Cashfree Payments has partnered with JP Morgan Payments to process import transactions, with the US banking giant becoming an Authorised Dealer Category-I (AD-I) bank for the Indian payments firm under the Reserve Bank of India’s payment aggregator regulations.
Cashfree on the partnership
The collaboration will allow global businesses to enter the Indian market without setting up a local entity or managing manual approvals for high-value imports, Cashfree said in a statement.
“By combining JP Morgan Payments’ global leadership with Cashfree’s homegrown innovation and local insight, we are creating the foundation for international businesses to expand into India,” said Akash Sinha, CEO and co-founder of Cashfree Payments.
Christine Tan on India’s e-commerce opportunity
Christine Tan, head of Financial Institutions Group Sales, Asia Pacific at JP Morgan Payments, said the partnership would help international merchants access India’s e-commerce opportunity with “confidence and speed.”
The partnership comes after Cashfree, which CC laima to process transactions worth $80 billion annually for over 800,000 businesses, recently became the first non-banking entity to receive the PA-CB (payment aggregator-cross border) license from the RBI for both imports and exports.