Anshul Sharma

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Top International payment method 2025

PA-CB (Payment Aggregator – Cross Border) is an RBI-regulated framework for entities that facilitate cross-border payments through e-commerce channels for permissible import and export transactions involving goods and services.

The RBI introduced the PA-CB framework through its October 31, 2023 circular, bringing entities that facilitate cross-border payments under direct RBI regulation. The framework was introduced under the Payment and Settlement Systems Act, 2007, along with applicable FEMA requirements.

<a></a>How Did the PA-CB Framework Replace the Earlier OPGSP Model?

Before the PA-CB framework, Online Payment Gateway Service Providers (OPGSPs) facilitated certain cross-border transactions through arrangements with Authorised Dealer (AD) banks. The October 31, 2023 framework brought eligible OPGSPs within the PA-CB regulatory framework, subjecting them to direct RBI authorisation and compliance requirements.

<a></a>What Are the Current PA Categories?

Under the RBI (Regulation of Payment Aggregators) Directions, 2025, issued on September 15, 2025, payment aggregators are classified into three categories:

PA-CBs are further classified based on whether they facilitate inward cross-border transactions, outward cross-border transactions, or both, subject to the applicable regulatory requirements.

Key compliance requirements for obtaining a PA-CB license:

A non-bank entity carrying out payment aggregator activities covered by the framework must obtain a Certificate of Authorisation (CoA) from the RBI. Therefore, businesses describing themselves as RBI-authorised PA-CBs should have the relevant RBI authorisation to undertake the activities covered by the PA-CB framework.

What Are the Sub-Categories of RBI PA-CB License?

Under the RBI's current framework, PA-CB activity is divided into inward (PA-CB-I) and outward (PA-CB-O) transactions, with some entities authorised for both.

A PA-CB-I authorisation covers eligible cross-border payments flowing into India. This is the relevant category for Indian freelancers, agencies and exporters that need to receive payments from overseas customers.

A PA-CB-O authorisation covers eligible cross-border payments flowing out of India to overseas merchants. It is relevant when an Indian business uses a platform to pay foreign suppliers or service providers.

Some payment aggregators hold PA-CB-I &amp; O authorisation, allowing them to facilitate eligible inward and outward cross-border transactions. RBI's authorised-entity listings use this notation for entities approved for both directions.

For Indian freelancers, agencies and service exporters receiving payments from foreign clients, PA-CB-I is the relevant sub-category because it covers eligible inward cross-border transactions.

Which Platforms Are on the RBI PA-CB List?

As of January 2026, 19 entities had received final RBI authorisation to operate as Payment Aggregators-Cross Border (PA-CB). The approvals came in distinct waves, starting in July 2024 and accelerating toward the end of 2025.

Cashfree Payments became the first PA-CB license holder on July 22, 2024. Amazon Pay India and Adyen India followed on July 25, both with inward authorisation, while IndiaIdeas.com (BillDesk) received approval for both export and import transactions on July 29.

Pay10 Services received PA-CB authorisation on November 6, 2024, with authorisation for both inward and outward transactions. Worldline ePayments India also received PA-CB authorisation for both directions.

The number of final approvals increased sharply toward the end of 2025. PayGlocal received authorisation for both inward and outward transactions on November 18, 2025. Pine Labs, Easebuzz, PayU Payments and Airpay followed in November. Razorpay received its PA-CB authorisation on December 2, while Paytm Payments Services received authorisation covering online, physical and cross-border payment aggregation in December. Mswipe Technologies was also among the December approvals.

<a></a>Wave 4: December 2025–January 2026

BriskPe received PA-CB-I &amp; O authorisation on December 26, 2025. Skydo received final PA-CB authorisation on January 9, 2026, and was reported at the time as serving 30,000+ MSMEs. Unlimit was also among the entities receiving final PA-CB authorisation during this period. These approvals brought the total number of fully authorised PA-CB entities to 19 by January 2026.

The RBI regularly updates its authorised-entity information. Check the<a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=12043"> RBI's official authorised entities list</a> for the latest PA-CB status and authorisation category before choosing a provider.

What are the Risks of Using a Platform Not on RBI PA-CB List?

