airpay Payment Services Pvt. Ltd. has received authorisation from the Reserve Bank of India to operate as a full-stack payment aggregator, completing all approvals under the unified PA framework.
With licences now granted across PA-O (online), PA-P (physical/POS/QR) and PA-CB (cross-border) categories, the company joins a small group of regulated players permitted to manage domestic and international payments across every major merchant touchpoint.
The authorisation positions airpay as a homegrown payments infrastructure provider for enterprises, D2C brands and SMEs, enabling collections, payouts and settlements for businesses operating both in India and overseas.
The company expects the expanded licensing to accelerate scale, projecting a 30–40 per cent increase in processing volumes over the next 6–12 months, with over 20 per cent of revenues anticipated from cross-border flows. It also aims to onboard more than 50,000 merchants during the period.
Kunal Jhunjhunwala, Founder, airpay Payment Services, said the approval arrives at a time when Indian businesses increasingly require global-ready payment solutions.
He added, “Our exporters, SaaS firms, digital merchants and local retailers are all engaging globally, and they need reliability, compliance and speed in payments. RBI’s approval positions us to support that shift responsibly and at scale.”
The PA-CB framework places cross-border payment facilitation directly under RBI supervision, introducing governance standards, escrow requirements and foreign-exchange compliance. For businesses, this results in reduced settlement risks, greater transparency and lower compliance overhead in international commerce.
The timing aligns with India’s expanding global trade activity, as MSME exporters, D2C brands, service providers and subscription-based businesses continue to grow across Europe, the Middle East and Southeast Asia. Against this backdrop, reliability, regulatory discipline and full-stack infrastructure are becoming increasingly essential for India’s payment ecosystem.
With all three licences now secured, airpay is positioned to support India’s next phase of commerce by enabling Bharat-to-World payment flows and strengthening the country’s regulated digital-payments backbone.
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