The Complete List of RBI PA‑CB Licensees in India (2026): A Practical Guide for Global Companies, PSPs & Fintechs Receiving Payments from India
Understand RBI’s PA‑CB License, key licensees, and learn how global brands, PSPs and SaaS platforms can plug in to collect payments from India.
India’s new Payment Aggregator – Cross Border (PA‑CB) framework has created a regulated “entry door” for global companies, PSPs and fintechs that want to collect money from Indian customers in a compliant way. This blog summarises what PA‑CB licences are, how many licensees exist as of early 2026, who the key players are, and how global firms can plug into these rails.
For global companies, PSPs and fintechs that want to collect online payments from Indian customers, only RBI‑authorised PA‑CBs (or banks) are allowed to aggregate and process certain import and export‑linked online payments. Working with licensed PA‑CB partners is therefore becoming the default way to keep India inflows compliant while still offering local payment methods like UPI and RuPay cards.
What Is an RBI PA‑CB Licence and How Does It Help You Receive Payments from India?
A Payment Aggregator – Cross Border (PA‑CB) is a non‑bank entity authorised by RBI to aggregate and process cross‑border online payments for current‑account transactions (import and export of goods and services) through a more fast track route. PA‑CBs must meet strict net‑worth thresholds, route foreign exchange through Authorised Dealer (AD) Category‑I banks, and maintain dedicated collection accounts for inward and outward flows.
In simple terms, a PA‑CB sits between Indian buyers or sellers and foreign counterparties, collecting payments using India‑native methods and settling them across borders in line with FEMA and RBI rules. This allows global brands, SaaS platforms and marketplaces to offer Indian customers local payment options without building their own regulated stack in India.
For a detailed breakdown on how RBI’s PA‑CB license works for cross‑border payments, checkout this blog on "PA‑CB License: The Complete Guide for Global Payment Companies & PSPs".
RBI recognises three PA‑CB sub‑categories:
- PA‑CB‑E – Exports only: Supports cross‑border flows where money is coming into India (for example, when foreign buyers pay Indian exporters or freelancers).
- PA‑CB‑I – Imports only: Supports flows where money is going out of India (for example, when Indian customers pay foreign merchants or global platforms).
- PA‑CB‑E&I – Exports and imports: Allows the same entity to facilitate both inward and outward cross‑border online payments.
How Many RBI PA‑CB Licensees Exist in 2026?
By January 2026 the RBI had fully authorised 19 entities to operate as PA‑CBs, with approvals arriving in waves since mid‑2024. Wave‑one early movers included Cashfree Payments, followed by Amazon Pay India, Adyen India and BillDesk, with later waves adding Razorpay, EximPe and other fintechs.
RBI publishes a clear, regularly updated list of domestic online payment aggregators (PA‑Online), but as of early 2026 it does not operate a single, always‑updated public “Certificate of Authorisation” (CoA) page dedicated solely to PA‑CBs. Most “complete lists” therefore combine RBI circulars, Parliamentary answers, company announcements and media coverage.
The 2026 List of RBI PA‑CB Licensees – Who They Are and What They Offer
Early Movers – Cashfree, Amazon Pay, Adyen and BillDesk
Cashfree Payments
PA‑CB category: Export and Import (PA‑CB‑E&I), allowing it to support both inward and outward cross‑border flows.
Amazon Pay India
PA‑CB category: Import‑only (PA‑CB‑I), with RBI approval specifically for cross‑border import transactions.
Adyen India
PA‑CB category: Import‑only (PA‑CB‑I), authorised to act as a cross‑border payment aggregator for imports.
BillDesk (IndiaIdeas.com)
PA‑CB category: Export and Import (PA‑CB‑E&I), licensed for both directions of cross‑border flows.
Other Full‑Stack Players
Razorpay secured RBI’s PA‑CB licence in late 2025, joining a small cohort officially allowed to handle both inward and outward cross‑border payments under full regulatory oversight. With this, its international payments stack can support exporters, SaaS firms, freelancers and global platforms that want India‑native checkout experiences.
