PRNewswire
New Delhi [India], January 22: EbixCash World Money, a flagship subsidiary of Eraaya Lifespaces limited and a leading player in international payments, foreign exchange, and remittance solutions, today announced that Buyforex, its wholly owned subsidiary, has received in-principle approval for Payment Service Provider (PSP) authorization at GIFT IFSC, making it the first Authorised Dealer Category-II (AD-II) group entity to achieve this milestone.
The approval has been granted by the International Financial Services Centres Authority (IFSCA) and enables Buyforex to operate as a regulated PSP from GIFT IFSC, subject to fulfillment of final conditions.
Under this in-principle approval, Buyforex is authorized to undertake the following four key payment services:
- Account issuance
- E-money issuance
- Merchant acquisition
- Cross-border fund transfers
This milestone significantly strengthens the EbixCash Group's regulated payments footprint and supports India's ambition to position GIFT IFSC as a global hub for cross-border payments and financial services.
The authorization enables the group to deliver secure, compliant, and globally scalable payment solutions to international merchants, financial institutions, and enterprises, while leveraging GIFT IFSC's globally aligned regulatory framework.
Commenting on the development, Mr. T C Guruprasad, CEO & Managing Director - Payments Business, EbixCash, said:
"The in-principle PSP approval granted to Buyforex at GIFT IFSC is a landmark achievement for the EbixCash Group. Being the first AD-II group entity to receive this authorization underscores our strong regulatory credentials and long-standing focus on compliance-led growth. This approval enables us to expand our cross-border payments capabilities while contributing meaningfully to GIFT IFSC's evolution as a world-class financial ecosystem."
With this approval, EbixCash World Money, through Buyforex, is well positioned to support global commerce, international remittances, and merchant payment flows through a robust, future-ready payments infrastructure anchored in India.
The development further reinforces EbixCash's commitment to building regulated, technology-driven financial platforms that meet international standards while serving global markets from India.
About Ebix Group
EbixCash is India's leading end-to-end digital financial services platform, combining an omni-channel digital presence with a nationwide physical distribution network of over 650,000 outlets. The company operates across payments, international and domestic remittances, foreign exchange, prepaid cards, travel, insurance, and financial technology, integrating front-end distribution with back-end technology. EbixCash's products are accessible digitally and through its extensive network spanning 4,000 cities and 75,000 villages across India.
About Eraaya Lifespaces Limited
Eraaya Lifespaces Limited (EBIX | 531035 | INE432F01032) is a global holding company of Ebix Inc. and its worldwide subsidiaries. Following a strategic transition in 2024, Eraaya has evolved from its conventional roots in lifestyle and hospitality into a diversified, technology-led holding platform with operations across 13 countries serving enterprise & consumer markets worldwide.
Through Ebix Inc. and its operating global subsidiaries, Eraaya has built a strong global presence across four core business segments: Technology, Payments, Travel, and Emerging Businesses.
The technology platforms business delivers on-demand software, SaaS solutions, and digital exchanges that support insurance, reinsurance, financial services, healthcare, risk and compliance and many more software products catering to various service segments.
The cash payments segment provides technology-enabled payment solutions and financial transaction platforms catering to diverse use cases across geographies.
Ebix Travel is one of the group's key verticals, offering end-to-end travel with travel distribution solutions, including booking platforms, payments integration, and digital marketplaces that serve airlines, travel agencies, corporates, and consumers across international markets. In parallel, the company's emerging businesses include e-learning which focused on delivering digital education and training solutions designed to support skill development and professional learning at scale.
These businesses enable Eraaya to operate across enterprise and consumer markets, supported by global delivery capabilities, long-standing client relationships, and process-driven platforms.
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