Razorpay Gets Final GIFT City Licence to Expand Cross-Border Payments and Global Investing

Key Takeaways

• Razorpay has received a final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA).
• The approval allows the fintech company to process foreign-currency payments and support multi-currency accounts through its GIFT City infrastructure.
• Razorpay has already integrated with RBL Bank and ICICI Bank, with additional banking partners expected to join.
• The company aims to reduce the integration time for investment platforms from several months to two or three weeks.
• Indian residents invested $2.65 billion in overseas stocks and debt in FY26, representing 56% year-on-year growth.
• The licence expands Razorpay’s business beyond conventional domestic payments into global investing, international collections and cross-border settlements.

Razorpay Receives Final IFSCA Licence

Razorpay has received its final Payment Service Provider licence from the International Financial Services Centres Authority, allowing it to operate from Gujarat International Finance Tec-City (GIFT City).

The approval follows an in-principle clearance granted in April 2026 and represents an important regulatory milestone for the Bengaluru-based fintech company.

With the final authorisation, Razorpay can build and operate payment infrastructure in GIFT City’s International Financial Services Centre (IFSC), enabling foreign-currency transactions and cross-border money movement under the applicable regulatory framework.

The company plans to use this infrastructure to support Indian investment platforms, businesses and financial institutions that need to move money internationally.

Its services will include foreign-currency transfers, multi-currency accounts, international collections and settlements.

The development also expands Razorpay’s existing cross-border payments business, which already enables Indian consumers to pay international businesses and Indian companies to collect payments from overseas customers.

What Does the GIFT City Licence Allow Razorpay to Do?

The new licence allows Razorpay to support financial transactions that require more than conventional domestic payment processing.

Its GIFT City infrastructure is designed to handle money moving both into and out of India through eligible cross-border financial arrangements.

The main capabilities include:

1. Foreign-currency transactions

Razorpay can facilitate payments and transfers in foreign currencies through its GIFT City operations, expanding the range of international transactions it can support.

2. Multi-currency accounts

The company can support multi-currency account infrastructure, allowing eligible platforms and businesses to manage foreign-currency funds without immediately converting every receipt into Indian rupees.

3. Global investment payments

Investment platforms can use Razorpay’s infrastructure to facilitate payments associated with overseas investments by eligible Indian residents.

4. International collections and settlements

The infrastructure can also support businesses collecting payments from international customers and settling cross-border transactions.

These capabilities are subject to applicable FEMA, IFSCA and other regulatory requirements. The licence does not mean that every type of foreign-currency transaction is automatically permitted.

Razorpay Wants to Simplify Overseas Investing for Indian Users

One of the major opportunities for Razorpay is the growing demand for international investment products among Indian residents.

Investors are increasingly exploring overseas equities and debt instruments to diversify their portfolios and access global financial markets.

However, investment platforms face operational challenges when building the payment infrastructure required for international investing.

They often need to coordinate with multiple banks, remittance providers, compliance systems and settlement partners.

This creates additional integration costs and can delay the launch of global investment products.

Razorpay wants to simplify this process through a unified infrastructure.

Instead of requiring investment platforms to establish several independent payment and banking connections, the company is offering a single integration that brings together multiple parts of the transaction process.

According to Razorpay, platforms that previously required several months to complete these integrations could potentially go live within two to three weeks.

This could make it easier for brokers and wealth-management platforms to introduce overseas investment services.

RBL Bank and ICICI Bank Integrations Already in Place

Razorpay has already established banking integrations with RBL Bank and ICICI Bank for its GIFT City infrastructure.

These partnerships are important because cross-border payments require coordination between financial institutions responsible for processing, holding and settling funds.

The company expects key investment platforms to begin using the infrastructure shortly.

Additional banking partners are also expected to join the network in the coming months.

Razorpay’s approach is to provide investment platforms with a common technology and payment layer rather than requiring each platform to independently develop its own banking relationships.

For fintech companies, this could reduce the complexity involved in launching and managing international financial products.

