The global exchange rate aggregator platform, Fairexpay, has bagged the approval of the Reserve Bank of India to conduct cross-border payments in the country. Fairexpay was one of the four other fintech ventures that received a green light from the RBI for conducting cross-border payments in India.
RBI, while announcing the exit from the test phase of the regulatory sandbox, declared the four “Sandbox Entities,” that made it through. The fintech services were evaluated based on “mutually agreed test scenarios and expected outcomes.” Fairexpay was among the products that were found viable within the boundary conditions concocted by the central bank during the testing.
With Fairexpay foraying into the Indian market, providing a fully-integrated digital experience, customers will be able to process payments and initiate transactions, while also comparing the exchange rates provided by various service providers in real-time. Customers can also know about the saving quotient in their transactions. There will also be an option to track the transaction and be cognizant of its status.
With the advent of this service, organisations will be able to provide easy remittance solutions to customers indulging in transactions involving travel or medical tourism, overseas university fee payments, purchase of shares, or family maintenance, among others. These cases will be functional with various payment rails such as net banking, UPI, etc.
Raj K, CEO, Fairexpay, in a statement, said, “With our induction into the Indian digital payment network after RBI’s approval, we at Fairexpay are looking forward to easing up cross-border payments process in India and enabling Indian individuals, businesses, and enterprise to make use of our extensive global network of licenses partners and save 3-7 percent on all forex payments.”
The extensive global network Fairexpay includes more than 200 countries and 130 currencies, including the US, Hong Kong, the United Kingdom, and now, India. The aggregator also issues IBAN (International Bank Account Number) to overseas bank account holders.
Along with Fairexpay, the RBI also approved Cashfree Payments India Private Limited, Nearby Technologies Private Limited, and Open Financial Technologies Private Limited. RBI declared these services as ready-for-adoption for regulated entities in the country.
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