Cashfree ties-up with JP Morgan Payments to enable cross-border payments

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Payments firm Cashfree on Tuesday announced a collaboration with J.P. Morgan Payments as part of its commitment to building a borderless payments ecosystem.

With this, J.P. Morgan Payments becomes an Authorised Dealer Category-I (AD-I) bank for Cashfree, enabling the processing of import transactions under the RBI's Master Direction on Regulation of Payment Aggregator, a joint statement said.

This collaboration addresses the payment-related barriers head on by combining global credibility with homegrown innovation, it said.

With J.P. Morgan Payments acting as Cashfree's AD-I bank, import transactions are routed end-to-end in compliance, while offering businesses the assurance of secure, transparent, and reliable settlements through trusted rails, it said.

As India continues to set global benchmarks in digital payments, the world is increasingly looking to the country as the emerging hub for seamless digital commerce. The next era of global payments will be defined by enabling international businesses to enter India compliantly while empowering consumers to shop from global brands as effortlessly as they would from any local store," Cashfree CEO Akash Sinha said.

With India's cross-border e-commerce market set to reach USD 1 trillion by 2030, global businesses still face regulatory complexities, settlement uncertainties, and complex payment requirements that slow their entry and raise operational risks, it said.

For instance, a global brand looking to sell into India may need to set up a local entity, navigate compliance, set up a local payment collection infrastructure and manage currency conversions for settlement, all before even reaching a single customer, it said.

These challenges not only increase costs but also leave significant portions of India's high-intent consumer demand untapped, deterring the ability of global brands to reach millions of digitally savvy shoppers, it added.

Christine Tan, Head of Financial Institutions Group Sales, Asia Pacific, J.P. Morgan Payments, said, "Our collaboration with Cashfree allows us to bring J.P. Morgan Payments' global leadership in payments to international merchants entering India, helping global businesses access India's e-commerce opportunity with confidence and speed."  J.P. Morgan Payments combines treasury services, trade and working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes more than USD 10 trillion payments daily, operating in over 160 countries and over 120 currencies, it said.