Import‑Focused Cross‑Border Platforms (EximPe and Others)
Some PA‑CB platforms are heavily focused on import‑side use cases, helping Indian importers pay global suppliers while also enabling those foreign suppliers and other platforms to collect in India. EximPe, for example, positions itself as a cross‑border PSP for Indian businesses and has highlighted its PA‑CB authorisation, serving both inward and outward flows across more than one hundred currencies.
For a foreign company, EximPe platforms can play two roles:
- As a collection partner, where the foreign brand plugs into EximPe to receive Indian card or UPI payments that are then settled abroad via compliant FX channels.
- As a supplier‑side facilitator, where Indian importers pay the foreign company using local instruments, with the PA‑CB managing documentation (such as FIRC and invoice‑linkage) so that both sides stay aligned with FEMA requirements.
This positioning is especially relevant for B2B supply chains, SaaS invoices, and import of digital services where the Indian counterparty wants a simple, compliant way to remit funds while the global company wants predictable FX and reporting.
Choosing the Right PA‑CB Partner to Receive Payments from India
The following simplified table compares selected PA‑CB providers from the perspective of a global company, PSP or fintech that wants to receive money from Indian customers.
B2B importers, PSPs and Global Companies frequently work with EximPe or similar platforms that specialise in invoice‑linked collections, flat‑fee FX and fast FIRC documentation.
How Global Companies, PSPs and Fintechs Actually Plug Into These PA‑CB Rails
- Direct merchant integration with a PA‑CB: A global brand signs directly with a licensed PA‑CB such as EximPe, and uses that single integration to accept Indian cards, UPI and netbanking while receiving settlements in foreign currency or INR in line with FEMA.
- PSP partnership model: A global PSP (for example, Adyen or Worldline) embeds one or more India PA‑CBs in its own stack, so the foreign merchant simply switches on “India” as a market while the PSP abstracts PA‑CB selection, routing and compliance.
- Platform / marketplace model: The PA‑CB powers both collections from Indian users and payouts to domestic or foreign sellers, managing escrow, split‑settlements and reporting so marketplaces and gig platforms stay within RBI rules.
India’s PA‑CB regime is quickly becoming the standard way for global brands, PSPs and fintechs to connect to Indian customers using modern local payment methods. Leadership teams should review their India strategy, map current cross‑border flows, and ensure they are working with regulated PA‑CB partners like EximPe, whose licences and compliance posture can stand up to scrutiny.
FAQs on RBI PA‑CB Licensees for Global Companies
Do we need to set up an Indian entity to use an RBI‑licensed PA‑CB and receive payments from India?
No. Several EximPe explicitly support onboarding non‑resident merchants or “globally regulated entities”, allowing foreign companies to receive payments from Indian customers without forming a local company.
Can one PA‑CB licence cover both exports and imports, or do we need different partners for each?
Yes, a single PA‑CB‑E&I licence allows an entity to handle both export and import flows, and several licensees including EximPe, Cashfree, BillDesk and Razorpay fall into this bucket.
How do PA‑CB partners handle FX conversion, settlement currencies and FX spreads?
Under RBI rules, PA‑CBs must route foreign exchange through AD Category‑I banks and are not allowed to conduct unregulated FX dealing themselves. In practice, they typically offer settlements in a small set of major currencies (such as USD, EUR, GBP and INR), with either a percentage FX markup, a flat per‑transaction fee on top of mid‑market rates, or a combination, depending on corridor and ticket size.
What kind of documentation and reporting should we expect (FIRC, invoices, KYC, etc.)?
PA‑CBs are required to maintain KYC on merchants, support export/import documentation where relevant, and comply with Financial Intelligence Unit‑India (FIU‑IND) reporting obligations. Global companies should expect access to FIRC (or equivalent export realisation proofs), transaction‑level reports, GST‑compliant invoices from the PA‑CB for its fees, and periodic compliance attestations for auditors and regulators.
How often does RBI update PA‑CB approvals, and how can we keep this list current?
RBI updates approvals on a rolling basis, often releasing clusters of PA‑CB authorisations or in‑principle approvals over a few weeks. Because there is no single live PA‑CB CoA list yet, the best approach is to monitor RBI circulars, reputable fintech news outlets and provider press releases, and to ask shortlisted partners to share their latest CoA letter or RBI acknowledgement.