The approval covers account issuance, including e-money accounts, cross-border money transfers and merchant acquisition, according to the company.
The proposed entity will provide PayGlocal with a regulated base at GIFT-IFSC to develop and offer payment services for businesses operating across international markets.
The development comes after PayGlocal received final authorisation from the Reserve Bank of India (RBI) last year to operate as a Payment Aggregator-Cross Border for inward and outward transactions. The company has also registered as a Money Services Business with the US Financial Crimes Enforcement Network (FinCEN).
PayGlocal said its next phase will focus on supporting Indian merchants with cross-border payment capabilities, while it plans to expand its services to businesses in other markets over time.
The company, founded in 2021, provides cross-border payment services to businesses across sectors including exports, retail, travel, education and software-as-a-service. It said its platform supports payments in more than 130 currencies and over 40 global and local payment methods.
Prachi Dharani, co-founder and CEO, PayGlocal, said the GIFT-IFSC approval would support the company’s plans to build cross-border payment infrastructure from India.GIFT City has emerged as an international financial services hub, with fintech companies using the framework at GIFT-IFSC to develop services aimed at international markets.
PayGlocal said the GIFT-IFSC entity will complement its existing operations in India and its regulatory presence in the US as it expands its cross-border payments business.
First Published: Sept 24, 2026 8:12 AM IST