BharatPe gets in-principle nod for payment aggregator licence

BharatPe gets in-principle nod for payment aggregator licence

Daily Current Affairs   /   BharatPe gets in-principle nod for payment aggregator licence

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Category : Business and economics Published on: January 12 2023

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  • Fintech firm BharatPe has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.
  • The company will operate the platform through its subsidiary Resilient Payments.
  • The final approval of the RBI is subject to certain conditions and the company is working towards fulfilling the conditions.
  • The RBI in 2020 had directed online non-bank payment aggregators to seek its approval to start operations.
  • Payment aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers. The merchants do not need to create a separate payment integration system of their own.
  • Some fintech firms like Razorpay, Pine Labs, Open, Cahfree, 1Pay have already received RBI approval for PA in the last few months.
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