The Reserve Bank of India (RBI) now allows fintech startup BillDesk, Amazon Pay India, and international payments leader Adyen to function as cross-border payment aggregators.

Through BillDesk, IndiaIdeas.com Limited can now import and export and both Amazon Pay and Adyen India now have access to the import-only cross-border payment aggregator (PA) licenses.

Together, they have become a license holder of Cashfree, a Bangalore-based payment aggregator, which is the first to obtain a PA-cross border license.

RBI sanctioned regulatory approval for BillDesk on July 29, and Adyen and Amazon Pay on July 25, while Cashfree obtained its license on July 22.

Now, thanks to the PA-CB license, payment companies can provide services in the export-import market.

Additionally, the companies can work in tandem with Indian exporters to enable them to take payments in foreign currencies.

Along with facilitating international brands' sales in India, they can also take common local payment methods in exchange for goods and services.

The license also denotes that all five players are qualified to provide merchant payment services within the domestic market.

Although BillDesk is one of the biggest bill processing companies in the nation, Amazon Pay also accepts payments through mobile wallets, Unified Payments Interface-based transactions, and other bill payment methods.

The Netherlands-based company, Adyen is observed to have already commenced handling transactions valued at more than 300 billion euros worldwide, generating 438 million euros in net revenue in the start of this year.

These companies now have a lot more options in India's market for foreign remittances and freelancers employed by multinational corporations thanks to the purchase of the cross-border payment aggregator license.