Using a cross-border payment platform that is not appropriately authorised can create legal and regulatory, financial and operational, and security and data risks for Indian businesses.

Skydo as a RBI PA-CB Compliant Platform for Indian Businesses

For Indian businesses looking for a regulated way to receive international payments, <a href="https://www.skydo.com/">Skydo </a>operates under the RBI’s PA-CB framework for inward cross-border transactions. Its features are:

Skydo is a platform suitable for Indian freelancers, agencies, service exporters, goods exporters and online sellers receiving international payments.

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SWIFT GPI (Global Payments Innovation) is a service launched in January 2017 to make cross-border payments faster, more transparent, and easier to track. It builds on SWIFT's existing messaging and correspondent-banking infrastructure instead of replacing it. With GPI, you get:

Also Read: <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT Money Transfer: Process, Fees, and Timeline.</a>

How Does SWIFT GPI Work for International Transfers?

SWIFT GPI works by associating each eligible cross-border payment with a Unique End-to-End Transaction Reference (UETR), which is a 36-character UUID when the payment is initiated.

The UETR remains associated with the payment message throughout its journey, thereby allowing participating banks to identify and track the transaction across the correspondent banking chain. Here is how it looks:

SWIFT reports that 75% of cross-border payments reach the beneficiary bank within 10 minutes. Nearly 60% are credited to end beneficiaries within 30 minutes, while almost 100% are credited within 24 hours, according to SWIFT's GPI performance data.

However, reaching the beneficiary bank does not necessarily mean the money has appeared in the recipient's account. SWIFT estimates that the last mile accounts for around 80% of a payment's total journey time. In India, local regulatory checks, foreign-exchange controls, manual processing, and other domestic banking requirements can contribute to this delay.

Bonus: If a payment arrives with a lower amount than expected, intermediary-bank charges may be one reason. Make sure you know the reasons why a certain <a href="https://www.skydo.com/blog/swift-transfer-charges">amount was deducted from your SWIFT payment</a>.

SWIFT GPI vs Traditional SWIFT Wire: What Actually Changes?

The core difference between a traditional SWIFT wire and SWIFT GPI is that both use the same underlying correspondent-banking network, but GPI adds end-to-end tracking, defined processing commitments, and greater fee transparency.

The main practical difference is visibility. A traditional SWIFT payment can move through several correspondent banks without the sender or recipient having a clear view of where it is or what has been deducted. GPI connects the payment to a UETR and provides participating banks with end-to-end tracking and confirmation.

Note that GPI's fee transparency does not mean that fees are fixed in advance. Each bank can still set its own charges. However, applicable deductions made during the payment journey become more visible to the parties tracking the payment.

One important change to the traditional SWIFT payment system is the completion of the ISO 20022 migration on 22 November 2025. The coexistence period between legacy MT messages and ISO 20022 messages for cross-border payments and reporting ended on that date, thereby making ISO 20022 the standard for cross-border payment instructions.

ISO 20022 uses richer and more structured payment data, which supports better reconciliation, automation, operational efficiency, and compliance. The ISO 20022 pacs.008 message is the modern equivalent of the legacy MT103 customer credit transfer message, although Swift's conversion services continue to support remaining legacy messages during the transition.

Bonus: Businesses looking to avoid the complexity of traditional SWIFT payments altogether can explore the <a href="https://www.skydo.com/blog/best-swift-payment-alternative">best SWIFT payment alternatives</a>.

The SWIFT GPI Tracker is a secure, cloud-based tracking system that provides participating financial institutions with visibility into the status and progress of GPI payments. It uses the UETR as the common reference for identifying and tracing a payment throughout its journey.

The Tracker brings together payment-status information, timing data, fee information where available, and delivery or credit confirmations, all linked to the same UETR.

UETR stands for Unique End-to-End Transaction Reference. It is a 36-character string formatted according to the UUID standard, for example, xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx.

The UETR is generated when the payment is initiated and is passed through the payment chain unchanged. This allows participating banks to identify the same transaction throughout its journey rather than assigning a different tracking reference at each stage.

