BENGALURU: Payment solutions provider Hitachi Payment Services and BharatPe Group on Tuesday announced that they have received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).
BharatPe said the in-principle approval has been awarded to Resilient Payments Private Limited, a 100% owned subsidiary of Resilient Innovations Private Limited (BharatPe). Nalin Negi, CFO and interim CEO, BharatPe, said that the company has already built a network of 1 crore merchants across 400 cities. “This in-principle approval will help catapult our expansion plans and enable us to reach out to millions of more unbanked and underserved merchants,” he added.
BharatPe said that the final authorisation is subject to fulfilment of certain conditions, and that they will now commence work on fulfilling the said conditions within the prescribed timeline and launch the online PA business upon the receipt of the final authorisation.