More entities get RBI's in-principle nod to operate as payment aggregator

Mumbai, Oct 16, 2023

The Reserve Bank of India (RBI) has granted in-principle authorisation to a total of 37 existing payment aggregators (PAs) and 23 new PAs, as on October 16.

Eight existing PAs and 18 new applications are under process.

On February 15, the RBI released a list in which it granted in principle approval to 50 entities for a payment aggregator’s license, while around 27 applications are still under review. Of the 50-odd entities who have received the RBI’s in-principle authorisation, 32 are existing entities that were operating as online PAs and 19 are new ones.

Freecharge Payment Technologies and Tapits Technologies, whose application was returned last time, has applied again. According to RBI norms, entities are permitted to apply within 120 days from the date of return. Paytm Payments Services application was also returned on November 25.

Among existing PAs, Zaak Epayment Services Private Limited, which is a part of fintech platform Mobikwik, has received in-principle authorisation.

The RBI has returned application of 65 entities as on October 16, as compared to 57 entities which was on February 15.

[The Business Standard]