RBI Granted In-Principle Approval To 32 Existing Payment Aggregators, Allowing Them To Continue Their Operations

The Reserve Bank of India (RBI) on February 15, 2023, said it has granted in-principle authorization for 32 existing payment aggregators to act as online payment aggregators.

“All stakeholders are advised to transact with only those existing PAs who have been granted in-principle authorization or whose application is currently under process. Stakeholders may transact with new PAs only after these entities have received ‘authorization’ under Section 7 of the PSS Act from the RBI,” the bank stated.

The 32 Existing Payment Aggregators are:
1. 1Pay Mobileware Private Limited
2. Airpay Payment Services Private Limited
3. Amazon (Pay) India Private Limited
4. Cashfree Payments India Private Limited
5. Computer Age Management Services Limited
6. Digiotech Solutions Private Limited
7. Easebuzz Private Limited
8. Finlogic Technologies India Private Limited
9. Futuretek Commerce Private Limited
10. Google India Digital Services Private Limited
11. IndiaIdeas.com Limited
12. Infibeam Avenues Limited
13. Innoviti Payment Solutions Private Limited
14. In-Solutions Global Limited
15. Lyra Network Private Limited
16. Mpurse Services Private Limited
17. NSDL Database Management Limited
18. NTT DATA Payment Services India Limited
19. Open Financial Technologies Private Limited
20. Paymate India Private Limited
21. Paysharp Private Limited
22. Phi Commerce Private Limited
23. Pine Labs Private Limited
24. Razorpay Software Private Limited
25. Reliance Payment Solutions Limited
26. SRS Live Technologies Private Limited
27. Stripe India Private Limited
28. Tyche Payment Solutions Private Limited
29. Vay Network Services Private Limited
30. Worldline ePayments India Private Limited
31. Xsilica Software Solutions Private Limited
32. Zomato Payments Private Limited

The RBI had come out with the payment aggregator framework in March 2020, according to which, all payment gateways needed to obtain a license to acquire merchants and offer them payment services. Over 185 fintech, including Cred, Razorpay, Paytm, and PhonePe, had submitted proposals for the license.

According to the RBI rules, the eligibility criteria for payment aggregators include the minimum net worth criterion of Rs 15 crore by March 31, 2021, and Rs 25 crore by the end of the ongoing fiscal year (FY23).