Cashfree Payments Approved by RBI to Launch New Cross Border Payments Product

Cashfree Payments, a leading payments and API banking solutions company, announced that it has received a go-ahead from the Reserve Bank of India (RBI) for its cross border payments product. The approval comes upon the company successfully piloting the solution during RBI's Second Cohort under the Regulatory Sandbox on cross border payments. 

The product will enable Indian fintech companies to offer the purchase of shares, exchange-traded funds (ETF) units and other assets listed on foreign exchanges via UPI/Net Banking as a feature to Indian investors. 

Cashfree Payments' solution makes the process of payments via UPI, Net Banking and LRS compliance integrated, seamless and fully digital. Investors can start investing with small amounts, as little as INR 1000. The solution also offers savings on foreign transaction (FX) fees and faster settlements for access to funds.

Reeju Datta, Co-founder, Cashfree Payments said: "We are delighted to have successfully completed the test phase of RBI's Second Cohort under the regulatory sandbox on Cross Border Payments. This achievement validates our efforts to constantly build innovative and effective solutions in the payments ecosystem. 

"Our cross-border payments platform intends to make investing in foreign stocks a lot simpler and convenient, allowing retail investors to make payments via local payment methods. The product was evaluated on varying parameters, and clearing the evaluation further reiterates the resilience and agility that is a trademark of the Cashfree Payments systems. We look forward to working with the Indian fintech ecosystem and offer access to international investments to Indian investors."