Fintech infrastructure provider Decentro has received final approval for a Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) at GIFT City, becoming the first Indian payment aggregator to secure the approval, the company said on Wednesday (May 27
The licence allows Decentro to operate cross-border payment services from GIFT City, India’s international financial services centre. The company said it has set up a separate entity in GIFT City to offer services such as multi-currency accounts, cross-border collections, escrow services and international payment settlements for businesses.
According to the company, the global cross-border payments market is estimated at around $200 trillion. Decentro said the licence would help it expand services for businesses operating across jurisdictions and handling international transactions.
The Bengaluru-based firm said it plans to roll out four services under the PSP framework, including merchant acquisition, virtual account issuance, cross-border money transfers and escrow services
Founded in 2020, Decentro provides banking and payments infrastructure services to businesses through its payment collections and banking-as-a-service offerings. The company said it currently serves more than 1,600 businesses across sectors including fintech, lending and insurance.
