EximPe targets $1 bn in cross-border UPI payments after securing RBI PA-CB licence

Cross-border payments firm EximPe has set an ambitious target to process $1 billion worth of UPI-led international transactions by 2028, following its receipt of final Payment Aggregator – Cross Border (PA-CB) authorisation from the Reserve Bank of India (RBI).

The regulatory approval allows EximPe to enable overseas merchants and global payment platforms to collect payments from Indian customers using UPI and other domestic payment modes, without the need to establish a local entity in India. Settlements can be made directly into offshore accounts in preferred foreign currencies, significantly simplifying market entry for international businesses targeting Indian consumers.

The PA-CB licence marks a critical transition for EximPe, which had earlier operated as a technology service provider to banks facilitating cross-border trade payments. Prior to securing the authorisation, the company processed over $500 million in bank-led cross-border transactions, primarily across key Asian corridors. This operational scale and corridor depth provided the foundation for EximPe’s shift into a fully licensed cross-border payment aggregator under the RBI framework.

Global interest in UPI

Notably, EximPe is among a small group of firms to receive PA-CB authorisation without having previously operated as an online payment gateway or holding a domestic payment aggregator licence. With the new approval, the company can now support collections through UPI, cards, wallets, net banking and local bank transfers — payment rails that underpin the bulk of India’s digital commerce. The expanded offering is expected to improve transaction success rates, reduce checkout friction and drive higher conversion for global merchants collecting payments from India.

The company said rising global interest in UPI acceptance, particularly across Asian markets, will be a key driver of growth. EximPe is targeting $1 billion in annualised UPI-led cross-border payment volumes over the next 24 months as international merchants increasingly integrate India-focused payment options.

Commenting on the milestone, Arjun Zacharia, founder and chief executive officer of EximPe, said India’s digital payments infrastructure is rapidly evolving into a global acceptance layer. “With PA-CB authorisation, we are enabling international merchants to plug directly into India’s fastest-growing payment ecosystem without regulatory friction. UPI-led cross-border collections are likely to become a standard requirement for global businesses targeting Indian customers over the coming years,” he said.

Founded as a cross-border payments infrastructure platform, EximPe raised $5 million in a seed funding round in 2022, led by Leo Capital. The round also saw participation from Beta Lab, RB Investments, Founder Bank Capital, iSeed Ventures, 2am VC, LetsVenture and BoldCap, along with prominent angel investors including Ankit Nagori, Kunal Shah, Ashish Gupta, Rajesh Raju, Axel Wehr and Aprameya Radhakrishnan.

The company’s latest regulatory clearance positions it to capitalise on the growing internationalisation of India’s digital payments ecosystem.