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Razorpay POS gets RBI approval for offline payment aggregator licence

EntrackrEntrackr · 8d ago
Razorpay POS gets RBI approval for offline payment aggregator licence
Medial

Razorpay POS gets RBI approval for offline payment aggregator licence Razorpay POS, the offline payments arm of Razorpay, has received the Payment Aggregator Physical (PA-P) licence from the Reserve Bank of India (RBI). With this approval, Razorpay now holds all three key RBI payment licences: online payment aggregator, offline (physical) payment aggregator, and cross-border payment aggregator, placing it among a small group of fintech companies authorised to operate end-to-end across India’s payments ecosystem. In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across ecommerce transactions, in-store merchant payments and cross-border payment flows. The PA-P licence allows Razorpay POS to onboard merchants and process in-store digital payments at scale, covering large retailers, enterprises, and small and medium businesses. The company already operates across India’s offline commerce ecosystem through devices such as mPOS terminals, smart POS machines, soundboxes, and pin-on-mobile solutions. Razorpay entered the offline payments segment in 2022 through the acquisition of Ezetap, which was later rebranded as Razorpay POS. Since then, the company has expanded its physical payments footprint alongside its core online payments business. With the offline licence in place, Razorpay can now offer a fully compliant payment infrastructure across digital, in-store, and cross-border transactions.

Mswipe gets RBI payment aggregator licence for online and offline transactions

EntrackrEntrackr · 1m ago
Mswipe gets RBI payment aggregator licence for online and offline transactions
Medial

Mswipe gets RBI payment aggregator licence for online and offline transactions Mumbai-based digital payments firm Mswipe Technologies has received the Reserve Bank of India’s final Payment Aggregator (PA) licence, allowing it to operate across both online and physical payment channels. With this approval, Mswipe can onboard merchants and aggregate payments across in-store, online, and hybrid setups under a single regulatory framework. The licence also enables the company to facilitate inward and outward cross-border payment flows, expanding its scope beyond domestic acceptance. The firm currently offers MPOS and smart PoS terminals, QR soundboxes, payment gateways, and embedded digital payment services to merchants across categories. In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across ecommerce transactions, in store merchant payments and cross border payment flows. According to the company, the licence will allow it to scale its omni-channel payments offering and roll out additional services for MSMEs and enterprises operating across physical and digital channels. In FY24, Mswipe’s payments business reported adjusted profitability, with revenue crossing Rs 275 crore. Its total payment volume more than doubled year-on-year, driven by increased adoption of its combined offline and online payment solutions. Founded in 2011, Mswipe serves merchants across more than 600 cities in India. The company is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

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