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RBI lens on companies seeking payment aggregator license

April 25, 2022

RBI lens on companies seeking payment aggregator license
Some of the online payment gateways seeking a payment aggregator license have gone under the scanner of the Reserve Bank of India (RBI), for KYC-related issues and past dealings with cryptocurrency exchanges and gaming applications, multiple people aware of the development said.

A person in the know said that the RBI has chosen to reject the payment aggregator license of ZaakPay, which runs MobiKwik. Its crypto partnerships and failure to meet the laid down net worth criterion are some of the reasons behind the dismissal, the person said. MobiKwik refused to comment. 
 
Someone else said that payment aggregator Cashfree also has been questioned regarding its KYC standards and business modules.
 
“We might like to state the Cashfree Payments has not come under any scanner by RBI. Our interaction with the regulator has been positive. Cashfree Payments has zero exposure or relations with crypto exchanges,” a spokesperson for Cashfree told ET.
 
Certainly, these players may finally end up getting the license, someone else said on condition of anonymity. Cashfree could receive the license after RBI’s questioning, someone else aware of matter said.

“The regulator is clearly not okay with payment aggregators having dealings with cryptocurrency companies, or with gaming apps which have in the past been accused of being a conduit to launder money,” a person directly aware of the development told ET. 

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