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More firms get approval for payment aggregator operations

October 18, 2023

More firms get approval for payment aggregator operations
The Reserve Bank of India (RBI) has given preliminary approval to 37 existing payment aggregators (PAs) and 23 new ones as of October 16. Eight existing PAs and 18 new applications are currently under evaluation.

On February 15, the RBI announced a list approving 50 entities for a payment aggregator’s license in principle, while 27 applications are still under review. Among them, 32 are established online payment aggregators, and 19 are new players in the field.

Notably, Freecharge Payment Technologies and Tapits Technologies, whose applications were previously rejected, have reapplied for approval within the allowed 120-day period. Additionally, Paytm Payments Services’ application, initially returned on November 25, is being reconsidered. Among the existing PAs, Zaak Epayment Services Private Limited, linked with the fintech platform Mobikwik, has received in-principle approval from the RBI.

As of October 16, the RBI has rejected 65 applications, compared to 57 on February 15. The move aims to regulate and streamline the payment aggregator sector, fostering growth and ensuring compliance with RBI guidelines.

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