Jio Payment Solutions Limited (JPSL), a wholly-owned subsidiary of Jio Financial Services Limited, has officially launched cross-border payment capabilities to help Indian exporters seamlessly accept international payments from customers worldwide. The platform enables payments via virtual accounts, international cards, and local payment rails, following authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator for Cross-Border (PA-CB) transactions. According to The Economic Times, this facility simplifies global collections and supports compliance for businesses scaling internationally, addressing the fragmented and complex process that often involves multiple partners, different currencies, and manual reconciliation.
The latest development sees JPSL expanding its cross-border payment services to include virtual accounts, international cards, and local payment rails for domestic exporters, as reported by The Economic Times. The platform addresses the challenges faced by Indian businesses as they scale globally, including online sellers, digital businesses, freelancers, creators, and SaaS companies. JPSL's comprehensive solution enables businesses to offer customers preferred local payment options across international markets, backed by multi-currency virtual accounts, removing the need for buyers to navigate SWIFT or correspondent banking systems. The platform offers transparent pricing and T+2 settlement with no rolling reserve, ensuring merchants receive their full settlement amount every cycle for better cash flow management.
JPSL has partnered with Citi for their Authorised Dealer Category-1 and export collection account services, leveraging Citi's global clearing footprint, automated compliance checking, and rapid settlement capabilities. As per Citi's Asia South Head of Services Mridula Iyer, "Enabling ease of cross-border trade for Indian merchants selling their products and services overseas is a key priority for Citi India." The cross-border payment solutions cover around 50% of India's total export footprint, allowing Indian merchants exporting to countries including the US, UK, Europe, UAE, Singapore, Malaysia and Australia to quote prices in local buyer currencies and pull funds seamlessly. In coming months, JPSL will launch newer local payment methods across Latin America, Southeast Asia, and the Middle East.
JPSL's cross-border payment solution offers multiple flexible integration options for businesses of all sizes, including hosted checkouts, payment links, payment pages, recurring invoicing, embedded SDKs, secure embedded payment screens, and white-label APIs at competitive commercial terms. The platform provides end-to-end encryption and localized data storage in accordance with applicable RBI guidelines, coupled with robust transaction monitoring. According to Kashinath Hariharan, MD & CEO of JPSL, the platform "solves for friction, transparency, flexibility & certainty in payment solutions, thus enabling a business's true edge." The platform delivers FIRA (Foreign Inward Remittance Advice) /eFIRA documentation within the same working day, slashing regulatory turnaround times while providing single-click audit artifacts to automate accounting and reconciliation.
The launch of JPSL's cross-border payment platform complements India's new online platform designed to help exporters connect directly with US buyers, as reported by Business Standard. According to Binaya S. Pradhan, India's Consul General in New York, the trade portal enables exporters of goods and services to connect with American buyers, including major retailers such as Amazon Inc., Walmart Inc., and Costco Wholesale Corp. The platforms together aim to help India's small-and-medium-sized businesses and first-time exporters gain access to the US market, while the broader bilateral trade target remains more than doubling bilateral trade to $500 billion by 2030 despite ongoing trade deal negotiations.
