The approval was granted under the latest RBI Master Directions for 2025-2026.
With these approvals, ISG joins a select group of non-bank ecosystem players capable of supporting payments to merchants across domestic and international channels through a unified and fully compliant framework, the company said in a statement.
Together, the three licenses enable ISG to offer enterprises, banks, marketplaces and digital platforms a single payment aggregation stack capable of managing online transactions, in-person payments and cross-border import-export flows within a unified onboarding and settlement environment.
Adelia Castelino, Co-Founder and Managing Director of ISG, said: “As digital and cross-border commerce accelerates in India, merchants and financial institutions need partners that are fully regulatory compliant and fit for the future. ISG is proud to deliver just that.” With the online (PA-O) and offline (PA-P) approvals, ISG will expand its omnichannel merchant underwriting capabilities through a unified onboarding and settlement framework across digital and physical environments, the company said.
This includes the deployment of Soft POS and proximity-based payment solutions to accelerate in-person adoption, deeper integrations for marketplaces and platforms covering tokenization, payouts, refunds, chargebacks and reconciliation, as well as bank and fintech-led acquisition programs built on ISG’s global switching and payments infrastructure, the report said.
Furthermore, the PA-CB (cross-border) authorization, together with ISG’s IFSCA license and international regulatory capabilities, positions the company to support compliant cross-border payment flows across multiple jurisdictions.
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