Note that UETRs are not limited to GPI transactions. Since the 2018 SWIFT Standards Release, relevant SWIFT payment messages must carry a UETR regardless of whether the bank is a GPI member.

UETR can be regarded as a courier tracking number for your money. It gives banks a common reference for identifying and tracing the payment as it moves through the banking chain.

As participating banks process a payment, relevant status updates and confirmations are made available to the GPI Tracker against the UETR. Banks can access Tracker information through supported interfaces, including APIs, depending on their implementation.

The Tracker can provide status information such as whether a payment is in progress, rejected, on hold, delivered, or credited. For example, ACSC (Accepted Settlement Completed) indicates that the account with the servicing institution has been credited.

GPI also supports the transmission of remittance information through the payment chain without alteration. This helps to preserve invoice references and payment notes as the transaction moves between banks.

The GPI Tracker is primarily a bank and financial-institution tool. End recipients such as Indian exporters and freelancers do not access the underlying Tracker directly through a public portal. They can see GPI tracking information only when their bank or financial service provider makes that information available through its own portal or service.

<a></a>What UETR Means for Indian Recipients

For Indian exporters and freelancers receiving international payments, the UETR is one of the most useful references for tracing a delayed payment. The recipient can give the UETR to their bank, which can use it to identify and trace the payment through the banking chain.

For compliance and reconciliation, Indian businesses may also receive separate inward-remittance documentation such as an FIRA from their bank. The FIRA and UETR serve different purposes, and hence, should not be treated as a replacement for the bank's remittance documentation.

You can ask your foreign client to share the UETR when the payment is initiated. Having the reference from the start makes it easier to trace the payment if a delay occurs.

Also Read: <a href="https://www.skydo.com/blog/is-ifsc-and-swift-code-same">Are the IFSC and SWIFT code the same</a>?

SWIFT GPI has several limitations around correspondent banking, payment costs and transparency, and access to tracking data.

GPI improves how a payment is tracked, but the underlying correspondent banking process can still introduce delays and dependencies.

GPI makes charges during the payment journey more visible, but it does not eliminate intermediary fees or give senders control over what individual banks charge.

GPI tracking is primarily designed for participating financial institutions, which means end recipients do not automatically get direct access to the Tracker.

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A currency exchange forecast is an estimate of how an exchange rate, such as INR/USD may change over a specific future period. It uses economic indicators, forecasting models and market signals to project whether a currency may strengthen or weaken against another currency. However, forecasts are estimates and not guarantees of future exchange rates.

Indian freelancers, service exporters and businesses receiving international payments use currency exchange forecasts to estimate how much foreign revenue they may receive in Indian rupees. The final amount depends on the exchange rate when the payment is converted, along with any applicable conversion fees or charges.

For example, a Bengaluru-based software agency invoicing a US client $5,000 may estimate its revenue at ₹4,20,000 if the exchange rate is ₹84 per USD or ₹4,40,000 if it is ₹88 per USD. This ₹20,000 difference can affect the agency's project margins, cash flow and budgeting decisions.

Why Do Currency Exchange Forecasts Matter for Indian Exporters?

Currency exchange forecasts help Indian exporters anticipate how changes in foreign exchange rates may affect their revenue, profit margins and cash flow. Freelancers, agencies and SaaS businesses often charge international clients in USD or EUR but pay salaries, rent and taxes in INR. The exchange rate at the time of conversion therefore determines how much of their foreign earnings they receive in rupees.

When the Indian rupee weakens against the US dollar, each dollar converts into more rupees. This can increase an exporter's rupee revenue without changing the invoice amount. Conversely, when the rupee strengthens, each dollar converts into fewer rupees, potentially reducing the revenue available to cover operating costs.

For example, consider an Indian agency with a USD 10,000 invoice. At an exchange rate of ₹85 per USD, the invoice is worth ₹8,50,000. If the rate moves to ₹82, the same invoice converts to ₹8,20,000, a difference of ₹30,000 before conversion fees and other charges. Such movements can affect the profitability of projects priced months in advance.

