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With the final licence in hand, merchant onboarding opens up for both startups. They had been placed under an embargo by the Reserve Bank of India from onboarding new merchants almost a year ago.
The license will mean that the payments firms can now start onboarding of new merchants to their platforms. Neobank Open, Enkash and Paymentz has also received the final nod.
Digital payment startups Razorpay and Cashfree on Tuesday announced that they received final authorisation from the Reserve Bank of India (RBI) to operate as payments aggregators (PA)."Razorpay has now received the final authorisation from ...
India Business News: MUMBAI: Digital payment startups Razorpay and Cashfree have been granted approval by RBI to function as payment aggregators.
RBI's ban on Razorpay and Cashfree has been lifted after a year, paving way for the platforms to act as payment aggregators once again in India.