Mumbai: Global fintech firm Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Cross-Border Payment Aggregator for exports.
The approval marks a major step in the company’s expansion in India, where it already facilitates 10 per cent of all remittances sent into the country.
The licence will allow Wise to support higher transaction limits, up to Rs 25 lakh, for freelancers and businesses using its international account details feature. It also positions the company to potentially enable outbound payments for Indian enterprises in the future.
Over the past year, Wise has intensified its India operations. It launched a full-stack office in Hyderabad under APAC Head of Engineering Smrithi Ravi, with plans to significantly expand its workforce.
The company also introduced a multi-currency account feature for Indian users and enhanced the speed and affordability of outward remittances using its Authorised Dealer 2 (AD-II) licence, completing 70 per cent of outbound transactions within 12 hours at around 1.5 per cent in fees for Rs1 lakh transfers.
Commenting on the development, SK Saraogi, Wise’s APAC Head of Expansion, said the new licence would help Indian exporters overcome barriers like high fees and lack of transparency, offering them faster and more cost-efficient international payment options.
Discussion about this post