RBI has granted the final authorisation to Cashfree Payments to operate as a payment aggregator
Fintech Biznews Service
Mumbai, December 19, 2023: RBI has granted the final authorisation to Cashfree
Payments to operate as a payment aggregator.
Cashfree Payments’ spokesperson, says: “Securing the Payment Aggregator (PA)
license from the RBI is a pivotal moment for Cashfree Payments, affirming our focus
on compliance and highlighting the significance of a well-regulated payments
landscape. We are now onboarding new merchants on our payment gateway. We
are very excited about this new phase of our journey, where we continue to drive
exponential growth and retain our market leadership as the preferred aggregator in
the payments space.”
Razorpay has also got the payment aggregator licence from the RBI.
Razorpay Spokesperson updates about the onboarding of new merchants, "e;We have
great news to share with you! 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 (PA) 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. We welcome this new development and are delighted to be one
of the first Payment Gateways to have received the final PA license from RBI."
Cashfree Payments is a leading payment and API banking solutions company. It
provides full-stack payment solutions enabling businesses in India to collect
payments and make payouts via all available methods with simple integration.
Cashfree Payments' offerings include an advanced and easy way to integrate
payment gateways, a split payment solution for marketplaces, bank account
veri?cation API, Lending disbursals solution and Auto Collect -- a virtual account
solution to match inbound payments to customers. Founded by IIIT Hyderabad
alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com
is among the leading payment service providers in India processing transactions
worth USD 40 Billion annually. It has leveraged technology to lead payment
disbursals in India with more than 50% market share among payment processors.
Cashfree Payments enables more than 3,00,000 businesses with payment
collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements,
loyalty and rewards. Apart from India, Cashfree Payments products are used in eight
other countries including the USA, Canada, and UAE. Cashfree Payments is backed
by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI),
and was incubated by PayPal.
Razorpay, India’s leading omnichannel payments and banking platform helps Indian
businesses with comprehensive and innovative solutions built over robust technology
to address the entire length and breadth of the payment and banking journey for any
business. Established in 2014, the company provides technology payment solutions
to over 10 Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar, and
Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon
Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone
Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit
Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have
invested a total of $741.5 Mn through Series A to F in funding. A few angel investors
have also invested in Razorpay’s mission to simplify payments and business banking
and redefine how finance works in India.
