Cross-border digital payment firms are increasingly turning to Gift City, located on the outskirts of Ahmedabad, India, as a strategic growth hub. Companies such as Razorpay, Cashfree, and fintech startup Belong are evaluating the payment service provider (PSP) licenses issued by the International Financial Services Centres Authority (IFSCA). This move aims to target international travelers and businesses, expanding their scope beyond domestic payments. The PSP framework at Gift City enables firms to offer multi-currency wallets, allowing exporters to accept payments in foreign currencies without converting them into Indian rupees. As of December 2025, three entities, including Belong, have already secured PSP licenses. This initiative complements the Reserve Bank of India’s payment aggregator cross-border license, enhancing the ability of payment firms to engage in international transactions. Belong, focusing on non-resident Indians, aims to streamline fund flows into Indian financial markets, targeting the 35 million NRIs who contribute approximately $45 billion annually. With features like digital onboarding and tax-exempt investment options, Gift City presents a more efficient route for NRIs to invest in India’s growth.