Jio Payment Solutions has launched a cross-border payment service for Indian exporters, freelancers, creators and digital businesses, enabling them to collect payments from customers across major global markets.
Highlights
- JPSL launches cross-border payment services for Indian businesses.
- RBI approval covers both export and import transactions.
- Exporters can receive money through virtual accounts, international cards and local payment networks.
- Service covers markets including the US, UK, Europe, UAE, Singapore, Malaysia and Australia.
- JPSL says the service covers nearly 50% of India’s export footprint.
- Settlement is expected within two business days, with no portion of the amount held back.
- JPSL has partnered with Citi for the service.
Story
Mumbai: Receiving payments from overseas customers is set to become easier for Indian exporters and digital businesses, with Jio Payment Solutions Limited (JPSL) launching its cross-border payment service.
JPSL, a company under Jio Financial Services, has received approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator. The approval covers both export and import transactions, although the newly launched service is currently focused primarily on helping Indian businesses receive payments from overseas customers.
The platform will allow Indian exporters to collect payments through virtual accounts, international cards and local payment networks available in overseas markets.
Freelancers and creators can benefit
Apart from traditional exporters, the service is expected to benefit online sellers, freelancers, creators, software service providers and other digital businesses serving international customers.
Businesses currently face several challenges while collecting overseas payments, including handling different currencies, dealing with multiple payment partners, documentation and payment reconciliation.
JPSL aims to simplify these processes through a single payment infrastructure.
Covers major global markets
According to the company, its cross-border payment infrastructure covers markets representing nearly 50% of India’s export footprint.
Indian businesses will be able to quote prices and accept payments in customers’ local currencies across major markets such as the US, UK, Europe, UAE, Singapore, Malaysia and Australia.
JPSL also plans to introduce additional local payment methods across Latin America, Southeast Asia and the Middle East in the coming months.
Settlement within two business days
The company said payments can be settled to merchants within two business days of a transaction, without withholding a portion of the amount.
Documents required for overseas payments are also expected to be made available within the same business day, helping businesses manage compliance and reconciliation.
JPSL has partnered with Citi for the cross-border payment service.
The launch could particularly benefit India’s growing base of exporters, freelancers and digital-first companies seeking simpler ways to collect payments from international customers.
