Russian fintech firm A7 launches new cross-border payment options for India
A7 expands cross-border payments to India with USDT invoicing and local currency transfers, highlighting a 60% YTD volume rise.
Russian fintech company A7 announced plans to expand cross-border payment options for businesses trading between India and Russia.
The company has identified India as a priority market, citing growth in payments through its network. According to company data, the volume of payments it processed to India from January to August this year was 60 per cent higher than the whole of last year.
The company presented an invoice service at the Unchained Summit India held recently in Mumbai. The new service lets buyers pay in digital currency while overseas suppliers receive funds by bank transfer.
The A7 International service allows businesses and individuals to pay overseas invoices in USDT, a stablecoin pegged to the US dollar. Suppliers can receive the funds in US dollars, euros, Chinese yuan or UAE dirhams directly into their bank accounts without opening a cryptocurrency wallet, the company said.
A7 is also exploring a separate payment system that would allow individuals in India and Russia to make transfers in national currencies through local partner banks.
According to A7, PSB Bank Chairman Petr Fradkov presented the proposal to Prime Minister Narendra Modi in New Delhi in September.
Indian students and workers in Russia would be the first to test the proposed system, the company said. It would support tuition, accommodation and medical payments, as well as salaries, scholarships and personal transfers.
Source: BusinessLine Money & Banking
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