Mumbai-based airpay Payment Services has secured all three critical payment-aggregator (PA) licences from the Reserve Bank of India (RBI): PA-O (online), PA-P (physical/POS and QR), and PA-CB (cross-border).
This achievement places airpay in an exclusive group of regulated players, including Razorpay and PayU, authorized to manage domestic and international payments across all online and offline merchant channels through a single, compliant platform.
Key Impact and Strategy
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Unified Service: airpay can now offer comprehensive collections, payouts, and settlements for Indian enterprises, D2C brands, and SMEs operating both domestically and overseas.
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Growth Projections: The company anticipates a 30–40% increase in processing volumes and aims to onboard over 50,000 new merchants in the next 6–12 months.
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Cross-Border Focus: airpay projects that over 20% of its revenue will be driven by cross-border flows, supporting Indian businesses expanding into Europe, the Middle East, and Southeast Asia.
The combined licences are expected to significantly reduce settlement risk and compliance overhead for exporters, SaaS firms, subscription businesses, and D2C brands, providing them with a seamless, regulated infrastructure for global commerce.
By: Sandhya Bharti
