Decentro gains GIFT City PSP licence

By Milan Rojan

Decentro has received final approval for a Payment Service Provider licence from the International Financial Services Centres Authority, becoming the first Indian payment aggregator to secure the authorisation at GIFT City.

The Bengaluru-based FinTech has established operations within India’s International Financial Services Centre, enabling it to offer payment and settlement services to companies operating across multiple markets.

Decentro said the licence allows it to operate from GIFT City, where average daily transaction volumes exceed $30.6 billion. The company has established a dedicated entity in the financial hub to provide multi-currency accounts, collections, payouts and escrow-based transaction services.

Rohit Taneja, Founder and CEO of Decentro, said, “This PSP license is our first step to solving the pain points for businesses scaling into other countries or global businesses coming to GIFT as well – seamless, compliant cross-border payments, and multi-currency account handling with complete escrow safeguards. With over 700 businesses already operating in GIFT City alone, creating 25,000+ jobs, we’re entering an exciting & fast growing ecosystem where demand for global payments infrastructure is exploding.”

The company has outlined plans to roll out four services under the licence: merchant acquisition, virtual account issuance, cross-border money transfers and escrow services. Decentro said the offerings are intended to support customer collections, vendor settlements, foreign exchange conversion and account management requirements.

Pratik Daudkhane, Co-founder and Chief Business Officer at Decentro, said: “Every company scaling internationally faces the same challenge – fragmented payment systems, complex compliance, and excessive costs.”

According to the company, the services will target the global payments market, which it estimates at around $200 trillion. Decentro has also added business development and banking partnership roles to support its GIFT City operations.

The development marks the company’s entry into GIFT City’s regulated payments sector as it expands its international payments offering from India’s international financial centre.