New Delhi: Jio Payment Solutions Limited has launched cross-border payment services for Indian businesses, allowing exporters to collect money from overseas
customers through virtual accounts, international cards and local payment methods.
The launch follows authorisation from the Reserve Bank of India for Jio Payment Solutions, or JPSL, to operate as a Payment Aggregator for Cross-Border transactions covering exports and imports. The service is aimed at businesses such as online sellers, freelancers, creators, SaaS companies and larger exporters looking to collect payments from customers outside India.
Jio targets a common pain point for Indian exporters
Cross-border collections can involve several banks, currencies, payment partners and compliance steps. JPSL says its platform will bring these processes into one system.
Indian merchants can quote prices in local currencies for buyers in markets including the US, UK, Europe, UAE, Singapore, Malaysia and Australia.
JPSL said the service currently covers markets accounting for around 50 percent of India’s total export footprint. More local payment methods are planned across Latin America, Southeast Asia and the Middle East in the coming months.
Settlement in T+2, Citi joins as banking partner
JPSL said merchants will receive settlements in T+2 days, with no rolling reserve. The platform will also provide FIRA and eFIRA documents within the same working day for eligible transactions.
Businesses can connect through options such as payment links, hosted checkout pages, recurring invoicing, SDKs and APIs.
JPSL has partnered with Citi for Authorised Dealer Category-1 services and export collection accounts.
Kashinath Hariharan, MD and CEO of Jio Payment Solutions, said, “Indian businesses are playing a larger role in the global digital economy, amidst a hyper-competitive, dynamic, and volatile international landscape.”
He added that the company is focusing on “friction, transparency, flexibility & certainty in payment solutions”.
Jio expands payments business
JPSL already operates as a payment aggregator for online and physical point-of-sale transactions.
The cross-border launch now adds international collections to that business.
Mridula Iyer, Asia South Head of Services at Citi, said the partnership aims to help Indian merchants selling products and services overseas collect payments through Citi’s global clearing network.
