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RBI grants Payment Aggregator Licence to Tata Pay & DigiO

Published on January 04, 2024
Current Context: The Reserve Bank of India (RBI) granted the payment aggregator licence to Tata Pay and DigiO on January 1, 2024.
RBI grants Payment Aggregator Licence to Tata Pay & DigiO
  • This licence will enable Tata Payments to facilitate e-commerce transactions through its platform.
  • Tata Payments is held through Tata Digital, the group’s subsidiary entity, which houses its digital businesses.
  • With this licence, Tata can power all e-commerce transactions within its subsidiary entities, which will help it manage funds better.
  • In addition to Tata Pay, Bengaluru-based identity verification startup DigiO, backed by Groww, has also secured the payment aggregator licence as of January 1.
  • DigiO powers digital identification for multiple fintechs and will be able to bundle in-payment services on top of it.
  • This development places Tata Pay and DigiO alongside other platforms like Google Pay, Razorpay, and Cashfree that have secured the much sought-after licence.

Question:

Q.1 Who granted the payment aggregator licence to Tata Pay and DigiO?
a. Google Pay
b. Razorpay
c. Reserve Bank of India (RBI)
d. Cashfree

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