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BharatPe granted a licence as an ePayment Aggregator

Published on January 11, 2023
Current Context: The fintech upstart BharatPe has declared that the Reserve Bank of India (RBI) has given it an in-principle license to function as a Payment Aggregator.
BharatPe granted a licence as an ePayment Aggregator
  • Resilient Innovations Private Ltd., a corporation-owned subsidiary, received the approval for BharatPe, which has been dealing with issues and high-profile exits since last year, including a legal dispute with its former co-founder; this is a relief.
  • BharatPe will be able to access more businesses and offer them digital payment acceptance solutions thanks to this in-principle permission.
  • Framework for Payment Aggregators
    • Payment aggregators make it easier for merchants and e-commerce sites to accept different payment methods from clients. They don't mandate that businesses build their own custom payment integration systems. Payment gateways were required to seek a license to acquire merchants and offer them solutions for accepting digital payments after the RBI released the Payment Aggregator Framework.
  • Requirements for Final Approval
    • BharatPe must satisfy several requirements before receiving the final approval, which it will attempt to do within the specified timeframes. The first interoperable UPI code was introduced by BharatPe, established in 2018. More than one crore merchants in 400+ cities are served by it.
  • The Present Situation of BharatPe
    • To replace Suhail Sameer, who resigned as CEO, the company's board is looking for a new candidate. The company's chief financial officer, Nalin Negi, has been named the acting CEO. Prior employers of his include GE Capital and SBI Card. For BharatPe to continue with its activities and offer solutions for accepting digital payments, this in-principle approval for a Payment Aggregator license is crucial.

Question: 

Q.1 Which fintech startup was recently granted an in-principle license to function as a Payment Aggregator?
a. Razor pay
b. Cashfree
c. Onecard
d. BharatPe

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