Eraaya Lifespaces announced on Wednesday, January 21, that its flagship subsidiary EbixCash World Money, through its wholly owned arm Buyforex, has received in-principle approval for Payment Service Provider (PSP) authorisation at GIFT IFSC, making it the first Authorised Dealer Category-II (AD-II) licensed group entity to achieve this milestone.
The approval has been granted by the International Financial Services Centres Authority (IFSCA) and allows Buyforex to operate as a regulated PSP from GIFT City, Gandhinagar, subject to fulfilment of final conditions. Under the in-principle authorisation, Buyforex is permitted to undertake four key payment services: account issuance, e-money issuance, merchant acquisition, and cross-border fund transfers.
According to the company, this development significantly strengthens the EbixCash Group’s regulated payments footprint and aligns with India’s broader ambition of positioning GIFT IFSC as a global hub for cross-border payments and financial services. The authorisation is expected to enable the group to deliver compliant and scalable payment solutions to international merchants, financial institutions, and enterprises, leveraging GIFT IFSC’s globally aligned regulatory framework.
Commenting on the development, T C Guruprasad, CEO and Managing Director – Payments Business at EbixCash, said the approval marks a landmark achievement for the group and underscores its focus on compliance-led growth. He added that the authorisation will help expand cross-border payment capabilities while contributing to the evolution of GIFT IFSC as a world-class financial ecosystem.
With this approval, EbixCash World Money, through Buyforex, is positioned to support global commerce, international remittances, and merchant payment flows through a regulated, future-ready payments infrastructure anchored in India. The company said the move reinforces its commitment to building technology-driven financial platforms that meet international standards while serving global markets from India.
Eraaya Lifespaces, formerly rooted in lifestyle and hospitality businesses, has transitioned into a diversified, technology-led holding company with operations across 13 countries. Through Ebix Inc. and its subsidiaries, the group operates across Technology, Payments, Travel, and Emerging Businesses, serving both enterprise and consumer markets globally.
