Jio Payment Solutions has launched a new platform enabling Indian exporters to receive international payments more efficiently, aiming to simplify overseas transactions amid growing global trade ambitions.
Jio Payment Solutions has entered cross-border collections with a new platform aimed at Indian exporters looking to take payments from overseas customers more easily. The company, a wholly owned subsidiary of Jio Financial Services, says the service will let businesses receive money through multi-currency virtual accounts, international cards and local payment rails.
The launch comes after the Reserve Bank of India authorised the company to operate as a payment aggregator for cross-border transactions covering both exports and imports. According to reports from The Economic Times and Business Today, the platform is intended to reduce the friction that often comes with international sales, including multiple intermediaries, currency conversion, paperwork and manual reconciliation.
Jio Payment Solutions is targeting a broad group of users, including online sellers, freelancers, creators, digital businesses and software-as-a-service firms. The company says the system is designed to make overseas collections simpler while helping firms stay within compliance requirements as they expand beyond India.
The move also widens Jio Payment Solutions’ role in India’s payments market. The company already handles online and point-of-sale transactions, and its new cross-border offering adds another layer to a payments business that now spans digital commerce, physical retail and international e-commerce for permitted current-account transactions. Industry reports suggest the company hopes the platform will also spare foreign buyers from having to rely on traditional SWIFT or correspondent banking routes.
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