Cashfree Payments and Razorpay can operate as payment aggregators

RBI has granted the final authorisation to Cashfree Payments to operate as a payment aggregator

Cashfree Payments

                                                                                                                              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, 

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.

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