Cashfree To Onboard 20,000 Merchants Following RBI's Approval For Payment Aggregator License

On Tuesday, December 19, the Reserve Bank of India (RBI) granted Payment Aggregator (PA) licenses to various entities, including Razorpay, Cashfree Payments, Open Money, and EnKash. This development comes a year after RBI temporarily halted companies like Razorpay, Cashfree from onboarding new merchants until they obtained the final approval for the PA license.

Payment Aggregators (PAs) are entities that facilitate e-commerce sites and merchants in accepting various instruments from customers to fulfil their payment obligations without the necessity for merchants to establish their systems. PAs receive payments from customers, consolidate them, and transfer the funds to the merchants.