“Securing the Payment Aggregator (PA) license from the RBI is a pivotal moment for Cashfree Payments, affirming our focus on compliance and highlighting the significance of a well-regulated payments landscape,” a Cashfree spokesperson mentioned. “We are now onboarding new merchants on our payment gateway.”
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“Razorpay has received the final authorisation from the RBI to operate as a Payment Aggregator under the Payment Settlements Act, 2007. Having received the new PA license, we now restart onboarding new customers and are committed to serving them with our industry-first payment solutions,” mentioned a Razorpay spokesperson.
With the ultimate licence in hand, service provider onboarding opens up for each startups. These corporations had been unable to enroll new prospects for over a 12 months because the RBI had positioned an embargo on them.
The growth comes as a serious respite for fee corporations who had been dealing with intense competitors within the on-line service provider funds house from the likes of PhonePe, Juspay and others, who had been allowed new service provider onboarding.
Also learn | PhonePe targets extra service provider income from fee gateway business
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ET wrote on December 4 about how these fee corporations had been constructing alternate business fashions to make sure that their toplines weren’t impacted by the embargo.However, the RBI was conducting multi-level checks to make sure that it selects the fitting corporations for closing approval to function as a fee aggregator.
Source: economictimes.indiatimes.com