Mastercard Move taps Glomopay to unclog India's $1.8T cross-border payments lane
Led by Pratik Khowala, Mastercard Move is partnering with IFSCA-regulated Glomopay to smooth inbound and outbound flows for Indian SMEs and students, plugging into a cross-border trade corridor growing 10% annually across 200+ markets.
What happened
Mastercard Move, led by Pratik Khowala, targets India's cross-border payments pain points for SMEs and international education, partnering with IFSCA-regulated
Key facts
- $1.8 trillion cross-border trade
- 10% annual growth
- 200+ markets
Why this matters
Mastercard choosing a partnership over acquisition signals IFSCA-licensed cross-border fintechs are scarce and strategically valuable—scan the Glomopay-adjacent set for bolt-on targets before valuations reprice.
What to watch
- RBI PA-CB license issuances and any LRS cap changes
- UPI cross-border corridor expansions (UAE, Singapore, UK)
- Glomopay TPV or corridor count disclosures
- Visa Direct or Wise India SME announcements
- IFSCA rule changes on outbound remittance from GIFT City
- Mastercard signs parallel India fintech partners (PA-CB licensed) to hedge Glomopay exclusivity risk
- Glomopay raises growth round on the back of Mastercard halo, targeting student-pay and SME-import niches
- Indian banks (HDFC, ICICI, Axis) respond with white-labeled cross-border SME products to defend corridor
- Mastercard markets Move as default rail to GIFT City-domiciled fintechs and exporters