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Wise gets in-principle approval to operate as cross-border payment aggregator

EntrackrEntrackr · 1m ago
Wise gets in-principle approval to operate as cross-border payment aggregator
Medial

Snippet: Wise gets in-principle approval to operate as cross-border payment aggregator Wise, a technology company building the way to move and manage money around the world, has secured in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator – cross border for exports. According to Wise, this approval builds on its accelerating momentum in India, where the company powers 10% of all money sent from abroad to India, while also enabling customers to send low-cost and fast transfers from the country. With the new licence, Wise will be able to support higher transaction limits of up to 25 lakh for freelancers and businesses receiving cross-border payments through its international account details feature. Launched in 2011, Wise is a global technology company, building the way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries, and spend money abroad.

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Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr · 2m ago
Ahead of IPO, PayU receives final Payment Aggregator license
Medial

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Money ControlMoney Control · 1y ago
Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha
Medial

Cashfree, an Indian payment processing company, recently received the final authorization from the Reserve Bank of India to operate as a Payment Aggregator. The CEO of Cashfree, Akash Sinha, expressed excitement about the approval, stating that they have a significant number of merchants ready to go live on the platform. Sinha believes that this approval will help the company regain profitability, as they reported a loss in the previous fiscal year. Cashfree aims to focus on scaling their payment gateway business and expects to triple their transaction volumes in the next year. Additionally, they plan to expand their offerings in cross-border payments and forex.

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