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Razorpay, Cashfree along with 4 Other Firms Gets RBI Nod to Operate as PAs

Published on December 22, 2023
Current Context: Razorpay and Cashfree received final authorisation from the Reserve Bank of India (RBI) to operate as payment aggregators on Tuesday, December 19, 2023. This is a significant development for both fintechs after a yearlong regulatory ban.
Razorpay, Cashfree along with 4 Other Firms Gets RBI Nod to Operate as PAs
  • This approval allows them to onboard new merchants.
  • In addition to Razorpay and Cashfree, Google Pay, Mumbai-based expense management company Enkash, payment gateway company Payments, and neo-banking startup Open have also secured the central bank’s go-ahead.
  • This is a significant step for these companies as they can now resume onboarding new customers and continue to drive exponential growth in the payments space.
  • However, Paytm and PayU are yet to receive the RBI nod.

Question:

Q.1 Which two fintech companies recently received approval from the RBI to operate as payment aggregators?
a. Paytm and PayU
b. Google Pay and Enkash
c. Razorpay and Cashfree
d. Paymentz and Open

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