Global fintech infrastructure provider, Runa, is expanding into India, with ambitions to open access to the country’s $8.9billion gift card market.
Through its new expansion plans, Runa will enable its business customers to send instant, domestic and cross-border payouts to consumer recipients in India, dramatically reducing the traditional barriers of cost and complexity.
Digital payment adoption is experiencing significant growth across India – expanding at a rate of 44 per cent CAGR by transaction volume from 2017 to 2024. Cross-border consumer transactions also grew by 121 per cent in the last nine months of 2024 alone – creating strong demand for alternative consumer payout solutions.
By unlocking access to India, Runa hopes to position itself as a strategic partner for companies wanting to tap into India’s gift card sector for consumer disbursement, rewards, recognition and incentives. With the Indian market growing by 15.3 per cent year over year, Runa enables companies to simplify regulatory compliance, reduce foreign exchange risks, and provide flexible funding options when sending funds to Indian recipients.
“We’re proud to bring Runa to India, where digital payments and gift cards are transforming how people connect and transact,” explained Aron Alexander, CEO of Runa. “India’s fast-growing market is full of opportunity, and we’re here to help businesses effortlessly join one of the world’s most exciting economies and connect with millions of new consumers.”
Helping businesses reach India
Through Runa’s technology, businesses can now deliver instant payouts via an expansive network of global and Indian merchants, including e-commerce giants like Amazon, Flipkart, Shoppers Stop and popular digital wallets like Amazon Pay.
Runa customers will benefit from:
- Flexible funding and foreign exchange options: Mitigation of capital control risks and seamless transactions without the need to hold Indian Rupees.
- Built-in regulatory compliance: Comprehensive handling of Reserve Bank of India (RBI) guidelines, GST regulations, and data protection requirements.
- Extensive merchant network: A single integration granting access to top Indian and global merchants.
The expansion comes at a pivotal time, as the International Trade Administration reports that India is experiencing a digital payments revolution and e-commerce boom, fuelled by rapid smartphone adoption, 650 million users in 2024, and internet connectivity extending to more than 950 million people.
“Runa has done all of the heavy lifting to pave the way for us to launch in India, sourcing popular merchants and alleviating the hassles and compliance challenges,” said Mike Bowles, senior director of operations at Augeo Marketing. “We’re looking forward to launching our programme into the Indian market.”