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RBI greenlights 32 companies’ applications to operate as online payment aggregators
February 16, 2023
The central bank said it is considering 18 other applications including PhonePe and BhartiPay Services. The RBI has returned applications of four aggregators including Axis Bank led FreeCharge, PayTM Payments and PayU Payments.
“All stakeholders are advised to transact with only those existing PAs who have been granted in-principle authorisation or whose application is currently under process,” the RBI said in a statement.
The regulator also said that while the scrutiny of applications was currently underway, to ensure greater transparency it was releasing current application status for all payment aggregators who had applied to the RBI for a license.
Other entities who have received an in-principle nod from the RBI to operate as payment aggregators include, Infibeam Avenues, Innoviti Payment Solutions, Lyra Network, NSDL Database Management, Open Financial Technologies, Pine Labs and Razorpay Software Private Limited.
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