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News on Medial
Razorpay, Cashfree secure RBI approval for payment aggregator business
Economic Times
·
1y ago
Medial
Digital payment startups Razorpay and Cashfree have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. This approval allows the companies to onboard new merchants on their payment gateways. The approval comes as a relief for the companies, which were unable to sign up new customers for over a year due to an embargo imposed by the RBI. The RBI conducted thorough checks before granting the final authorization.
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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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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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Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur
Money Control
·
1y ago
Medial
Harshil Mathur, CEO of Razorpay, expressed his elation upon receiving approval from the Reserve Bank of India (RBI) to become a payment aggregator (PA). After waiting for over a year, Razorpay, along with other fintech companies like Cashfree, EnKash, Open, and Payments, can now onboard new merchants to their platforms. Mathur mentioned that thousands of merchants have been waiting and he is confident that Razorpay will be able to attract and onboard many new businesses. He also highlighted how the company focused on other business lines and initiatives to compensate during the waiting period.
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Fintech startup EnKash gets RBI’s final approval for payment aggregator licence
Inc42
·
1y ago
Medial
Fintech startup EnKash has received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name 'Olympus'. With this license, EnKash aims to drive innovation in B2B payments. EnKash operates a spend management platform and has issued over 800,000 corporate cards. The startup has raised $23 million in funding to date and counts Mayfield India, Baring India, and Axilor Ventures among its backers. The RBI has granted payment aggregator licenses to other startups like Razorpay, Cashfree Payments, and Open.
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FY24: Cashfree Payments grows marginally in year of RBI ban
The Arc Web
·
8m ago
Medial
Indian payment aggregator Cashfree reported operating revenue of ₹642.7 crore in fiscal year 2024, a growth of only 4.7% from the previous year. Its primary business is payment gateways, competing with companies like Razorpay and Paytm. More than 75% of its revenue comes from payment gateways and payouts, while its products contribute 15%. The company was impacted by the RBI ban on payment aggregators in 2022-2023, but saw a 50% increase in merchant onboarding in 2024. Cashfree has a base of 600,000 businesses and processes $80 billion in annual payment volume.
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Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur
Inc42
·
9m ago
Medial
Fintech companies such as Razorpay, Cashfree, EnKash, Open, and Payments have finally received approval from the Reserve Bank of India (RBI) to become payment aggregators (PAs) after waiting for over a year. This approval allows them to accept various payment instruments for e-commerce websites and merchants. Harshil Mathur, CEO of Razorpay, expressed his excitement about the approval and discussed the impact on their business, alternative strategies they implemented, and their plans to onboard new merchants. While the delay had some emotional impact, it had minimal financial impact, as the company focused on other business lines such as point of sale devices and international payments.
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Cred receives in-principle approval from the RBI for payment aggregation business
Economic Times
·
1y ago
Medial
Fintech company Cred has received provisional approval from the Reserve Bank of India (RBI) for its payment aggregation (PA) business. Once it obtains the final approval, Cred plans to expand its merchant payments services, similar to companies like Razorpay and Cashfree. The company currently operates a credit card bill payment platform and offers a checkout option through partnerships with other payment companies. With the final PA license, Cred will be able to settle and transfer funds independently. It also has plans to introduce offline payments and QR code-based transactions.
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After Phonepe, Razorpay & Cashfree Exit Juspay Partnership, Opt for Direct Merchant Integration
OutlookIndia
·
6m ago
Medial
PhonePe, Cashfree, and Razorpay are transitioning away from partnerships with third-party payment orchestration platforms like Juspay, focusing on direct integrations with merchants. This shift comes in response to the Reserve Bank of India's approval for Juspay as an online payment aggregator, allowing it to compete in the market. Pine Labs, however, continues to support Juspay alongside other orchestration systems. These companies aim to gain greater control over data, compliance, and offer enhanced payment solutions.
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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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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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