Wise gets RBI nod for cross-border payment aggregation in India

By Gloria Methri

Global FinTech Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border for export transactions.

The approval marks a significant step in Wise’s deepening commitment to India’s fast-growing cross-border payments landscape. It bolsters Wise’s capabilities in supporting India’s burgeoning export economy—particularly for freelancers and SMEs—by allowing the company to offer higher transaction limits and greater efficiency in receiving payments from overseas clients.

India has become a key market for Wise, currently accounting for 10% of all money sent from abroad via its platform. The FinTech has also been expanding its domestic presence over the past year. This includes launching a full-stack office in Hyderabad and appointing Smrithi Ravi, APAC Head of Engineering, to lead the hub, with long-term plans to recruit hundreds of roles.

The company has also introduced new product features tailored for the Indian market. These include the ability to receive international payments in eight major currencies—including USD, GBP, and EUR—via its international account details feature, a popular tool among freelancers and exporters.

Transactions from India have become faster and more cost-effective under Wise’s own Authorised Dealer II (AD-II) licence. For example, sending INR 1 lakh abroad via Wise costs around 1.5% on average, and 70% of transactions are delivered within 12 hours, well ahead of the industry norm of 2–3 business days.

The new Payment Aggregator licence paves the way for Wise to support higher inbound payment limits of up to INR 25 lakh. Additionally, it opens doors for future outbound business payments from India.

Commenting on the development, SK Saraogi, APAC Head of Expansion at Wise, said, “India’s export economy continues to outpace much of the world, driven by a rapidly growing base of small and medium-sized businesses innovating across sectors. However, many of these businesses still face friction when it comes to receiving international payments, including high fees, transaction delays, unfavourable exchange rates and no price transparency.”

“Today’s announcement marks another step forward in our mission to give Indians a faster, cheaper, more transparent alternative for their cross-border payment. This new licence is the latest addition to Wise’s growing suite of solutions in the country, enabling us to support exporters with a fast and cost-effective way to receive payments from customers abroad, helping them retain more earnings and grow their global footprint with confidence.”