Amazon, Google, Zomato, more get RBI nod to work as payment aggregators in India
The Reserve Bank of India has shared a list of 54 companies that have been permitted to operate as payment aggregators or PAs in India. The list includes companies such as Google India Digital Services Private Limited that offers Google Pay, Google India Digital Services Private Limited that operates Amazon Pay, Razorpay Software Private Limited that operates Razorpay, Reliance Payment Solutions Limited, and PhonePe Private Limited to name a few.
The list also includes names such as Freecharge Payment Technologies Private Limited that operates the Freecharge app, PayTM Payments Services Limited that operates Paytm and PayU Payments Private Limited that operates PayU, whose applications have been returned and yet they have been allowed to continue providing their services as payment aggregators in the country.
The apex bank while sharing the list said, “While the exercise of scrutiny of applications of PAs is an ongoing process, for the purpose of disseminating information and ensuring greater transparency, the list of entities who have submitted application to RBI seeking authorisation to act as online PAs under the PSS Act along with the current status of their application as on February 15, 2023, is published…”
The list shared by the Reserve Bank includes three tables. The first table includes the names of existing payment aggregators who can operate as Online Payment Aggregators in the country. This table includes a total of 54 names. The second table includes the names of new payment aggregators who have been granted in-principle authorisation and whose application is currently under process. These companies cannot operate as payment aggregators in India yet. It has 28 names.
“All stakeholders are advised to transact with only those existing PAs (a) who have been granted in-principle authorisation or (b) whose application is currently under process,” RBI wrote.
The third table includes a list of 57 payment aggregators whose applications were returned or were withdrawn and hence they cannot operate as PAs in the country. This list includes names such as Ezetap Mobile Solutions Private Limited, GoKwik Commerce Solutions Private Limited, Indian Railway Catering and Tourism Corporation Limited, and Ola Financial Services Private Limited among others.
“Stakeholders may transact with new PAs only after these entities have received ‘authorisation’2 under Section 7 of the PSS Act from the Reserve Bank of India,” the apex bank added.
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The Reserve Bank of India has shared a list of 54 companies that have been permitted to operate as payment aggregators or PAs in India. The list includes companies such as Google India Digital Services Private Limited that offers Google Pay, Google India Digital Services Private Limited that operates Amazon Pay, Razorpay Software Private Limited that operates Razorpay, Reliance Payment Solutions Limited, and PhonePe Private Limited to name a few.
The list also includes names such as Freecharge Payment Technologies Private Limited that operates the Freecharge app, PayTM Payments Services Limited that operates Paytm and PayU Payments Private Limited that operates PayU, whose applications have been returned and yet they have been allowed to continue providing their services as payment aggregators in the country.
The apex bank while sharing the list said, “While the exercise of scrutiny of applications of PAs is an ongoing process, for the purpose of disseminating information and ensuring greater transparency, the list of entities who have submitted application to RBI seeking authorisation to act as online PAs under the PSS Act along with the current status of their application as on February 15, 2023, is published…”
The list shared by the Reserve Bank includes three tables. The first table includes the names of existing payment aggregators who can operate as Online Payment Aggregators in the country. This table includes a total of 54 names. The second table includes the names of new payment aggregators who have been granted in-principle authorisation and whose application is currently under process. These companies cannot operate as payment aggregators in India yet. It has 28 names.
“All stakeholders are advised to transact with only those existing PAs (a) who have been granted in-principle authorisation or (b) whose application is currently under process,” RBI wrote.
The third table includes a list of 57 payment aggregators whose applications were returned or were withdrawn and hence they cannot operate as PAs in the country. This list includes names such as Ezetap Mobile Solutions Private Limited, GoKwik Commerce Solutions Private Limited, Indian Railway Catering and Tourism Corporation Limited, and Ola Financial Services Private Limited among others.
“Stakeholders may transact with new PAs only after these entities have received ‘authorisation’2 under Section 7 of the PSS Act from the Reserve Bank of India,” the apex bank added.
The post Amazon, Google, Zomato, more get RBI nod to work as payment aggregators in India appeared first on Techlusive.
