Stay updated with breaking news from Pine Labs. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
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.
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.
In a significant development for the Indian fintech landscape, major payment processing players, including Razorpay and Cashfree, have received the final nod from the Reserve Bank of India (RBI) to operate as Payment Aggregators (PAs).
These NBFCs play an important role in financial inclusion. But the business model is broken