EbixCash World Money arm gets in principle PSP approval at GIFT IFSC

EbixCash World Money , a flagship subsidiary of Eraaya Lifespaces Limited , has received a major regulatory boost after its wholly owned subsidiary Buyforex was granted in principle approval to operate as a Payment Service Provider (PSP) at GIFT IFSC . With this approval, Buyforex becomes the first Authorised Dealer Category II group entity in India to receive PSP authorisation at the international financial centre.

The approval has been granted by the International Financial Services Centres Authority (IFSCA) , the unified regulator for financial services at GIFT IFSC. Once the final regulatory conditions are met, Buyforex will be permitted to operate as a fully regulated Payment Service Provider from GIFT IFSC.

Under the in principle authorisation, Buyforex is allowed to offer four key payment services. These include account issuance, e money issuance, merchant acquisition, and cross border fund transfers. This significantly expands the EbixCash Group’s regulated payments capabilities and strengthens its presence in global payment and remittance services.

The development is also seen as an important step in India’s effort to position GIFT IFSC as a global hub for cross border payments and international financial services. Operating from GIFT IFSC allows entities to work under a globally aligned regulatory framework while serving international markets from India.

Commenting on the approval, T C Guruprasad , CEO and Managing Director of the Payments Business at EbixCash, said the milestone reflects the group’s strong regulatory credentials and long standing focus on compliance-led growth. He said the approval would help EbixCash expand its cross-border payments business while contributing to the evolution of GIFT IFSC as a world class financial ecosystem.

With this authorisation, EbixCash World Money, through Buyforex, is expected to support global commerce, international remittances, and merchant payment flows through a secure and scalable payments infrastructure anchored in India.

EbixCash is one of India’s leading end to end digital financial services platforms. It operates across payments, domestic and international remittances, foreign exchange, prepaid cards, travel, insurance, and financial technology. The company combines a strong digital presence with a nationwide physical distribution network of over 650,000 outlets across more than 4,000 cities and 75,000 villages.

Eraaya Lifespaces Limited is the global holding company of Ebix Inc. , with operations across 13 countries. Following a strategic transition in 2024, the company has evolved into a diversified, technology led group with core businesses spanning technology platforms, payments, travel, and emerging digital services, catering to both enterprise and consumer markets globally.

About GIFT City , or Gujarat International Finance Tec City, it is India’s first international financial services centre located between Ahmedabad and Gandhinagar in Gujarat. Designed to compete with leading global financial hubs, GIFT City offers a globally competitive regulatory environment, tax incentives, and modern infrastructure for international banking, insurance, capital markets, fintech, and payment services.