Currency exchange forecasts help exporters estimate future receipts, plan budgets, price ongoing contracts and assess whether they need to manage currency risk. This is particularly relevant for businesses with recurring foreign clients or long-term contracts quoted at fixed USD rates, where even a 2–3% exchange rate movement over a quarter can affect annual revenue in rupees. However, forecasts are estimates, not guarantees, so businesses should account for possible rate changes when planning their finances.

If you invoice international clients, read our guide on<a href="https://www.skydo.com/blog/should-i-invoice-in-inr-or-foreign-currency"> whether to invoice in INR or a foreign currency</a> to understand how your invoicing currency affects your receipts.

How Do Currency Exchange Forecasting Methods Work?

Currency exchange forecasts use economic theories, market data and statistical models to estimate how exchange rates may change. Each method examines different factors, so analysts often combine several approaches rather than rely on a single forecast.

No single method reliably predicts every exchange rate movement. Forecast accuracy depends on the currency pair, time horizon, available data and unexpected market developments. Combining methods can provide a broader assessment, but short-term forecasts remain uncertain.

What Key Factors Drive INR/USD Exchange Rate Movements?

The INR/USD exchange rate is influenced by India's interest rate differential with the US, inflation, GDP growth, the current account deficit, crude oil prices, foreign capital flows and global geopolitical events. These factors affect the demand for and supply of US dollars in India, influencing whether the rupee appreciates or depreciates against the dollar.

To understand how India's central bank influences currency movements, read our guide on the<a href="https://www.skydo.com/blog/rbi-role-in-foreign-exchange-market"> RBI's role in the foreign exchange market</a>. You can also explore<a href="https://www.skydo.com/blog/foreign-exchange-risk"> foreign exchange risk</a> to understand how currency fluctuations affect businesses receiving international payments.

What Are the Practical Implications of Currency Forecasts for INR Recipients?

Currency exchange forecasts help Indian freelancers, agencies and exporters estimate how exchange rate movements may affect their rupee receipts. If the INR is expected to weaken against the USD, each dollar may convert into more rupees. If the INR is expected to strengthen, each dollar may convert into fewer rupees. However, forecasts are uncertain, so delaying or accelerating a payment carries risk.

Before deciding which exchange rate to use when billing clients, read our guide on<a href="https://www.skydo.com/blog/how-to-choose-the-right-currency-exchange-rate-for-invoicing"> how to choose the right currency exchange rate for invoicing</a>.

How Does the Currency Exchange Forecast Interact With Hidden Payment Fees?

<a></a>How Much Can Hidden Payment Fees Cost on a $5,000 Invoice?

The following illustration compares an assumed 5% bank conversion cost with Skydo's $29 transaction fee for a $5,000 payment at three different INR/USD exchange rates. The bank cost is calculated as 5% of the invoice's INR value, while the Skydo fee is converted into INR at each respective rate.

Note: This is an illustrative comparison, not a quote for a specific bank transaction. Actual bank costs vary, and applicable taxes or other charges may affect the final amount.

The comparison shows that, under these assumptions, the bank conversion cost is substantially higher than the flat transaction fee at all three exchange rates. The exchange rate changes the rupee value of the invoice, but the assumed percentage-based conversion cost remains significant.

You've seen how INR forecasts can change the rupee value of a $5,000 invoice, but exchange rate movements are only part of the picture. Skydo offers live FX rates with zero forex markup and a transparent transaction fee, helping you understand the cost of receiving international payments upfront. Explore<a href="https://www.skydo.com/"> Skydo</a> to learn more.

How Does Skydo Help You Protect Earnings Regardless of the Currency Exchange Forecast?

Skydo helps Indian freelancers and exporters manage currency risk with transparent transaction fees and zero forex markup. Currency forecasts can help estimate how exchange rate movements affect earnings, but they cannot eliminate conversion costs.

Traditional banks and payment providers may charge conversion spreads of 2%–5% or more. On a $5,000 payment, that could mean ₹8,400–₹21,000 at ₹84 per USD.

<a href="https://www.skydo.com/">Skydo</a> makes payment costs more predictable with:

Your final INR receipt still depends on the prevailing exchange rate. However, Skydo helps make payment fees more predictable, so you can manage international payments without relying solely on currency forecasts.

