Razorpay, Regulus Pay, EbixCash among 15 payment firms lining up for GIFT City licences

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The relatively low capital requirement compared with India’s onshore regime is also helping make GIFT City attractive to payment companies | Photo Credit: ABEER KHAN

Razorpay IFSC, Regulus Pay IFSC and EbixCash World Money Global IFSC are among the 10-15 payment-service providers who are at an advanced stage of setting up operations in GIFT City. The development comes as payment companies increasingly look to the International Financial Services Centre in Gujarat as a base for cross-border and global financial services.

The regulator has so far authorised nine payment-service providers, while another 10-15 are at an advanced stage of obtaining licences in GIFT City, said IFSCA Executive Director Dipesh Shah. Regulus Pay IFSC applied to the IFSCA in August while Razorpay IFSC and EbixCash World Money Global IFSC submitted their applications in July.

One-stop solution

The growing interest, said Shah, was partly driven by GIFT City’s unified regulatory architecture, which allows payment companies to serve multiple financial-services businesses without having to navigate separate regulators. “As a payment-service provider, you always had one problem statement. You wanted to serve multiple financial services units but because they were licensed differently under different regulations, your challenge was that you had to navigate through different regulators,” Shah said at the Global Fintech Fest in Mumbai on Friday.

GIFT City, he said, solves this problem by bringing banking, insurance, capital markets and several other financial-services segments under one regulator. “As a PSP, you can cater to all of them,” he added. Under the IFSC framework, PSPs can undertake a range of activities including account services, e-money services, cross-border money transfers, merchant acquisition and escrow services.

Other benefits

The relatively low capital requirement compared with India’s onshore regime is also helping make GIFT City attractive to payment companies, Shah said.

The proposition is not limited to serving financial institutions within GIFT City. Payment companies can use the IFSC as a launchpad for global expansion while also facilitating outward flows from India under the Liberalised Remittance Scheme (LRS). “It helps them to go global through GIFT City and also helps them to navigate Indian money going outside under the LRS scheme to be utilised through GIFT City,” Shah said.

Published on September 11, 2026

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