Jio Payment Solutions: Jio Launches Cross-Border Payment Facility; Receives RBI Approval
Jio Payment Solutions: Jio Payment Solutions, a wholly-owned subsidiary of Jio Financial Services, has announced the launch of a cross-border payment service. Through this service, Indian exporters will be able to accept international payments from customers across the globe. According to the company, payments can be collected via virtual accounts, international cards, and local payment methods.
New Service Launched for Indian Businesses
Jio Payment Solutions has introduced a cross-border payment service. This enables Indian exporters to easily accept international payments from customers located in various countries. Customers will be able to make payments using virtual accounts, international cards, and local payment methods. This service has been launched at a time when many Indian businesses—including online sellers, digital enterprises, independent professionals, creators, and software service companies—are expanding their operations globally.
Approval Received from the Reserve Bank of India
The service was launched after receiving approval from the Reserve Bank of India (RBI) to operate as a payment aggregator for cross-border payments. This approval covers both export and import transactions. According to the company, accepting international payments is currently a complex process for many businesses due to the involvement of multiple partners, various currencies, extensive paperwork, and manual reconciliation.
To address these challenges, Jio Payment Solutions has developed a platform designed to facilitate the acceptance of international payments for businesses.
Facilities for Businesses of All Sizes
Jio Payment Solutions offers a range of features tailored for small and medium-sized enterprises (SMEs), new exporters, and large digital businesses. These include ready-to-use payment pages, payment links, recurring billing options, integration with business software, secure payment screens, and programming interfaces that allow businesses to offer payment facilities under their own brand names.
