7/13/22, 12:48 PM pine labs: Razorpay, Stripe, Pine Labs get RBI nod for payment aggregator licence

r payment aggregator licence - The Economic Times

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Business News › Tech › Tech & Internet › Razorpay, Stripe, Pine Labs get RBI nod for payment aggregator licence

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Razorpay, Stripe, Pine Labs get RBI nod for

payment aggregator licence

Synopsis

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Regulator expected to release full list of firms shortly; 185 cos had submitted proposals.

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Bengaluru: Online payment gateways Razorpay, Stripe and Pine Labs are
among the top fintech firms that received in-principle approval from the Popular in Tech
Reserve Bank of India (RBI) on Thursday for a payment aggregator licence,
1. Unacademy founders,
multiple sources aware of the matter told ET.

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cuts; shut global test prep

business
The Reserve Bank is expected to release the full list of firms that were granted
approvals shortly, the sources added. At least 185 fintech firms — including big 2. Byju’s $800 million funding
round yet to close; edtech
names like Cred, Razorpay, and PhonePe — had submitted proposals seeking says founder completed $400
million infusion 1
SECTIONS
By Tarush Razorpay,
Bhalla & Digbijay Stripe,
Mishra Pine Labs
, ETtech get
Last RBI nod Jul
Updated: for 09,
payment aggregator
2022, 10:08 AM IST licence
https://economictimes.indiatimes.com/tech/technology/razorpay-pine-labs-get-nod-from-rbi-for-payment-aggregator-licence/articleshow/92738799… 1/9
7/13/22, 12:48 PM pine labs: Razorpay, Stripe, Pine Labs get RBI nod for payment aggregator licence - The Economic Times
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the licence, ET had reported previously.

3. Tiger Global ready to cut

follow-on cheques to
portfolio toppers
Over the past few months, the central bank has been holding presentations
with payment gateways and other fintech firms that had applied for the
licence.

4. Rishi Arora elevated as

Blinkit cofounder

5. B2B agritech marketplace

Vegrow raises $25 million in
funding

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On Friday, fintech startup 1Pay Mobileware said it had also got the RBI nod.

"Companies like Pine Labs and Razorpay are among the leading names that
have got the licence, but the broader list is expected to have more names," a
person briefed on the matter said.

ETtech

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Tweets About ETtech

Spokespersons for Pine Labs and Razorpay did not immediately respond to
ET’s requests for comment. Stripe’s response was still awaited at the time of
going to press. According to the payment aggregator framework, introduced
formally in March 2020, only firms that are approved by the RBI can acquire
https://economictimes.indiatimes.com/tech/technology/razorpay-pine-labs-get-nod-from-rbi-for-payment-aggregator-licence/articleshow/92738799… 2/9
7/13/22, 12:48 PM pine labs: Razorpay, Stripe, Pine Labs get RBI nod for payment aggregator licence - The Economic Times

and offer payment services to merchants.

Tweets by ‎@ETtech

ETtech
The firms authorised to operate as payment aggregators will be directly @ETtech

supervised by the RBI. This, industry insiders said, would lead to a more Coinbase's Brian Armstrong explains efficiency
measures amid rising
standardised and regulated payments ecosystem.

volatilityeconomictimes.indiatimes.com/tech/technolo

g…

ET reported on April 23 that the banking regulator was strictly evaluating the
entities that had applied for the licence.

Turn: Intense scrutiny

Multiple online payment gateways that were seeking the licence had come
Coinbase's Brian Armstrong explains effici…
under intense scrutiny for know-your-customer (KYC)-related issues, past Last month, Coinbase had to let go of some U…
economictimes.indiatimes.com
dealings with cryptocurrency exchanges and gaming apps, as well as for not
complying with the minimum net-worth criteria set out by the RBI.

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Payment aggregators are expected to have a net worth of Rs 15 crore on the

date of their applications or as of March-end 2021, and Rs 25 crore by the end
of the ongoing fiscal year (FY23), according to the RBI rules.

The regulator had also quickly informed those companies whose licences had
been rejected.

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a payment gateway’s service. However, the RBI also considered extending AD MProfit VIEW MORE

this time frame to six months, ET had reported.

Earlier this year, the RBI decided to reject the payment aggregator licence of Most Popular News
ZaakPay, which runs fintech company MobiKwik, allegedly due to its crypto 1. Narayana Murthy shares 9
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During its presentation with the fintech firms, the RBI had also checked for
2. Gautam Adani enters
aspects related to what percentage of the business revenue of the applicants telecom: Is the impact on
Bharti Airtel, Vodafone Idea
came from unregulated entities such as online betting or crypto exchanges. It stocks temporary?
also evaluated money-laundering concerns as well as whether these
aggregators were compliant with its tokenisation norms.

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