Category : Business and economicsPublished 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.
