Razorpay, Cashfree receive final RBI nod for payment aggregator biz

Digital payment companies Razorpay and Cashfree Payments have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators, enabling the fintechs to onboard new merchants after a nearly one-year-old regulatory ban. The companies said they secured a Payment Aggregator (PA) license from the regulator on Tuesday.

“The embargo to onboard new merchants has been lifted today. The company has received the Payment Aggregator (PA) license from the RBI. It will now onboard new merchants on its payment gateway,” a Cashfree Payments’ spokesperson told Business Standard. In December last year, the RBI had asked Razorpay and Cashfree to stop onboarding new merchants.“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 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,” a Razorpay spokesperson said.