Razorpay, Pine Labs Among Top Fintech Firms To Get RBI Nod For Payment Aggregator License: Report

Razorpay, stripe and PineLabs are among the online payment gateway firms that got in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator license.

At least 185 fintech firms - including big players like Cred, Razorpay and PhonePe - had submitted proposals seeking the license.

RBI is likely to soon release the full list of firms that were granted approval for the license, sources were quoted in a Economic Times report as saying.

The central bank had reportedly been holding presentations with the payment gateways and other fintech companies that sought the license.

"Companies like Pine Labs and Razorpay are among the leading names that have got the licence, but the broader list is expected to have more names," a person briefed on the matter was quoted in the ET report as saying.

As per the payment aggregator framework, introduced formally in March 2020, only firms that are approved by the RBI can acquire and offer payment services to merchants. The firms authorised to operate as payment aggregators will be directly supervised by the RBI.