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PayG secures RBI Payment Aggregator license

EntrackrEntrackr ยท 1m ago
PayG secures RBI Payment Aggregator license
Medial

PayG secures RBI Payment Aggregator license Payment gateway PayG has been granted the Payment Aggregator License by the Reserve Bank of India (RBI). This represents a major step forward in PayGโ€™s mission to create a secure, inclusive, and innovation-led payment infrastructure for Indiaโ€™s digital economy. With the license in hand, the startup is now fully authorized to continue delivering seamless and compliant digital payment solutions to its expanding network of merchants and consumers, PayG said in a press release. According to PayG, this license solidifies its aim to build a future-ready payment ecosystem thatโ€™s inclusive, scalable, and relentlessly focused on empowering Indiaโ€™s economic backboneโ€”its micro, small, and medium enterprises (MSMEs). PayG is laser-focused on transforming the digital journey for MSMEs and retailers. By offering user-friendly, secure, and affordable payment solutions, the platform is helping small businessesโ€”from street vendors to local retailers. The Hyderabad-based startup is also actively advancing its partnership with ONDC (Open Network for Digital Commerce). PayG plans to invest in product upgrades, advanced security frameworks, and feature-rich tools designed specifically for MSMEs and retailers. Its upcoming products include advanced analytics to help merchants make smarter decisions, seamless credit facilitation services, integration with popular business platforms for end-to-end solutions, and an easy-to-use payment experience tailored to small businesses. Founded in 2020, PayG is a payment gateway that claims to have partnered with over 1,000 SMB merchants and more than 50 enterprise clients. It features over 120 payment options which include various banksโ€™ credit cards, debit cards, net banking, and wallets to accept payment easily.

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IRCTC looks to expand fintech footprint with new payment aggregator subsidiary

EntrackrEntrackr ยท 1y ago
IRCTC looks to expand fintech footprint with new payment aggregator subsidiary
Medial

The Indian Railway Catering and Tourism Corporation (IRCTC) has incorporated a new subsidiary which focuses on payment aggregator business, according to the companyโ€™s disclosure with the stock exchange. The disclosure comes months after the company initiated the process to acquire a payment aggregator license with the Reserve Bank of India (RBI). IRCTC had then also launched an in-house payment gateway, called iPay. The gateway brings an additional layer to the payment process allowing users to book tickets through autopay, debit card, credit card, and net banking, among others. โ€œOn the iPay platform, [the] number of payment transactions handled during this quarter is 1.54 crores. It has increased by 12.94% over the previous quarter and by 36% increase over the previous year. Payment aggregator license is in the process of getting this license from RBI, and as recommended by RBI, we are in the process of forming a subsidiary for this iPay license,โ€ IRCTC managing director and chairman Seema Kumar had said in August 2023 during an earnings call. The payment aggregator business is likely to allow the railway ticketing platform to further expand its fintech capabilities with deeper synergy with partner merchants, and most likely diversify services and products on its platform. In case you did not know, the RBI had introduced a new licensing regime for payment gateways in 2020. The move was aimed at better compliance and regulations in the fintech industry. โ€œPAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. PAs facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them on to the merchants after a time period,โ€ the RBI explained in its original notification. Since then, quite a few companies have received the PA license. This includes fintech firms like Razorpay, Cashfree, and Decentro.

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