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PayG secures RBI Payment Aggregator license
Entrackr
·
2m ago
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 PayG’s mission to create a secure, inclusive, and innovation-led payment infrastructure for India’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 that’s inclusive, scalable, and relentlessly focused on empowering India’s economic backbone—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 businesses—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 banks’ credit cards, debit cards, net banking, and wallets to accept payment easily.
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Mswipe Secures RBI Nod For Payment Aggregator Biz
Inc42
·
1y ago
Medial
Fintech company Mswipe Technologies has narrowed its net loss by 45% in the financial year 2022-23, as it received approval for a payment aggregator license from the Reserve Bank of India. With the license, Mswipe will offer payment technology solutions to businesses for accepting payments through multiple channels. The company aims to enhance its suite of offerings and deliver secure and user-friendly payment technology. Mswipe's revenue from operations also increased by 14%. Other fintechs, including PhonePe and Pine Labs, are still awaiting final approval for the payment aggregator license.
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Cashfree Gets RBI’s Prepaid Payment Instrument Licence
Inc42
·
9m 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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Paytm Shares Jump 5% On Zomato Deal, FDI Nod For Investment In Paytm Payments Services
Inc42
·
11m ago
Medial
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.
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Instamojo pulls the plug on payment biz
Entrackr
·
1y ago
Medial
Instamojo, an Indian payment aggregator, has discontinued its payments business after its license application was rejected by the Reserve Bank of India (RBI). The RBI cited Instamojo's failure to meet eligibility criteria for the rejection. The company has now partnered with licensed payment aggregators for its aggregator and payouts function. It plans to reapply for the license in the next financial year. Despite the shutdown of its payments business, Instamojo aims to remain profitable in FY24 through its transition to a full-stack commerce enabling platform for D2C businesses.
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Amazon Pay, Adyen, BillDesk secure cross-border payment licence from RBI
Economic Times
·
1y ago
Medial
Three payment companies in India, BillDesk, Amazon Pay, and Adyen, have received the cross-border payment aggregator license from the Reserve Bank of India (RBI). They join Cashfree in the list of license holders, allowing them to offer payment services in the export-import space. With India being a significant market for remittances and global freelancers, the cross-border payment aggregators have the opportunity to tap into this market. All five companies also hold payment aggregator licenses, enabling them to offer merchant payment services domestically. BillDesk, Amazon Pay, and Adyen have established themselves as leading players in their respective areas.
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IRCTC looks to expand fintech footprint with new payment aggregator subsidiary
Entrackr
·
1y ago
Medial
The Indian Railway Catering and Tourism Corporation (IRCTC) has incorporated a new subsidiary which focuses on payment aggregator business, according to the company’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. “On 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,” 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. “PAs 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,” 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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PayGlocal gets RBI nod to operate as online merchant payments company
Economic Times
·
11m ago
Medial
Tiger Global-backed payments startup PayGlocal has received an online payment aggregator license from the Reserve Bank of India (RBI). This license will enable PayGlocal to offer payment services to e-commerce merchants. PayGlocal has also applied for a cross-border payments license, which is currently being processed. The company has raised $17 million in funding from investors including Tiger Global Management. The RBI has already licensed 37 entities in the online merchant payments sector and has granted operating licenses to four fintech companies in the cross-border payments space.
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Zomato To Surrender RBI Licence To Operate As An Online Payment Aggregator
Inc42
·
1y ago
Medial
Zomato's subsidiary, Zomato Payment Private Limited (ZPPL), has decided to surrender its certificate of authorization obtained from the Reserve Bank of India (RBI) to operate as an online payment aggregator. ZPPL had received the license in January 2024 but has now decided to surrender it voluntarily. However, other operations of ZPPL will continue. This announcement comes after Zomato had incorporated ZPPL as its wholly owned subsidiary in 2021 to handle payment aggregator and prepaid payment instrument activities.
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Amazon Pay secures payment aggregator licence from RBI
Economic Times
·
1y ago
Medial
Amazon Pay has received a payment aggregator (PA) license from the Reserve Bank of India, allowing it to offer online merchant payment services. This license will enable Amazon to strengthen its merchant payments business and provide secure and convenient payment experiences to its customers. Amazon Pay operates a consumer-focused mobile wallet and has issued 6.6 crore wallets as of January 2024. With this license, Amazon can process e-commerce payments and expand its services to direct-to-consumer sellers. In FY23, Amazon Pay reported operational revenue of Rs 2,093 crore and a net loss of Rs 1,499 crore.
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Zoho Rolls Out Zoho Payments To Streamline B2B Transactions
Inc42
·
11m ago
Medial
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.
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