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News on Medial
Juspay gets in-principle RBI nod to become a payment aggregator
Economic Times
·
1y ago
Medial
Juspay, backed by Softbank, has received approval from the Reserve Bank of India to become a payment aggregator, joining the likes of Razorpay and PayU. Currently operating as a payments service provider for ecommerce companies, Juspay aims to offer a full-stack payment gateway for card payments, UPI transactions, and wallet payments. They plan to focus on new areas and create products for business payments and open credit enablement networks. Additionally, Juspay is looking to expand into the North American markets with their open-sourced payments platform, Hyperswitch.io.
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Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator
Money Control
·
1y ago
Medial
Fintech company Mobikwik's payment gateway arm, Zaakpay, has received in-principle approval from RBI to operate as a payment aggregator. This will enable Zaakpay to onboard new merchants. Mobikwik had applied for the license two years ago, and after initially being rejected in 2021, they reapplied in October 2022. Other top payment gateway firms in India, including Razorpay, Paytm, PayU, and Cashfree, are still awaiting final approval from RBI to onboard new merchants.
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RBI grants payment aggregator licence to Mswipe Technologies
Economic Times
·
1y ago
Medial
Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.
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Stripe gets final RBI nod for payment aggregator business
Inc42
·
1y ago
Medial
Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.
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Juspay, Zoho, Decentro secure RBI nod for payment aggregator business
Economic Times
·
1y ago
Medial
Fintech startups Juspay and Decentro have received licenses to operate as payment aggregators from the Reserve Bank of India (RBI). Joining the likes of Razorpay, Cashfree, and Zomato, Juspay and Decentro will now be able to offer financial services such as lending and KYC verification. This comes amidst the RBI's tightening control over the fintech industry, with more players expected to receive licenses in the coming months. Zoho, a Software as a Service (SaaS) startup, also obtained the payment aggregator license, becoming the first enterprise SaaS player to do so.
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Cashfree Gets RBI’s Prepaid Payment Instrument Licence
Inc42
·
8m ago
Medial
Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.
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Aurionpro Payment Solutions Gets Final RBI Nod To Operate As Online Payment Aggregator
Inc42
·
1y ago
Medial
Aurionpro Payment Solutions has obtained final approval from the Reserve Bank of India to function as an online payment aggregator under its brand AuroPay. AuroPay will provide comprehensive payment processing services for e-commerce businesses and merchants, streamlining the payment cycle and offering digital workflow automation solutions. This approval by the RBI follows a trend of granting payment aggregator licenses to various companies in recent years.
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Infibeam Avenues Gets RBI Authorisation For Payment Aggregator Licence
Inc42
·
1y ago
Medial
Infibeam Avenues, an AI-powered fintech company, has received authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company has secured an in-principle approval from the RBI earlier but recently obtained the final license. This is considered a significant boost for Infibeam's payment business, allowing for seamless and secure digital payment growth. Infibeam claims to have more than 10 million merchants on its platform and processed transactions worth $54 billion in FY23. Additionally, the company recently acquired a 20% stake in US-based AI company XDuce for $10 million.
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PayU gets final nod from RBI to process online business payments
Economic Times
·
2m ago
Medial
PayU, a merchant payment company, received final approval from the Reserve Bank of India to operate as an online payment aggregator. This approval follows an earlier in-principle nod. PayU joins firms like Razorpay and Cashfree in obtaining this license. Previously, PayU faced hurdles, including a paused merchant onboarding and a returned application. After reorganizing and selling its Global Payments Unit, PayU reported increased revenues and resumed merchant onboarding, with India a significant contributor to its earnings.
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Paysharp Gets Payment Aggregator Nod From RBI
Inc42
·
10m ago
Medial
Paysharp, a Chennai-based fintech startup, has received final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator. Founded in 2019, the company has raised INR 23 Cr in funding and is currently valued at INR 200 Cr. Paysharp's business model revolves around providing flat pricing for merchants, with a specific focus on non-card-based payment solutions such as UPI and virtual accounts.
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BharatPe Group company gets RBI nod for payment aggregator licence
YourStory
·
3m ago
Medial
BharatPe Group company Resilient Payments Pvt Ltd received RBI authorisation to operate as an online payment aggregator. The company focuses on expanding in Tier II and III cities where digital payment use is rapidly growing. BharatPe processes Rs 1.7 lakh crore in payments annually and handles Rs 29,000 crore in transactions via its point-of-sale business. The RBI approval uniquely positions BharatPe with multiple financial licences. Plans include launching BharatPe X and expanding investment products.
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