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