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RBI gives in-principle approval to payment aggregators including Google Pay, Amazon Pay

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On Wednesday, over 30 payment aggregators (PAs) received in-principle authorization from the Reserve Bank of India to operate as online payment aggregators. Applications of 18 existing entities for online payment aggregators licenses are under process, the RBI said.

The PAs who have received in-principle authorization include Amazon (Pay) India Pvt Ltd, Computer Age Management Services Ltd, Google India Digital Services Pvt Ltd, Innoviti Payment Solutions Pvt Ltd, NSDL Database Management Ltd, Reliance Payment Solutions Ltd, Worldline ePayments India Pvt Ltd, and Zomato Payments Pvt Ltd, among others. Meanwhile, applications of PhonePe, Adyen India Technology Services, Bhartipay Services Pvt Ltd, Global Payments Asia-Pacific (India), Unimoni Enterprise Solutions, and Instamojo Technologies Pvt Ltd are still under process.

In the press release, the RBI stated that stakeholders can transact with entities that have received in-principle authorization or whose application is currently under process. As per RBI, stakeholders should transact with new PAs only after they have received ‘authorization’. The regulator will update the list on a fortnightly basis.

Meanwhile, applications of four existing entities including Freecharge Payment Technologies and PayTM Payments Services have been returned. The entities have been given time to reapply within 120 days from the date of return.

Earlier in March 2020, and 2021, the central bank issued circulars on guidelines on the Regulation of Payment Aggregators and Payment Gateways.



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