After extensive research for my AI platform aiming at a global market, I discovered that Indian payment services only cater to registered businesses, forcing consideration of cryptocurrencies as the sole alternative.
Having experienced similar challenges with small business transactions in India, I believe the crux of the problem lies in strict regulatory frameworks and compliance demands. Individual accounts are subject to rigorous KYC and AML procedures, which makes it difficult for international payment providers to justify easing restrictions for non-registered entities. In my case, transferring funds internationally required setting up a formal business structure even for modest sums. The emphasis on reducing risk and ensuring traceability drives financial institutions to favor corporate accounts over individuals, thereby limiting available payment options for non-business users.