Decoding Cashfree Payments’ Playbook to Reimagine Cross-Border Payments: Interview with Nitin Pulyani, Head of Product, Cashfree Payments

By Vriti Gothi

1.Digital payments in India have come a long way in just a few years. From your perspective, what excites you most about this journey and where we stand today?

Digital payments in India have undergone a transformation unlike anywhere else in the world. India today stands as the largest real-time payments market, with close to half of all global real-time transactions happening here. UPI alone processed over 131 billion transactions last year, not as extraordinary events, but as part of our everyday lives, whether it’s buying a cup of tea, paying salaries, or online shopping. The way it has changed buyers’ and sellers’ habits is the most exciting part. It reflects the foresight of regulators, the courage of entrepreneurs, and is a true testament to what’s possible when technology is scaled with intent and an innovation-first mindset. And now, India’s payments story is crossing borders. With UPI already operational in seven countries, we are seeing the early chapters of India shaping the future of global commerce as well. The next leap is clear and aligned with our mission at Cashfree Payments: building seamless cross-border payment rails that make global trade as effortless as domestic transactions.

2. Cashfree was among the first non-bank entities to receive a PA-CB license for both imports and exports. How significant has this milestone been for your journey and the larger ecosystem?

Being among the very first non-bank entities in India to receive and operationalise the PA-CB license from the Reserve Bank of India was a landmark moment for us, reaffirming our belief that compliance is not a constraint but the very foundation that powers innovation. This license has uniquely positioned us to bridge two critical flows: enabling Indian merchants to sell seamlessly to a global audience, and allowing international merchants to reach Indian consumers without the traditional regulatory and operational friction. By embedding compliance into the very rails of payments, we are reimagining what a truly borderless eCommerce experience would look like.

3.On the exports side, how is Cashfree scaling its international payment gateway to help Indian businesses expand globally with ease?

For many Indian businesses looking to sell globally, cross-border payments have been a significant barrier. International customers often struggle with failed card payments, pricing in INR creates confusion, and FX conversion costs only become visible after checkout. Imagine this: a customer in London adds a saree from an Indian brand worth Rs 10,000 to their cart. At checkout, the amount shows up in pounds, with the bank adding extra conversion charges and fluctuating exchange rates pushing the cost higher than expected. Confused and frustrated, the customer often abandons the cart. On top of that, navigating regulatory and tax compliance for remittances is a massive headache, particularly for small businesses in India. These hurdles aren’t just operational, they directly impact the customer experience, leading to lost sales and broken trust. To address these challenges, at Cashfree, we built an International Payment Gateway (IPG) with a mission to empower Indian businesses to sell internationally as seamlessly as they would sell domestically. Today, we support Indian businesses to sell across 170+ markets and in 140+ currencies, the widest currency conversion that any Indian FinTech currently offers. At the heart of the IPG is our Pay Native feature, which allows international customers to see and pay in their local currency—pounds, dollars, euros, dirhams, and more—while merchants receive settlements in rupees. With no hidden fees or unexpected charges, this transparency builds trust, reduces cart abandonment, and gives global shoppers the confidence to purchase as naturally as they would in their local stores.

4.On the imports side, how are you enabling global businesses to sell seamlessly in India?

Global businesses struggle to sell into India, primarily because they can’t support the payment methods Indian consumers actually use. Most international gateways don’t integrate UPI, RuPay, or Indian netbanking. Those that do, often require merchants to set up local entities, navigate compliance frameworks, endure high transaction failure rates and FX losses, making it difficult to tap into India’s rapidly growing digital consumer base. On the other hand, for Indian shoppers, the biggest hurdle while buying from an international site is that of not being able to pay the way they trust. The result: lost sales for international merchants and frustrated Indian consumers. Cashfree Payments’ Import Stack was purpose-built to change this. Built under the RBI’s PA-CB framework, it is the first licensed solution that enables global merchants to collect INR payments through India’s most preferred local payment methods, without needing to establish an Indian presence. What powers this seamless experience is our robust stack that includes automated invoice verification, direct onboarding of foreign entities, zero-fee chargeback tools, a checkout experience tailored for Indian consumers and faster settlement in Indian currency. For Indian shoppers, this translates to a truly local checkout: familiar payment methods, no hidden fees, and full transparency. For merchants, it means instant access to one of the world’s fastest-growing eCommerce markets, higher conversion rates, and the ability to scale confidently.

5.What are some trends you are observing in cross-border eCommerce, whether in demand hotspots, payment preferences, or shopping behaviour? Looking ahead, how do you see cross-border payments shaping the future of digital commerce?

Cross-border eCommerce in India has moved firmly into the mainstream. Nearly half of Indian online shoppers have purchased from international sites in the past six months, spanning not just luxury, but categories like beauty, travel, global fashion, and wellness. This reflects the rise of young, globally aware consumers who see international products as part of their aspirations and lifestyle. At the same time, Indian brands are reaching global markets more than ever, whether it’s fashion in the US, Ayurveda in Europe, or handicrafts in the Middle East. The flow is now two-way: Indians shopping globally, and Indian businesses selling globally. Looking ahead, the future of digital commerce is borderless. At Cashfree Payments, we’re building the rails to make this future real, where a shopper in Jaipur can buy from Seoul or a seller in Surat can reach New York as effortlessly as a domestic transaction, powered by payments that are seamless, trusted, and compliant by design.