Fintech firms Juspay and Decentro and software-as-a-service company Zoho have received the final authorisation from the Reserve Bank of India (RBI) to operate as payment aggregators.
Banking & Finance
Fintech firms Juspay and Decentro and software-as-a-service company Zoho have received the final authorisation from the Reserve Bank of India (RBI) to operate as payment aggregators. They will join the likes of Razorpay, Cashfree, Zomato and others who got the licence earlier. While Juspay operated as a payment gateway running a technology stack for ecommerce payments, Decentro is a technology company that enables ecommerce and other consumer facing players offer financial services like lending, KYC and other services. Software as a service startup Zoho also got the payment aggregator licence on February 2, 2024. Zoho is the first enterprise Saas player to get the payment aggregator nod from the RBI.
The RBI had released the first guidelines on payment aggregator licences in March 2020.
Razorpay, Cashfree, Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital are the other major players to get the payments licence.
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