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Zoho, Juspay, and Decentro received RBI Nod for Payment Aggregator Business

Published on February 09, 2024
Current Context: The Reserve Bank of India (RBI) has granted final authorization to Zoho, Juspay, and Decentro to operate as payment aggregators.
Zoho, Juspay, and Decentro received RBI Nod for Payment Aggregator Business
  • This approval allows these companies to provide payment services to online merchants by accepting payments from customers.
  • Zoho, a software as a service startup, received the payment aggregator license on February 2.
  • It is the first enterprise SaaS player to get this nod from the RBI.
  • Juspay and Decentro received the final license to operate as payment aggregators on February 6.
  • Juspay operates as a payment gateway running a technology stack for ecommerce payments, while Decentro offers financial services like lending, KYC, and other services to consumer-facing companies through APIs.
  • With this approval, these companies join the likes of Stripe, Zomato, and Tata Pay, which got the nod in January.
  • Major fintech players like Razorpay and Cashfree received the license in 2023.
  • This makes a total of 8 companies so far that have secured the coveted payments aggregator license from the RBI.

Question:

Q.1 Which company is the first enterprise SaaS player to receive the payment aggregator license from the RBI?
a. Juspay
b. Decentro
c. Zoho
d. Stripe

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