Cashfree Payments, a payments company, has partnered with J.P. Morgan Payments in an effort to facilitate secure international transactions for businesses entering the Indian market.
Enabling Seamless Cross-Border Transactions
This collaboration allows J.P. Morgan Payments to operate as an Authorised Dealer Category-I (AD-I) bank for Cashfree, thereby assisting in the processing of transactions under the Reserve Bank of India’s Master Direction on Regulation of Payment Aggregators.
As India’s cross-border e-commerce market is projected to reach USD 1 trillion by 2030, global firms face regulatory and operational challenges that can hinder their entry into the Indian market. These barriers include uncertainties in settlement processes and stringent payment requirements that may pose significant risks.
By collaborating, Cashfree Payments and J.P. Morgan Payments intend to overcome these hurdles through a blend of international trust with local innovation, ensuring end-to-end compliance for import transactions and providing businesses with reliable and transparent settlements through trusted networks.
Currently, Cashfree Payments is focused on streamlining cross-border payments and strengthening its status as a non-bank entity licensed by the Reserve Bank of India for both imports and exports. This partnership underscores Cashfree’s commitment to simplifying international transactions.
Akash Sinha, CEO and co-founder of Cashfree Payments, highlighted that the partnership with J.P. Morgan Payments will lay a robust foundation for international businesses aiming to expand in India while giving Indian consumers greater access to global brands in a more secure manner.
Christine Tan, Head of Financial Institutions Group Sales at J.P. Morgan Payments, noted that as India’s digital commerce market continues to grow rapidly, the alliance with Cashfree Payments will enable financial institutions to support international merchants venturing into India and assist global companies in capturing the country’s e-commerce potential.
