Industry · international marketplaces
Two sides of the market, two sides of a border
A marketplace that connects buyers and sellers in different countries runs two regulated money flows at once, and in India the marketplace isn't allowed to be the one holding the money. Knowing who does what is the starting point.
Buyers
Buyer in IndiaBuys from a seller abroad
Buyer abroadBuys from a seller in India
Regulated payment aggregator
Outward Collection AccountProceeds for overseas sellers
Inward Collection AccountProceeds for Indian sellers from abroad
Marketplace: listings, orders, commission rules
Sellers
Seller abroadPaid in its currency, less commission
Seller in IndiaPaid in rupees, less commission
The marketplace and the aggregator are different jobs
RBI's Master Direction on payment aggregators is direct: a PA business shall not carry out marketplace business. So a marketplace works with a regulated aggregator (or bank) that collects buyers' payments and settles to sellers, while the marketplace decides what's sold, when an order is complete and what commission applies.
| Area | Marketplace | Regulated aggregator or bank |
|---|---|---|
| Listings, orders, delivery status | Owns | Receives order information |
| Commission and fee rules | Sets | Applies them at settlement, as agreed |
| Collecting buyers' money | Doesn't hold it | Collects into accounts it controls |
| Paying sellers | Instructs, per its rules | Settles to verified seller accounts |
| Cross-border compliance | Provides order and seller information | Handles FEMA-related requirements with its bank |
Domestic marketplace fund flows: marketplace payments guide.
Onboarding sellers from other countries
An overseas seller is a business you and your payment partner have never met, operating under another country's laws. Verification has to establish that the business exists, who owns and runs it, and that the bank account you'll pay belongs to it.
Collect this once, at onboarding, in the form your payment partner needs. Seller payouts wait on it, so a smooth onboarding flow is also a faster first payout.
Business registration. In the seller's country, current.
Owners and signatories. Identity of the people behind the business.
Bank account. In the business's name, verified before the first payout.
What they sell. Products allowed on your marketplace and under the applicable rules.
- KYB guide
Cross-border rules that shape payouts
For e-commerce sales across borders, the regulated entities are cross-border payment aggregators (PA-CB) under the September 2025 Master Direction. Proceeds for overseas sellers go through an Outward Collection Account, and proceeds from buyers abroad for Indian sellers through an Inward Collection Account, each with an authorised dealer bank.
The per-transaction maximum for inward or outward PA-CB transactions is ₹25 lakh, which matters for marketplaces selling high-value goods.
Outward flows
Indian buyers paying overseas sellers.
Inward flows
Buyers abroad paying Indian sellers.
₹25 lakh per transaction
The PA-CB maximum, inward or outward.
FEMA requirements
Handled by the authorised dealer bank maintaining the accounts.
From RBI's Master Direction on Regulation of Payment Aggregator (15 Sep 2025). A summary, not legal advice.
Commissions, currencies and what sellers see
Sellers judge a marketplace by the payout statement. For each order it should show the sale price, the currency and rate applied where currencies change, the marketplace commission, payment charges, any refunds or adjustments, and the net amount paid, with the payout reference. Surprises in that statement generate more support tickets than any other part of a marketplace.
| Item | Shows |
|---|---|
| Order and sale price | In the currency the buyer paid |
| Conversion | Rate and date, where currency changes |
| Commission and charges | Each listed separately |
| Adjustments | Refunds and returns against the order |
| Net paid | Amount, currency and payout reference |
Returns across borders
A return that crosses a border is slow and expensive, and often costs more than the item. Marketplaces usually set a policy by category: some items refunded without return, others returned to a local address, others not returnable. Whatever the policy, the refund goes to the buyer's original method and the seller's payout is adjusted, so hold enough of each seller's proceeds to cover refunds in the return window.
Agree how long seller proceeds are held against returns and disputes, and state it in seller terms before the first sale.
Where Peneu fits
This page doesn't say Peneu is authorised as a payment aggregator or cross-border payment aggregator, or name any marketplace using Peneu. Whether Peneu can help your marketplace, and through which regulated partners, is confirmed during onboarding.
International marketplace questions
Can a payment aggregator also run the marketplace?
No. RBI's Master Direction on payment aggregators (15 Sep 2025) says a PA business shall not carry out marketplace business. The marketplace runs listings, orders and commission rules; a regulated entity collects and settles the money.
How are overseas sellers paid for sales to Indian buyers?
For e-commerce sales, through a cross-border payment aggregator facilitating outward transactions, which collects the proceeds in an Outward Collection Account with an authorised dealer bank and pays the overseas seller. The per-transaction maximum for PA-CB transactions is ₹25 lakh.
How are Indian sellers paid for sales to buyers abroad?
Through a PA-CB facilitating inward transactions, which collects in an Inward Collection Account and settles to the Indian seller, usually in rupees. Non-INR settlement is allowed only for exporters the PA-CB has onboarded directly.
Do overseas sellers need verification?
Yes. Regulated entities must know who they're paying, and marketplaces have their own reasons to check sellers. Expect business registration, identity of owners and bank account verification in the seller's country.
Who handles returns across borders?
Your marketplace policy decides who pays for return shipping and whether a refund needs the item back. The refund itself goes through the payment provider to the buyer's original method, and the seller's payout is adjusted.
Does Peneu work with international marketplaces?
This page doesn't say Peneu is authorised as a cross-border payment aggregator or name any marketplace client. Whether Peneu can help, and through which regulated partners, is confirmed during onboarding.
Official sources
- RBI — Master Direction on Regulation of Payment Aggregator (PA) (15 Sep 2025)PA not to carry out marketplace business; PA-CB inward and outward; InCA and OCA; ₹25 lakh per transaction.
Last reviewed . Examples, amounts and screens marked illustrative are not Peneu figures.