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News on Medial
Zomato receives RBI nod to operate as an online payment aggregator
Inc42
·
1y ago
Medial
Zomato has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The subsidiary named Zomato Payments Private Limited (ZPPL) has been granted the certificate of authorization by the RBI. This move will allow Zomato to expand its services and offerings, including its in-house Unified Payments Interface (UPI) service that was launched in early 2023. Zomato has been focusing on increasing revenue through measures like platform fees and expanding its quick commerce vertical, Blinkit. The company achieved profitability in the previous financial year and has seen a surge in its share price.
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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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MobiKwik’s Zaakpay receives RBI nod to operate as online payment aggregator
Entrackr
·
3m ago
Medial
MobiKwik’s Zaakpay receives RBI nod to operate as online payment aggregator. Fintech company MobiKwik announced today that its subsidiary, Zaakpay, has received a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This regulatory approval allows Zaakpay to expand its role in India’s rapidly growing digital payments ecosystem. As an RBI-authorised payment aggregator, Zaakpay will now be able to onboard merchants and facilitate online payment transactions in compliance with the central bank’s guidelines. In a regulatory filing, the company emphasized that this milestone enhances Zaakpay’s capacity to scale its operations and deepen its presence in the digital payments market. Recently, the Gurugram-based company forayed into the securities broking space with the launch of its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL). As of Q3 FY25, MobiKwik’s registered user base had grown to 172 million, along with a merchant network of 5 million. In the third quarter of the previous fiscal year, it reported revenue of Rs 269 crore and a loss of Rs 55.2 crore.
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Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Entrackr
·
1y ago
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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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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Ahead of IPO, PayU receives final Payment Aggregator license
Entrackr
·
2m ago
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.
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BharatPe Group company gets RBI nod for payment aggregator licence
YourStory
·
4m ago
Medial
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.
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Aurionpro Payment Solutions Gets Final RBI Nod To Operate As Online Payment Aggregator
Inc42
·
1y ago
Medial
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.
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Juspay, Zoho, Decentro secure RBI nod for payment aggregator business
Economic Times
·
1y ago
Medial
Fintech startups Juspay and Decentro have received licenses to operate as payment aggregators from the Reserve Bank of India (RBI). Joining the likes of Razorpay, Cashfree, and Zomato, Juspay and Decentro will now be able to offer financial services such as lending and KYC verification. This comes amidst the RBI's tightening control over the fintech industry, with more players expected to receive licenses in the coming months. Zoho, a Software as a Service (SaaS) startup, also obtained the payment aggregator license, becoming the first enterprise SaaS player to do so.
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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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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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