Bengaluru, December 19, 2024: Skydo, a leading cross-border payments platform, has received Payment Service Provider (PSP) approval from Amazon, making it one of the first homegrown platforms to offer seamless international payment solutions for Indian exporters selling on Amazon’s global marketplaces.
This approval enables Amazon sellers in India to securely and cost-effectively receive their international payouts through Skydo. Partnered with HDFC Bank and fully compliant with RBI regulations, Skydo has already facilitated seamless international payments for over 10,000 Indian exporters.
With Amazon’s recent announcement to enable over USD 80 billion in cumulative e-commerce exports from India by 2030—quadrupling its earlier target of USD 20 billion by 2025—Skydo’s services are well-aligned with the growing demand for ‘Made in India’ products. The platform is integral in processing international payments for India’s expanding export sector.
To celebrate the launch, Skydo is offering Amazon global sellers a special promotion: zero forex markup and a flat USD 1 transaction fee for the first three months. Key features of Skydo’s offerings include transparent pricing with zero markup over live mid-market forex rates, instant digital onboarding and KYC, dedicated customer support, fast settlements, and simplified regulatory compliance with instant FIRA (Foreign Inward Remittance Advice).
“We believe that international payments on global platforms like Amazon should be as transparent and easy as local payments,” said Srivatsan Sridhar, CEO of Skydo. “Our mission is to empower Indian exporters by eliminating inefficiencies and providing a convenient, cost-effective solution for cross-border transactions. With Skydo’s advanced risk, compliance, and fraud prevention infrastructure, sellers can confidently expand their reach in the global marketplace.”
Skydo is addressing key challenges related to cross-border payments and export compliance by building a comprehensive ecosystem tailored specifically for Amazon sellers. This enables Indian MSMEs and D2C startups to focus on growth and expand their global reach.
As India aims to achieve USD 1 trillion in merchandise exports by 2030, initiatives like Amazon’s Global Selling program have significantly expanded access to international markets for Indian businesses, particularly MSMEs and entrepreneurs from export hubs across states like Delhi NCR, Maharashtra, Gujarat, Rajasthan, Karnataka, Uttar Pradesh, and Tamil Nadu. Since its inception in 2015, the program has empowered over 150,000 Indian exporters to sell more than 400 million ‘Made in India’ products globally, reaching key markets including the US, UK, UAE, Canada, Germany, and Australia. Sellers from more than 200 cities across 28 states and 7 union territories are tapping into global e-commerce, reflecting the growing adoption of cross-border sales in India.
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