BENGALURU: Razorpay, Cashfree and Open have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators.
Razorpay spokesperson said, "We have great news to share with you! We are now open to onboard new businesses on our Payment Gateway platform! Razorpay has received the final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) 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. We welcome this new development and are delighted to be one of the first Payment Gateways to have received the final PA license from RBI," the spokesperson added.
TNIE reported that in December 2022 Razorpay temporarily stopped onboarding new online merchants following an advisory that it received from the RBI.
It took almost one year for the firm to resume its operations. Razorpay had received the in-principle approval for the PA license in July.
Cashfree Payments spokesperson said, "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."
"We are now onboarding new merchants on our payment gateway. We are very excited about this new phase of our journey, where we continue to drive exponential growth and retain our market leadership as the preferred aggregator in the payments space," the spokesperson added.