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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.

Related News

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.

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.

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

Money Control

Money Control · 1y ago

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

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.

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.

Catamaran-backed Innoviti gets payment aggregator licence

VCCircle

VCCircle · 1y ago

Catamaran-backed Innoviti gets payment aggregator licence

Indian retail SaaS platform Innoviti has been granted a payment aggregator licence by the Reserve Bank of India (RBI). The company, which services enterprise brands and their SME channel partners, received final approval on 22 March to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti has already started onboarding merchants and claims to have experienced 4x growth in its online business over the past year. The company provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers.

Infibeam Avenues Gets RBI Authorisation For Payment Aggregator Licence

Inc42 · 1y ago

Infibeam Avenues Gets RBI Authorisation For Payment Aggregator Licence

Infibeam Avenues, an AI-powered fintech company, has received authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company has secured an in-principle approval from the RBI earlier but recently obtained the final license. This is considered a significant boost for Infibeam's payment business, allowing for seamless and secure digital payment growth. Infibeam claims to have more than 10 million merchants on its platform and processed transactions worth $54 billion in FY23. Additionally, the company recently acquired a 20% stake in US-based AI company XDuce for $10 million.

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.

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.

Paytm gets govt nod for downstream investment into payment services arm

Economic Times

Economic Times · 10m ago

Paytm gets govt nod for downstream investment into payment services arm

Paytm has received approval from the finance ministry to invest in its payment services business. As a result, the payment services business will resubmit an application for its payment aggregator license. The approval was granted by the Government of India, Ministry of Finance, Department of Financial Services.

Nium gets RBI nod for prepaid payment instrument & payment aggregator licences

Inc42 · 1y ago

Nium gets RBI nod for prepaid payment instrument & payment aggregator licences

Singapore-based fintech company Nium has received preliminary approval from the Reserve Bank of India (RBI) for the prepaid payment instrument (PPI) and payment aggregator (PA) licences. This allows Nium to offer a range of financial products in India, including prepaid cards and merchant payment acquiring services. With a presence in over 190 countries and supporting payments in more than 100 currencies, Nium aims to expand its footprint in India and provide advanced payment solutions to businesses, fostering financial inclusion.

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