Media Release: Eraaya Lifespaces'' a flagship subsidiary EbixCash World Money Becomes the First ADII Licensed Entity to Receive In-Principle PSP Approval at GIFT IFSC
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Eraaya Lifespaces announced that Buyforex, a wholly-owned subsidiary of its flagship subsidiary EbixCash World Money, has received in-principle approval as a Payment Service Provider (PSP) from the International Financial Services Centres Authority (IFSCA) at GIFT IFSC, Gandhinagar. Buyforex is the first Authorised Dealer Category-II (AD-II) group entity to receive such an authorisation. The approval (subject to final conditions) allows Buyforex to offer four key services: account issuance, e-money issuance, merchant acquisition, and cross-border fund transfers. The move strengthens EbixCash Group's regulated payments footprint and supports India's push to position GIFT IFSC as a global cross-border payments hub. No financial figures or revenue projections were disclosed in the release.
This is a regulatory milestone that expands EbixCash's licensed capability to handle cross-border payments, remittances, and merchant services from GIFT IFSC, potentially opening new revenue streams; however, the approval is only in-principle and contingent on final conditions, so material financial impact is not yet certain.