GlobalPay gets RBI nod to expand cross-border payments, forex services scope

WSFx Global Pay (GlobalPay) on Monday (August 3) said it has received an expanded Authorised Dealer Category II (AD II) licence from the Reserve Bank of India (RBI), allowing it to offer a wider range of foreign exchange and cross-border payment services.

The company said the enhanced authorisation has been granted under the Foreign Exchange Management Act (FEMA) 2026 through RBI Notification No. FEMA 401/2026.

With the expanded licence, GlobalPay can undertake eligible non-trade current account transactions, excluding gifts and donations, facilitate inward and outward trade remittances of up to ₹25 lakh, and appoint forex correspondent agencies to widen the reach of regulated foreign exchange services.

The company said the approval will allow it to cater to customers including individuals, students, travellers, exporters, importers, corporates and financial institutions through a broader range of RBI-regulated forex and remittance services.

“With global mobility, international education, outbound travel and cross-border trade continuing to expand, customers increasingly expect seamless and compliant forex and remittance solutions,” Srikrishna Narasimhan, CEO and Whole-Time Director, GlobalPay, said.

The expanded authorisation comes amid rising demand for cross-border payment solutions, driven by overseas travel, education and international trade.

GlobalPay is a BSE-listed company and holds an RBI AD Category II licence for foreign exchange and global payment services.