In a promising move for India’s growing digital economy and its vibrant community of freelancers and exporters, global fintech company Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator (PA) for exports.
The approval, announced just days after PayPal Payments India received a similar nod, signals a growing regulatory openness to innovation in the cross-border payments space — a welcome shift for Indian businesses looking to go global.
For Wise, which already powers 10% of all remittances into India, this marks a significant milestone in its mission to make international money movement faster, cheaper, and more transparent.
“This is a big step forward for us in India,” said Harsh Sinha, CTO at Wise. “With this approval, we’ll be able to unlock new possibilities for Indian freelancers, solopreneurs, and exporters who need a simpler, more affordable way to receive and send money globally.”
The approval means that freelancers and small businesses in India can now receive payments of up to ₹25 lakh through Wise’s international account details feature — a popular tool that allows users to get paid like a local in foreign currencies such as USD, GBP, and EUR.
Beyond just receiving money, the licence also paves the way for Wise to support outbound transactions for Indian businesses in the near future — a crucial offering for startups and SMEs working with international vendors, partners, and platforms.
Wise has been steadily expanding its local footprint in India, with a full-stack office in Hyderabad and continuous improvements to its product offerings, including lower fees and faster processing times for Indian users. The company recently rolled out its most requested feature — local account details for Indian users — enabling even smoother cross-border flows.
Founded in 2011, Wise (formerly TransferWise) has grown into a global tech player, allowing customers to hold 40 currencies, send money across borders, and spend globally with ease through Wise Account and Wise Business.
This RBI nod adds another feather in Wise’s cap — but more importantly, it’s a big win for India’s new-age economy, where freelancers, remote workers, and digital-first exporters are increasingly looking for global financial tools that work as fast as they do.
As India’s digital ambitions soar, the cross-border payments revolution is well and truly underway.
