In a significant development for India’s financial technology sector, EbixCash World Money, a flagship subsidiary of Eraaya Lifespaces Limited, has achieved a milestone by becoming the first AD-II licensed entity to receive in-principle Payment Service Provider (PSP) approval at GIFT IFSC. The approval, granted to Buyforex, a wholly owned subsidiary of EbixCash World Money, marks a historic moment in India’s cross-border payment and international remittances landscape.

Buyforex Gains First-Ever PSP In-Principle Approval at GIFT IFSC

The in-principle authorization by the International Financial Services Centres Authority (IFSCA) empowers Buyforex to operate as a regulated PSP at the Gujarat International Finance Tec-City (GIFT) IFSC, subject to the fulfillment of final conditions. As the first Authorised Dealer Category-II (AD-II) group entity to receive such approval, Buyforex sets a precedent for regulated financial services at India’s premier international financial hub.

Key Services Authorized for Buyforex

Under this approval, Buyforex is now authorized to provide four major payment services:

• Account issuance – allowing the opening of regulated payment accounts.

• E-money issuance – enabling issuance of digital money instruments.

• Merchant acquisition – onboarding and managing merchant payment acceptance.

• Cross-border fund transfers – facilitating international remittances and transfers.

This authorization not only broadens EbixCash Group’s operational capabilities but also positions India to strengthen its foothold in global payments infrastructure.

Strategic Significance for EbixCash and Eraaya Lifespaces

Mr. T C Guruprasad, CEO & Managing Director – Payments Business, EbixCash, called this development a “landmark achievement for the EbixCash Group.” Being the first AD-II entity to receive PSP authorization underscores the group’s strong regulatory credentials and commitment to compliance-led growth. The approval allows EbixCash to enhance cross-border payments capabilities, serving international merchants, financial institutions, and enterprises with globally scalable and secure payment solutions.

This step also supports India’s ambition to establish GIFT IFSC as a global hub for cross-border payments and international financial services, offering a platform that adheres to globally aligned regulatory frameworks.

About EbixCash World Money and Buyforex

EbixCash World Money is a leading player in international payments, foreign exchange, and remittance solutions, operating across 650,000 physical outlets in India alongside a strong digital presence. Buyforex, its subsidiary, will now leverage GIFT IFSC’s regulatory ecosystem to offer regulated, technology-driven payment services to global customers.

Expanding India’s Regulated Payment Ecosystem

This development is critical for India’s fintech landscape. By enabling Buyforex to deliver account issuance, e-money services, merchant acquisition, and cross-border fund transfers, EbixCash reinforces its role as a key player in regulated digital financial services. This aligns with global best practices and strengthens India’s financial ecosystem by offering secure, compliant, and scalable solutions.

Eraaya Lifespaces’ Transformation

Eraaya Lifespaces Limited, the parent company of EbixCash, has transformed from its traditional lifestyle and hospitality roots into a technology-led diversified holding company operating across 13 countries. Its four core segments – Technology, Payments, Travel, and Emerging Businesses – integrate digital platforms with physical infrastructure to serve enterprise and consumer markets worldwide.

Through its technology platforms, Eraaya supports software-as-a-service solutions, digital exchanges, and fintech innovations across insurance, reinsurance, healthcare, risk, and compliance. The cash payments segment, including EbixCash World Money and Buyforex, delivers innovative payment solutions for domestic and international markets.

Strengthening Global Commerce and Financial Inclusion

With Buyforex operating under PSP authorization, EbixCash is well-positioned to support global commerce, international remittances, and merchant payment flows. The approval enables the group to build a robust, future-ready payments infrastructure anchored in India, strengthening financial inclusion while contributing to the evolution of GIFT IFSC as a world-class financial hub.

About the Ebix Group

EbixCash is India’s premier end-to-end digital financial services platform, combining omni-channel digital presence with an extensive physical distribution network. Operating in payments, remittances, forex, prepaid cards, travel, insurance, and fintech, EbixCash integrates front-end distribution with back-end technology to deliver seamless financial services.

Commitment to Compliance-Led Growth

By securing the first in-principle PSP authorization for an AD-II entity at GIFT IFSC, EbixCash demonstrates a commitment to regulatory compliance, transparency, and international standards. This positions the group for sustainable growth while contributing meaningfully to India’s global financial ambitions.

Looking Ahead

With this approval, EbixCash World Money, through Buyforex, is set to enhance its cross-border payment capabilities, expand its global footprint, and offer technologically advanced financial solutions to international markets. The milestone underscores the company’s leadership in regulated digital finance and its vision to support global commerce from India.

Conclusion

The in-principle PSP approval at GIFT IFSC for Buyforex, a subsidiary of EbixCash World Money, marks a historic first for an AD-II licensed entity in India. It strengthens EbixCash’s regulated payments portfolio, reinforces India’s ambition for GIFT IFSC as a global financial hub, and sets a benchmark for compliance-led growth in cross-border financial services.

With a strong foundation, technological infrastructure, and global presence, EbixCash and Eraaya Lifespaces are poised to transform international payments and merchant services while supporting India’s position in the global fintech ecosystem.

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