Wise gets in-principle approval to operate as cross-border payment aggregator

Wise, a technology company building the way to move and manage money around the world, has secured in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator – cross border for exports. 

Last week, PayPal Payments (PayPal), the Indian subsidiary of PayPal Holdings, received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator (PA).

According to Wise, this approval builds on its accelerating momentum in India, where the company powers 10% of all money sent from abroad to India, while also enabling customers to send low-cost and fast transfers from the country.

Wise says that it has been doubling down on its local presence through establishing a full-stack office in Hyderabad, rolling out the highly requested account details feature, and lowering fees and making transactions faster for transfers from India.

With the new licence, Wise will be able to support higher transaction limits of up to 25 lakh for freelancers and businesses receiving cross-border payments through its international account details feature. The approval also opens the door for Wise to help businesses in India send payments abroad in the future.

Launched in 2011, Wise is a global technology company, building the way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad.