RBI PA-CB List 2026: Approved Platforms and Who Missed Out
TL;DR - Summary
- What is the RBI PA-CB list? - The RBI PA-CB list is the Reserve Bank of India's record of non-bank entities with final authorisation to facilitate cross-border payments, split into inward (PA-CB-I), outward (PA-CB-O) or both.
- Which platforms are on the RBI PA-CB list in 2026? - As of January 2026, 19 entities were on the RBI PA-CB list, including Cashfree, Razorpay, PayU, BillDesk, PayGlocal, BriskPe and Skydo, which received inward authorisation on 9 January 2026.
- Who is missing from the RBI PA-CB list? - PayPal and Wise did not appear on the RBI PA-CB list as of January 2026, while Payoneer India held only in-principle approval, which is not the same as final authorisation.
- What are the risks of using a platform not on the RBI PA-CB list? - Using a platform not on the RBI PA-CB list can create FEMA exposure, remittance documentation gaps, payment holds and weaker dispute protections, so always verify final authorisation on the RBI's official list.
What Is RBI PA-CB License?
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.
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.
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-Online (PA-O): Facilitates online payments.
- PA-Physical (PA-P): Facilitates face-to-face or physical payments.
- PA-Cross Border (PA-CB): Facilitates permissible cross-border payment transactions through e-commerce channels.
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:
- Non-bank PA-CBs must obtain RBI authorisation and meet requirements covering net worth, KYC/AML, governance, data security and reporting.
- The minimum net worth is ₹15 crore at application, rising to ₹25 crore by the end of the third financial year after authorisation.
- PA-CB transactions are generally subject to a ₹25 lakh per-transaction limit.
- PA-CBs must maintain designated collection accounts with AD Category-I banks and comply with applicable RBI and FEMA requirements for fund flows, reconciliation and reporting.
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.
| Sub-Category | RBI Notation | What It Means in Plain English | Who It Matters To |
|---|---|---|---|
| Inward | PA-CB-I | Facilitates eligible payments from overseas buyers to Indian merchants | Indian exporters, freelancers and agencies receiving foreign payments |
| Outward | PA-CB-O | Facilitates eligible payments from Indian buyers to overseas merchants | Indian businesses paying foreign vendors |
| Both | PA-CB-I & O | Facilitates eligible cross-border payments in both directions | Businesses that both receive from and pay overseas |
PA-CB-I: Inward Transactions
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.
PA-CB-O: Outward Transactions
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.
PA-CB-I & O: Both Directions
Some payment aggregators hold PA-CB-I & 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.
Wave 1: July 2024
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.
Wave 2: November–December 2024
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.
Wave 3: November–December 2025
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.
Wave 4: December 2025–January 2026
BriskPe received PA-CB-I & 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 RBI's official authorised entities list for the latest PA-CB status and authorisation category before choosing a provider.
| Entity | Authorisation Date | Scope |
|---|---|---|
| Cashfree Payments | 22 July 2024 | First PA-CB licence holder |
| Amazon Pay India | 25 July 2024 | Inward |
| Adyen India | 25 July 2024 | Inward |
| IndiaIdeas.com (BillDesk) | 29 July 2024 | Export and import |
| Pay10 Services | 6 November 2024 | Inward and outward |
| Worldline ePayments India | Late 2024 | Inward and outward |
| PayGlocal | 18 November 2025 | Inward and outward |
| Pine Labs | November 2025 | Not specified |
| Easebuzz | November 2025 | Not specified |
| PayU Payments | November 2025 | Not specified |
| Airpay | November 2025 | Not specified |
| Razorpay | 2 December 2025 | Not specified |
| Paytm Payments Services | December 2025 | Online, physical and cross-border |
| Mswipe Technologies | December 2025 | Not specified |
| BriskPe | 26 December 2025 | Inward and outward |
| Unlimit | December 2025 or January 2026 | Not specified |
| Skydo | 9 January 2026 | Final PA-CB authorisation |
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.
Legal and Regulatory Risks
- FEMA compliance: Cross-border receipts and payments must be routed through authorised banks or persons and in accordance with FEMA and related RBI requirements. Using an unauthorised channel can therefore create regulatory exposure.
- Documentation gaps: An unauthorised platform may not provide the remittance documentation or regulatory reporting support required for a particular transaction. This can make it harder to substantiate foreign receipts and complete related GST, banking or export documentation.
- AML scrutiny: PA-CBs are subject to customer due diligence, fraud prevention and other compliance requirements. Using an unregulated intermediary can increase the risk of transactions being flagged or investigated under applicable anti-money-laundering requirements.
Financial and Operational Risks
- Payment holds or delays: Transactions routed through an unauthorised channel may face intervention from banks or other regulated entities, creating uncertainty around access to funds.
- Limited dispute resolution: Authorised PAs are required to maintain customer grievance redressal and dispute-management mechanisms. An unauthorised platform may not provide equivalent regulatory protections.
- Poor fund segregation: Authorised PA-CBs must follow prescribed escrow and collection-account requirements. For PA-CB transactions, separate accounts are required for applicable inward and outward flows, helping protect and track customer funds.
- Transaction-limit breaches: PA-CB transactions are subject to a ₹25 lakh maximum value per unit of goods or services sold or purchased under the RBI framework. An unregulated platform may not operate within the same controls.
Security and Data Risks
- Data-storage compliance: RBI requires payment-system data to be stored in India, with payment-system operators required to ensure that data is available for regulatory access.
- Technology and cybersecurity controls: Authorised PA-CBs are subject to RBI requirements covering technology, security, fraud prevention and risk management. A platform operating outside this framework may not provide the same level of regulatory oversight.
⚠️ WATCH OUT
Using a platform that is not appropriately authorised for PA-CB activity can expose Indian businesses to FEMA and compliance issues, payment delays, documentation gaps and weaker regulatory protections. Before receiving or sending cross-border payments, verify the platform's final RBI authorisation and PA-CB category.
Skydo as a RBI PA-CB Compliant Platform for Indian Businesses
For Indian businesses looking for a regulated way to receive international payments, Skydo operates under the RBI’s PA-CB framework for inward cross-border transactions. Its features are:
- RBI-authorised for inward cross-border payments: Skydo received final PA-CB-I authorisation on January 9, 2026, allowing it to facilitate inward cross-border payments for Indian businesses.
- Focused on receiving international payments: Skydo is designed for Indian businesses receiving payments from overseas customers, including freelancers, agencies and service exporters. It focuses on the inward payment use case rather than outbound transfers.
- Built-in remittance documentation: Skydo provides a free instant FIRA for each payment, helping businesses maintain records of foreign inward remittances for their export and compliance requirements.
- Multi-currency virtual accounts: Businesses can receive payments through virtual accounts in USD, EUR, GBP, SGD, AUD and CAD, with no monthly subscription fee.
- Transparent pricing: The transaction fee is $19 for payments up to $2,000, $29 for $2,001–$10,000, and 0.3% above $10,000, with no separate FX markup.
- Export compliance support: Skydo provides eBRC and EDPMS closure assistance, including tools to reconcile inward remittances with export documentation and simplify related compliance processes.
- Fast settlement and local support: Payments are typically settled to the Indian bank account within one working day, with India-based customer support available through multiple channels.
Skydo is a platform suitable for Indian freelancers, agencies, service exporters, goods exporters and online sellers receiving international payments.
What is the RBI PA-CB license in simple terms?
An RBI PA-CB authorisation allows an eligible non-bank entity to facilitate regulated cross-border payment transactions under the Reserve Bank's framework. PA-CB covers permissible cross-border payment flows, while AD Category-I banks can undertake PA-CB activity without separate PA-CB authorisation.
How many companies are currently on the RBI PA-CB list?
Is Skydo on the RBI PA-CB authorized list?
Can I use PayPal or Wise to receive freelance payments from abroad - are they PA-CB licensed?
What happens if I receive foreign payments through a platform that is not PA-CB authorised?
What does PA-CB-I vs PA-CB-O mean for me as a freelancer?
What is a FIRC and why does it matter?
Did the PA-CB framework change recently?
What was the OPGSP framework and why was it replaced?
