Juspay, Zoho secure RBI approval to operate as payment aggregators
Enkash, Open, Zomato, Razorpay, etc., all received their payment aggregator licenses from the RBI recently.
The Reserve Bank of India (RBI) approved, , and 's applications to operate as payment aggregators, as per an RBI notification, allowing them to service ecommerce transactions by acting as intermediaries between customers and merchants.
was the last company to receive a payment aggregator license from the RBI. , , Tata Pay, and have also received nods from the regulator to operate as payment aggregators.
The RBI has been actively engaged in regulating digital banking platforms to safeguard customers, restrict unethical recovery practices, and enhance the security of financial offerings.
A payment aggregation license allows companies to facilitate online payments on ecommerce websites via a range of payment options, including credit and debit cards, bank transfers, and e-wallets.
The license mandates several guardrails to be put into place to prevent fraudulent transactions, reduce the risk of chargebacks, and avoid other payment disputes.
Founded by Vimal and Ramanathan RV, Juspay is a payments infrastructure company that caters to businesses and merchants.
It offers multiple products such as Juspay Safe for OTP auto-read and authentication, HyperSDK for a customisable native payment experience, and Express Checkout, which enables multiple payment options and smart routing systems to boost transaction success rates, among others.
Y Combinator-backed Decentro is also a fintech company that helps companies stitch their banking, payments, and fintech workflows efficiently.
Edited by Suman Singh