RBI Payment Aggregator Approval:
The Reserve Bank of India has granted final authorization for three more companies – Juspay, Decentro, and Zoho – to operate as payment aggregators in India.
- This approval allows these companies to provide payment services to online merchants by accepting payments from customers.
- Juspay, Decentro, and Zoho join Stripe, Zomato, and Tata Pay, who received approval in January 2023. Major fintech players like Razorpay and Cashfree received the license in 2022.
- This makes a total of 8 companies so far that have secured the coveted payments aggregator license from the RBI.
- A payments aggregator license allows companies to offer payment services to online businesses and e-commerce companies.
- As payment aggregators, these companies can accept payments from customers on behalf of merchants and pool the funds before transferring them to merchants after a set period of time.