accounts, international cards, and local payment rails.
The launch follows the receipt of authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator for Cross-Border (PA-CB) transactions, covering exports and imports, JPSL said in a statement.
As more Indian businesses, including online sellers, digital businesses, freelancers, creators, and SaaS companies, scale globally, collecting international payments remains a fragmented and complex process, it said.
It often involves multiple partners, different currencies, endless paperwork, and manual reconciliation.
JPSL addresses these challenges through a platform that simplifies global collections, supports compliance, and enables businesses to offer customers the convenience of their preferred local payment options across international markets, backed by multi-currency virtual accounts, removing the need for buyers to navigate SWIFT or correspondent banking, it said.
JPSL already operates as a payment aggregator for online and physical point-of-sale (PoS) transactions, it added.
With the launch of cross-border payments, JPSL now offers a comprehensive payments suite for small, medium and large enterprises, spanning digital commerce, physical retail, and international e-commerce payments for permitted current account transactions, it said.
