Razorpay says it has got a payment aggregator license from RBI: Fintech major Razorpay on Monday said the Reserve Bank of India (RBI) has approved the company to act as a payments aggregator.
To ensure the safety of merchants and consumers, RBI released a payment aggregator framework in March 2020, stating that payment gateways would be required to be licensed to acquire and provide digital payment acceptance solutions to merchants.
Razorpay says it has got a payment aggregator license from RBI
Under RBI’s evaluation process, over 185 fintech enterprises and startups have submitted their proposals for payment aggregator licenses.
Certain firms authorized to operate as payment aggregators in India will come under the direct purview of RBI.
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Commenting on receiving the payment aggregator license from RBI, Harshil Mathur, CEO & Co-Founder, of Razorpay said, “We are really excited to get our payment aggregator license. At Razorpay we believe that not only are we looking forward to It is our responsibility to innovate by drawing parallels from the past and strengthening the financial ecosystem of tomorrow.
So that millions of small and big businesses can flourish. This event only reinforces our commitment to never stop re-inventing. We want to create innovative products and create experiences that will transform the lives of millions of businesses and consumers.”
He further added, “With the digital payments sector coming under the direct regulation of RBI, we can expect to see not only a huge jump in online payments adoption but also a surge in digital payment innovations in the years to come.
In addition, the Razorpay company also said that the payment aggregator license will now help Razorpay further its vision of making digital payments easily accessible to all Indian businesses.