Razorpay receives RBI approval for payment aggregator license

Published on July 11, 2022
Current Context: Bengaluru, Fintech platform Razorpay has received in-principle approval by the Reserve Bank of India (RBI) for a Payment Aggregator (PA) License.
Razorpay receives RBI approval for payment aggregator license
  • The move endorses Razorpay as the country's full-stack financial platform and further reiterates the trust placed by over 8 million businesses in the platform to boost and support their business growth.
  • RBI issued a payment aggregator framework in March 2020, which states that the payment gateway will be mandated to have a license in order to acquire merchants and provides them with digital payment acceptance solutions.
  • More than 185 fintech enterprises and startups submitted their proposals for a payment aggregator license.
  • Static Part:
    • CEO of Razorpay: Harshil Mathur
    • Headquarters: Bangalore, Karnataka, India

Question:

Q.1 Which banking and payment platform got the RBI approval for the payment aggregator license?
a. PayUMoney
b. GooglePay
c. PhonePe
d. Razorpay
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