Jio Payment Solutions Limited (JPSL), a wholly owned subsidiary of Jio Financial Services, has officially entered the cross-border payments sector. The company has launched new services aimed at empowering Indian businesses to accept international payments from customers worldwide, following authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator for Cross-Border (PA-CB) transactions.
Streamlining International Transactions for Exporters
With this new offering, Indian exporters gain the ability to collect overseas payments through a variety of channels, including multi-currency virtual accounts, international cards, and local payment rails. JPSL emphasizes that its solutions are designed to simplify the often complex and fragmented process of international payments, which typically involves multiple partners, diverse currencies, extensive paperwork, and manual reconciliation.
The launch significantly expands JPSL's existing payment business, which already includes Payment Aggregator services for online and physical Point-of-Sale (PoS) transactions. By adding cross-border capabilities, JPSL now provides a comprehensive payment suite covering digital commerce, physical retail, and international e-commerce payments for permitted current-account transactions.
Extensive Global Reach and Merchant Benefits
JPSL's cross-border payment solutions currently cover approximately 50% of India's total export footprint. Indian merchants exporting to major markets such as the US, UK, Europe, UAE, Singapore, Malaysia, and Australia can now quote prices in local buyer currencies and efficiently collect payments through local methods. The company also plans to introduce additional local payment methods across Latin America, Southeast Asia, and the Middle East in the coming months.
The platform caters to businesses of all sizes, from Micro, Small, and Medium Enterprises (MSMEs) and emerging exporters to larger digital enterprises. Integration options are flexible, including hosted checkouts, payment links, recurring invoicing, embedded software development kits (SDKs), secure payment screens, and white-label APIs.
Transparent Pricing and Faster Settlements
For merchants, JPSL's cross-border solution offers transparent pricing and a T+2 settlement cycle, critically without a rolling reserve. This ensures that businesses receive their full settlement amount in each cycle, improving cash flow and financial predictability. The platform also incorporates robust compliance and security features, such as end-to-end encryption, localized data storage, and continuous transaction monitoring.
Further enhancing efficiency, JPSL claims that FIRA/eFIRA documentation can be delivered within the same working day, and single-click audit artifacts are designed to simplify accounting and reconciliation processes.
Strategic Partnership with Citi
To bolster its new offering, JPSL has partnered with Citi for Authorised Dealer Category-1 and export collection account services. Citi's extensive global clearing network and strong compliance capabilities will provide crucial support for JPSL's cross-border payment operations, cementing its role in facilitating Indian businesses' participation in global commerce.