Mumbai, Sept 09: Jio Payment Solutions Limited (JPSL), a wholly owned subsidiary of Jio Financial Services Limited, today announced the launch of cross-border payments, empowering Indian exporters to seamlessly accept international payments – via virtual accounts, international cards, and local payment rails – from customers worldwide and boost their global competitiveness.
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 both exports and imports.
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 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.
JPSL already successfully operates as a Payment Aggregator for Online and Physical Point-of-Sale (PoS) transactions. 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.
The key features of JPSL’s suite of cross-border payment solutions include:
● Global Reach, Local Choice: JPSL’s cross-border payment solutions covers around 50% of India’s total export footprint. This allows Indian merchants exporting to countries including US, UK, Europe, UAE, Singapore, Malaysia and Australia quote prices in local buyer currencies and pull funds seamlessly, making them competitive against traditional cross-border solutions. In coming months, JPSL will keep launching newer local payment methods across Latin America, Southeast Asia, and the Middle East.
● Versatile Solutions for Every Business Model: From MSMEs and emerging exporters to larger digital enterprises, JPSL offers multiple flexible integration options for all entities, at competitive commercial terms These include hosted checkouts, payment links, payment pages, recurring invoicing, embedded SDKs (Software Development Kits), secure embedded payment screens, and white-label APIs (Application Programming Interfaces).
● Higher Efficiency: JPSL’s cross-border payment solution offers transparent pricing, and T+2 settlement with no rolling reserve, so merchants receive their full settlement amount every cycle, enabling better cash flow management for businesses.
● Bank-Grade Security and Automated Compliance: Built in accordance with applicable RBI guidelines, JPSL’s platform offers end-to-end encryption and localized data storage, coupled with robust transaction monitoring. The platform slashes regulatory turnaround times by delivering FIRA (Foreign Inward Remittance Advice) /eFIRA documentation within the same working day while providing single-click audit artifacts to automate accounting and reconciliation.
● Dedicated real-time service: Merchants can onboard themselves seamlessly through a fully digital process. They get full visibility into their transactions and settlements through a real-time dashboard, and access to a dedicated relationship manager to support partners with their payments-related needs.
Commenting on the launch, Kashinath Hariharan, MD & CEO, Jio Payment Solutions Limited said: “Indian businesses are playing a larger role in the global digital economy, amidst a hyper-competitive, dynamic, and volatile international landscape. Given this, we are solving for friction, transparency, flexibility & certainty in payment solutions, thus enabling a business’s true edge. By anchoring our new cross-border capabilities in Jio’s trusted brand alongside a scalable tech-stack, we are bringing together global acceptance, compliance, and operational efficiency onto a single platform.”
JPSL has partnered with Citi for their Authorised Dealer Category-1 and export collection account services, given Citi’s global clearing footprint, automated compliance checking, and rapid settlement.
Mridula Iyer, Asia South Head of Services, Citi said, “Enabling ease of cross-border trade for Indian merchants selling their products and services overseas is a key priority for Citi India. Citi’s expansive global clearing network helps Indian exporters and digital businesses collect international payments seamlessly at unprecedented scale. This synergy between Jio Payment Solutions Limited and Citi helps connect domestic innovation with global financial ecosystems. We are extremely pleased to be able to partner with Jio to help Indian merchants participate in global commerce.”
