RBI has allowed payment aggregator license for providers such as Razorpay, Pine Labs, Stripe, and 1Pay, with more players set to receive the green light soon, reports claimed.
The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants. RBI has been strict in its evaluation of entities that have applied for the payment aggregator license. Multiple online payment gateways seeking the aggregator license came under the intense scrutiny of the central bank for know-your-customer (KYC) related issues, past dealings with cryptocurrency exchanges and gaming apps, and for not complying with the net worth criteria that RBI had set out.
