May 29, 2024 22:57 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pune Porsche accident: Hospital dean alleges political interference by legislator | TMC transferring SC, ST, OBC reservations to Muslims: PM Modi in Bengal | Mani Shankar Aiyar's '1962 Chinese invasion' comment sparks row, Congress distances itself after BJP ire | Supreme Court refuses to hear Arvind Kejriwal's bail plea seeking interim bail extension | Amit Shah predicts BJP's Lok Sabha seats in East and South ahead of final phase of voting
RBI allows digital payment firms Razorpay and Cashfree Payments to function as payment aggregators
Image Credit:

RBI allows digital payment firms Razorpay and Cashfree Payments to function as payment aggregators

| @indiablooms | 19 Dec 2023, 11:26 pm

Mumbai: Digital payment firms Razorpay and Cashfree Payments have obtained the final approval from the Reserve Bank of India (RBI) to function as payment aggregators, allowing them to onboard new merchants following a nearly one-year regulatory ban, media reports said.

Both companies announced on Tuesday that they have been granted a Payment Aggregator (PA) license by the regulator.

Last December, the RBI had directed Razorpay and Cashfree to cease onboarding new merchants.

Cashfree Payments reported that the company successfully completed the required audits for obtaining the PA license in the first quarter of the ongoing financial year (Q1FY24).

As of now, other players in the digital payment sector, including PayU, Paytm, JusPay, among others, are still awaiting approval from the regulator to resume onboarding new merchants.

These companies have not yet received the regulatory clearance to proceed with adding new merchants to their platforms.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.