RBI Okays Licences for 32 Payment Aggregators

Payment arms of US technology majors Amazon and Google, along with Reliance Payment Solutions that is part of Reliance Jio Infocomm, were among the 32 firms given in principle approval from the Reserve Bank of India (RBI) on Wednesday to operate as online payment aggregators. Online payment aggregators are entities that onboard digital merchants and accept payments on their behalf after getting a licence by the banking regulator. This is the first time RBI has released a list with “current application status” for all payment aggregators, saying it is in the interest of “greater transparency.” The list, the banking regulator said, would be updated every fort night. The current status is as of February 15 and scrutiny of applications is still underway.

RBI said it is still considering 18 applications, including from Phone Pe and Bharti Pay Services. Separately, RBI also returned four applications, including those of Axis Bank led FreeCharge, Paytm Payments and Pay U Payments. While Paytm’s application was returned on November 25 last year, the request by Pay U was sent back on January 10 this year. Free Charge’s application was returned on February 10.

“All stakeholders are advised to transact with only those existing payment aggregators that have been granted in principle authorisation, or whose application is currently under process,” the central bank said in a statement. S-ET

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