.jpg)
.jpg)
.jpeg)
RBI Grants Payment Aggregator License to Razorpay
Razorpay, India's Preferred Payments and Banking Platform for Businesses today announced that it is one of the first full-stack financial solutions companies that has been given an in-principle approval by the ̉RBI for a Payment Aggregator (PA) License. This reiterates the trust placed by over 8 million businesses in Razorpay to boost and support their business growth and endorse Razorpay...
Razorpay, India's Preferred Payments and Banking Platform for Businesses today announced that it is one of the first full-stack financial solutions companies that has been given an in-principle approval by the ̉RBI for a Payment Aggregator (PA) License. This reiterates the trust placed by over 8 million businesses in Razorpay to boost and support their business growth and endorse Razorpay as India's preferred full-stack financial platform.
In order to ensure safety of merchants and consumers, the RBI issued a payment aggregator framework in March 2020 (notification link here) stating that payment gateways will be mandated to have a license in order to acquire merchants and provide them with digital payments acceptance solutions. Under RBI's strict evaluation process, more than 185 fintech enterprises and startups submitted their proposals for a payment aggregator license. The few firms authorized to operate as payment aggregators in India will come under the direct purview of the RBI. As a company that has always adhered to regulatory governance while innovating toward building the financial backbone for Indian businesses, Razorpay was a leading contender for a payment aggregator license.
