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The RBI finally approves Razorpay and Cashfree to function as payment aggregators.

MAFXLast Seen: Dec 31, 2023 @ 9:30am 9DecUTC
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19th December 2023 | 6 Views
Milyin » 497498 » The RBI finally approves Razorpay and Cashfree to function as payment aggregators.

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On December 16, 2022, Moneycontrol was the first to report that Razorpay and other players had stopped onboarding new online payment merchants following the RBI’s advisory. Payment processing giants Cashfree and Razorpay have been granted final permission by the RBI to function as Payment Aggregators (PA).

“The Reserve Bank of India (RBI) has granted us final permission to function as a payment aggregator. On December 19, Cashfree posted on LinkedIn, saying, “We are excited to announce that we are now onboarding businesses on Cashfree Payment Gateway.”

On December 16, 2022, Moneycontrol was the first to report that Razorpay and other players have stopped onboarding new online payment businesses following an RBI warning.

“We are currently accepting new business onboarding.”

The RBI has also given Neobanking Fintech Open final permission to operate as a payment aggregator. “This accreditation not only certifies our adherence to regulatory standards but also marks a major advancement in strengthening our support for small and medium-sized enterprises…Cofounder and CEO of OPEN, Anish Achuthan, expressed gratitude to the RBI for recognising and evaluating their work in a media statement.

The action is a result of the RBI’s one-year suspension on Razorpay, Cashfree, and Stripe’s onboarding of new merchants pending the issuance of their PA licences.

PAs are organisations that help e-commerce sites and retailers accept different payment methods from clients in order to fulfil their payment responsibilities without requiring the retailers to set up their own systems. PAs receive the money.

MAFXLast Seen: Dec 31, 2023 @ 9:30am 9DecUTC

MAFX

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