India's Leading Omnichannel Payments and Banking Platform for Businesses, Razorpay, has announced that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payment Settlements Act, 2007. With the final payment aggregator license, the fintech giant resumes onboarding new merchants to its payments platform with immediate effect. PAs are entities that enable any online business to accept various payment instruments from end consumers for online transactions, without the need for businesses to create their separate payment interfaces.
Commenting on the development, Harshil Mathur, CEO and Co-founder of Razorpay said, “We welcome this new development and are delighted to be one of the first Payment Gateways to have received the final Payment Aggregator (PA) license from RBI. Attaining the PA license is a pivotal moment for Razopray. This milestone acknowledges our dedication to regulatory standards and reaffirms our commitment to revolutionizing the fintech landscape. With the green light to resume onboarding new merchants, we're poised to continue our trajectory of exponential growth, delivering groundbreaking payment and banking solutions that set the standard for the industry.
This has certainly boosted the morale of our teams who are tirelessly working towards building one platform that is aimed at solving all things payments and business banking. We are excited about the transformative impact we will continue to make”, Mathur added.
Having a payment aggregator license not only solidifies the status of a fintech company but also brings it directly within the regulatory framework of the RBI. Razorpay has consistently achieved an impressive 50-60% year-on-year growth. With this latest milestone, we are optimistic about sustaining the robust growth trajectory we have consistently maintained in recent years.
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