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Juspay, Zoho, Decentro secure RBI nod for payment aggregator business

Economic Times

Economic Times · 1y ago

Juspay, Zoho, Decentro secure RBI nod for payment aggregator business

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.

Related News

RBI grants payment aggregator licence to Mswipe Technologies

Economic Times

Economic Times · 1y ago

RBI grants payment aggregator licence to Mswipe Technologies

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.

Juspay gets in-principle RBI nod to become a payment aggregator

Economic Times

Economic Times · 1y ago

Juspay gets in-principle RBI nod to become a payment aggregator

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.

Stripe gets final RBI nod for payment aggregator business

Inc42 · 1y ago

Stripe gets final RBI nod for payment aggregator business

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.

Zoho Rolls Out Zoho Payments To Streamline B2B Transactions

Inc42 · 10m ago

Zoho Rolls Out Zoho Payments To Streamline B2B Transactions

Zoho Payments, a new offering from the company, enables businesses to accept payments through different methods like UPI, net banking, and cards. The B2B payments capabilities of Zoho Payments are powered by NPCI's Bharat Bill Payment System (BBPS). Zoho obtained a payment aggregator license from the RBI earlier this year.

Paytm Shares Jump 5% On Zomato Deal, FDI Nod For Investment In Paytm Payments Services

Inc42 · 10m ago

Paytm Shares Jump 5% On Zomato Deal, FDI Nod For Investment In Paytm Payments Services

Paytm's shares rose over 5% after selling its ticketing business to Zomato and receiving approval to invest in Paytm Payment Services. The company will now reapply for a payment aggregator license from the RBI.

Paysharp Gets Payment Aggregator Nod From RBI

Inc42 · 10m ago

Paysharp Gets Payment Aggregator Nod From RBI

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.

After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round

Entrackr

Entrackr · 1y ago

After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round

Mswipe Technologies has closed a $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI). It’s worth noting that the funding has come after a gap of almost five years for the Mumbai-based company. To date, the startup has raised over $125 million from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Fresh capital will help Mswipe expand its merchant payment network, and further strengthen product development and technological infrastructure, the company said in a press release. Mswipe provides a host of offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally. As mentioned above, Mswipe was recently granted the PA licence, which now enables the firm to provide full-stack payment technology providing omni-channel solutions. The PA license solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories, Mswipe had said in a statement. Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform. As per startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22. The company claims that it has been profitable at an EBITDA level for the last five quarters.

Aurionpro Payment Solutions Gets Final RBI Nod To Operate As Online Payment Aggregator

Inc42 · 1y ago

Aurionpro Payment Solutions Gets Final RBI Nod To Operate As Online Payment Aggregator

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.

BharatPe Group company gets RBI nod for payment aggregator licence

YourStory

YourStory · 3m ago

BharatPe Group company gets RBI nod for payment aggregator licence

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.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 8m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

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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