PayGlocal receives In Principle Approval from RBI for Payment Aggregator License

PayGlocal, a cross-border focused payments platform provider has received in-principle approval from the Reserve Bank of India (RBI) for Payment Aggregator (PA) license. This marks a pivotal step towards the full authorization process, which, once completed, will enable PayGlocal to onboard merchants onto its platform for  online payment processing.

PayGlocal was  founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija and Yogesh Lokhande. PayGlocal offers its technology platform to various players in the market for payment processing and transaction risk management. This helps them accept online payments securely through various payment instruments including  cards and global alternative payment methods.

“PayGlocal is deeply committed to the India market and its emerging role in the global economy. Driven by our growing GDP, global commerce from India will continue to grow and we remain focused on providing the right payment solutions to enable this growth. RBI’s support in providing this In-principle license will help us create more innovative solutions as we continue to work towards getting full authorization. Additionally, RBI’s new guidelines on PA CB (Payment Aggregator Cross Border) is a huge step in the right direction from a Regulatory framework standpoint in taking the Cross Border payment agenda of the country forward. We are very confident in creating innovative and compliant Cross Border solutions with this regulatory framework. ”, remarked Prachi Dharani Cofounder and CEO of PayGlocal.

About PayGlocal:

PayGlocal is a pioneering cross-border payments company founded in 2021 and led by a team of experts from the payments industry. The company has also raised capital from marquee investors like PeakXV (fka Sequoia Capital India) and Tiger Global.

PayGlocal’s technology  platform offers a comprehensive suite of services designed to meet the evolving needs of merchants, payment aggregators, and banks. PayGlocal was also recognised as a finalist at the G20 Techsprint conducted by RBI and BIS under the AML / Sanction screening product category and was the only Indian company to have been shortlisted. Driven by cutting-edge and user-centric technology, PayGlocal leads the charge in global commerce with unparalleled innovations in cross-border payment solutions.