RBI Grants Final Approval To Razorpay, Cashfree As Payment Aggregators

RBI Grants Final Approval To Razorpay, Cashfree As Payment Aggregators

Razorpay, Cashfree, and Open have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. This comes after Razorpay temporarily halted onboarding new online merchants in December 2022, following an advisory from the RBI.

A spokesperson for Razorpay expressed excitement about the recent authorization, stating, “We are now open to onboard new businesses on our Payment Gateway platform!” The company, having received the final authorization under the Payment Settlements Act, 2007, is eager to resume onboarding new customers and provide industry-first payment solutions. Razorpay takes pride in being among the first payment gateways to receive the final payment aggregator (PA) license from the RBI.

Cashfree Payments, another beneficiary of the RBI’s approval, sees this as a pivotal moment. A spokesperson stated, “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.” The company is now actively onboarding new merchants on its payment gateway, marking the beginning of a new phase focused on exponential growth and retaining market leadership.

The resumption of operations took nearly a year for Razorpay, which had initially received in-principle approval for the PA license in July.

UPI payments giant Google Pay, Mumbai-based expense management platform Enkash, payment gateway company Paymentz and Bengaluru-based neo banking startup Open Financial have also received the regulatory nod.