However, the actual benefits will depend on transaction volumes, banking availability, compliance requirements and the range of supported currencies.

India’s Overseas Investment Demand Is Growing

Razorpay’s expansion comes as Indian residents increase their exposure to international financial markets.

According to data cited by the company, Indian residents invested approximately $2.65 billion in overseas stocks and debt instruments during FY26.

This represented a 56% increase compared with the previous financial year.

The growth reflects increasing interest in international equities, global investment diversification and access to companies listed outside India.

Indicator	FY26
Indian residents’ investment in overseas stocks and debt	$2.65 billion
Year-on-year growth	56%
Razorpay’s existing banking integrations	RBL Bank and ICICI Bank
Estimated platform integration timeline	2–3 weeks

The increase in overseas investment activity creates an opportunity for payment infrastructure providers.

Investment platforms need reliable systems to handle customer payments, currency conversion, regulatory reporting and settlement.

Razorpay is positioning its GIFT City infrastructure to address these requirements.

Why GIFT City Is Becoming Important for Fintech Companies

GIFT City is India’s international financial services centre, designed to attract global financial institutions and provide a framework for international financial activities.

The regulatory environment is overseen by IFSCA, which regulates eligible financial services and activities within the IFSC.

For fintech companies, GIFT City offers an opportunity to build products that operate across international financial markets while working within a dedicated regulatory framework.

Payment companies are increasingly exploring this opportunity because international transactions can require more specialised infrastructure than domestic payments.

Razorpay is not alone in pursuing the market.

Other fintech businesses, including Cashfree and Skydo, have also explored or obtained regulatory approvals for GIFT City operations.

Skydo received its final IFSCA PSP authorisation in October 2026, reflecting growing interest in the framework among cross-border payment providers.

The development suggests that GIFT City could become an important operating base for companies building international payment products for Indian businesses, investors and financial institutions.

How the Licence Fits Into Razorpay’s Business Strategy

Razorpay has historically built its business around online payments, payment gateways and financial technology services for businesses.

Over time, it has expanded into payment processing, business banking products, payroll, lending partnerships and international payment services.

The GIFT City licence provides another opportunity to expand its financial infrastructure business.

Rather than focusing only on payment acceptance and domestic transactions, Razorpay can now build a broader set of services around international money movement.

The opportunity extends across several customer categories:

• Investment platforms: Payments and settlements for eligible overseas investment products.
• Exporters: International collections and foreign-currency payment management.
• Indian businesses: Cross-border transactions with overseas customers and suppliers.
• NRIs: Potential payment and settlement services for eligible financial flows.
• Financial institutions: Technology infrastructure for international transactions.

Razorpay’s COO Rahul Kothari said the company wants cross-border infrastructure to become as seamless and compliant as domestic payment systems.

The company believes that a unified platform can reduce operational complexity for businesses and financial service providers.

The Bigger Picture

Razorpay’s final GIFT City licence highlights the growing importance of financial infrastructure as Indian businesses and consumers become more connected to international markets. Cross-border payments are no longer limited to exporters and large corporations. Overseas investing, international digital services and global business operations are creating demand for more accessible payment systems.

For Razorpay, the opportunity is to move beyond traditional payment processing and become an infrastructure provider for international financial transactions. The growing competition from other fintech companies also suggests that GIFT City could develop into an important centre for cross-border payment innovation. However, commercial success will depend on transaction volumes, regulatory compliance, banking partnerships and the ability to build sustainable revenue from these services.

Looking Ahead

The next milestone will be the onboarding of investment platforms and the launch of live services through Razorpay’s GIFT City infrastructure. The company’s existing integrations with RBL Bank and ICICI Bank provide an initial foundation, while additional banking partnerships could expand the range of supported transactions.

Over the longer term, Razorpay will look to extend the infrastructure beyond global investing into international collections, settlements and other financial services. As Indian residents and businesses increase their participation in global markets, payment companies that can simplify compliant cross-border transactions could gain an important growth opportunity.