CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Amazon Pay, Adyen, and Mumbai-based BillDesk have acquired the Reserve Bank of India's (RBI) cross-border payment aggregator license. Cashfree, situated in Bengaluru, had already acquired the same license. Cashfree acquired its license on July 22, Adyen and Amazon Pay on July 25, and BillDesk on July 29th.
Market Potential
The cross-border payment aggregator license provides up new prospects in India's massive market for international remittances and worldwide freelancers. The Economic Survey 2024 predicts that India will receive $129 billion in remittances by 2025. These organizations may now enable international currency transactions for Indian exporters and help global brands sell their products in India using popular local payment methods.
Dual Licensing
All four companies, including Cashfree, have domestic payment aggregator licenses. This dual licensing allows them to provide merchant payment services both in India and worldwide, broadening their service offerings and market reach.
Company-Specific Details
BillDesk- One of India's largest bill processing companies.
Amazon Pay- It supports mobile wallet payments, Unified Payments Interface (UPI) transactions, and bill payments.
Adyen- A Netherlands-based corporation, Adyen processed approximately 300 billion euros in transactions in Q1 2024, generating a net revenue of 438 million euros.
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