As such, the current Paytm Wallet cannot be used for overseas payments,” it said. “Any cross border payments services by the payments bank will be offered subject to FEMA authorisations and RBI approvals. Paytm said on Friday that its wallet cannot be used for overseas payment under the current regulations. “The RBI gives specific permission for pre-loaded forex cards issued by banks for doing overseas payments. Further, it said the proposed tie up with Alipay does not envisage use of the current Paytm Semi closed wallet for cross border transactions.

Source: The Hindu June 10, 2016 10:41 UTC