HomeStartupRazorpay, Cashfree get final PA license; can onboard new merchants

Razorpay, Cashfree get final PA license; can onboard new merchants

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  1. Razorpay and Cashfree have received the final license for payment aggregation from the Reserve Bank of India (RBI), allowing them to onboard new merchants.
  2. This authorization comes after initial approval granted to several fintech firms, including Razorpay, Cashfree, Pine Labs, Stripe, among others, in August-September 2022.
  3. Razorpay and Cashfree express relief as they were unable to onboard new businesses since the previous year.
  4. Both companies welcomed the RBI’s decision, with Razorpay emphasizing the significance of obtaining the Payment Aggregator (PA) license under the Payment Settlements Act, 2007.
  5. Cashfree, backed by PremJi Invest, acknowledged the importance of a regulated payments landscape and compliance focus with the obtained PA license.
  6. Additionally, Juspay, a SoftBank-backed fintech startup, recently secured in-principle approval for a payment aggregator license.
SourceEntrackr

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