US payments giant Stripe to offer services on an invite-only basis in India
The company stated that it will only be able to support a select number of businesses in India, with a focus on international expansion for the time being.
US headquartered fintech company Stripe, which provides technology tools to enable digital payments, has announced that it would be offering its services in India on an invite-only basis for a temporary period.
"We’ve made the tough decision to temporarily offer our services by invite only in India. This means that businesses from India will not be able to sign up for a new Stripe account through our website, and will instead need to request an invite. We will only be able to support a select number of businesses, with a focus on international expansion for the time being," the company said in a statement.
The company stated that with the evolving regulatory landscape in India, Stripe aims to offer the same experience in India that it aspires to offer its users worldwide. However, it said that enabling all new users to launch quickly with easy onboarding is a fundamental feature of Stripe that they cannot promise in India today.
In January this year, Stripe received licence from the Reserve Bank of India to operate as an online payment aggregator.
According to the company, it will coninue to support active Stripe accounts in India. However, users who wish to create a new Stripe account in India will have to reach out to the Stripe account team or request an invite.
Additionally, potential users whose accounts have not been activated will be unable to avail the services, but would be notified when the company activates their account.
"We remain strongly committed to India, and are working to build out the infrastructure to be able to support more users by the second half of 2025," the company added.
Edited by Megha Reddy