How Long Does an International Wire Transfer Take?

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An AD (Authorised Dealer) bank is the bank licensed by RBI to handle foreign currency transactions and report all inward remittances to RBI on behalf of its account holder.

For most Indian freelancers and service exporters, the AD bank is simply the bank where their current or savings account sits, the one into which foreign payments ultimately land.

Take a Bengaluru-based UX designer invoicing a US client $2,000. Her HDFC current account is her AD bank. It receives the wire, reports it to RBI, and issues her Foreign Inward Remittance Certificate (FIRC).

Why Do You Need to Inform Your AD Bank When Adding a New Receiving Channel?

You need to inform your AD bank when adding a new receiving channel because every inward remittance into India must be traceable to a known, declared channel. This is part of RBI's foreign exchange reporting framework under FEMA.

Your AD bank is responsible for matching incoming foreign currency to a known source and account holder. An undeclared channel creates a reporting gap that the bank cannot reconcile. RBI's framework requires channel transparency for every route through which foreign currency enters India, whether or not that route is a payment aggregator.

When you add a payment aggregator (like Skydo) or a new virtual account alongside your existing bank account, that new channel has its own SWIFT details, virtual account numbers, or local routing identifiers. Your AD bank knows none of them unless you tell it. Adding a payment aggregator is different from opening a new bank account, but it still creates a new inward remittance path your AD bank needs to know about.

Without notification, a payment arriving through the new channel may appear to your AD bank as an unregistered inward remittance, which triggers a compliance flag.

Which Types of Receiving Channels Require AD Bank Notification?

Any channel through which foreign currency is routed into India and eventually settles into your Indian bank account requires your AD bank to be aware of it. Three broad channel types are relevant to Indian freelancers and exporters: a traditional bank-to-bank wire (SWIFT), an RBI-authorised payment aggregator such as Skydo, and foreign currency virtual accounts in currencies like USD, EUR and GBP.

The key test: if the inward remittance will arrive under a name, account number, or routing detail that your AD bank has not seen before, it requires notification.

Steps to Inform Your AD Bank About a New Receiving Channel

To inform your AD bank about a new receiving channel, write to your AD bank branch, identify the new channel clearly, share its account or routing details, attach supporting documents, and ask the bank to acknowledge the change in writing.

A phone call to your bank isn't enough, because verbal communication leaves no paper trail. Always follow up in writing.

If the new channel you are adding is Skydo, your FIRC is auto-generated for every transaction and the full compliance paper trail is built in. That makes AD bank communication and future RBI documentation significantly simpler. <a href="https://www.skydo.com/">See how Skydo works</a>.

What Documents Do You Need When Notifying Your AD Bank?

The documents you need depend on the type of receiving channel you are adding. KYC (PAN, Aadhaar, passport) is required for all three channel types: a traditional bank (SWIFT), an RBI-authorised payment aggregator, and a new virtual account. An aggregator or a new virtual account also needs the platform's RBI authorisation and the virtual account details, while a traditional bank needs bank account proof for a new account.

Skydo is an RBI-authorised payment aggregator. When you add Skydo as a new channel, you can provide Skydo's RBI authorisation details and the virtual account details (USD, EUR, GBP, SGD, AUD, CAD) issued at onboarding.

A brief cover letter or email ties all the documents together and gives the bank a clear reference point.

What Happens If You Don't Inform Your AD Bank About a New Receiving Channel?

If you don't inform your AD bank, the first payment that arrives via the undeclared channel may be flagged as an unregistered inward remittance, because the bank sees funds arriving under unfamiliar account details and has no record of the channel. A flagged payment can be put on hold pending clarification, which delays your settlement and disrupts your cash flow.

How Does Skydo Simplify AD Bank Compliance When You Add a New Receiving Channel?

Once your AD bank has the new channel on record, the practical questions start when money arrives. How do you get a FIRC for each payment, does the amount your bank reports match what you invoiced, and how long until the funds settle? <a href="https://www.skydo.com/">Skydo</a> is an RBI-authorised payment aggregator, so the documentation your AD bank needs (platform identity, authorisation status, account details) is clean and ready from day one.