August, 2022 | Mumbai: 1Pay has received an in-approval from the Reserve Bank of India (RBI) for becoming a payment aggregator.
1Pay is one of the only eight companies in the country to have received the in-principle approval for payment aggregator license. 1Pay was among the first four companies to have received the in-principal approval, with the other three being Razorpay, Pine Labs and Stripe. Since then, another four companies have received the in-principal approval from RBI. What makes this achievement most significant for 1Pay is that it is still a bootstrapped start-up owned entirely by Indians.
In March 2020, the RBI introduced “Guidelines on Regulation of Payment Aggregators and Payment Gateways”. Both existing and new payment aggregators had to apply for a fresh license to operate as payment aggregators. It was only in June 2022 that four companies came forward announcing that they have received the in-principle approval.
Having become one of the first payment aggregators to have bagged the approval from the Reserve Bank of India (RBI), 1Pay is gearing up roll out a number of services once the license is received.
S C Legals has been advising 1Pay since its inception and was instrumental in assisting 1Pay with the application process for RBI payment aggregator license. S C Legals primarily handles litigation and non-litigation work in the Real Estate and FinTech industry.
“We at S C Legals are very thrilled to have assisted 1Pay since its inception as a start-up. We truly believe that they can make a big difference to financial inclusion in the country and wish them all the best for their mission to empower Indians.” said Sreejit Nair, Partner of S C Legals.
The RBI has now, through its direction on July 28, 2022, given a new lease of life to FinTech applicants whose applications were rejected due to technical grounds or due to non-compliance with the minimum capital requirements as required under “Guidelines on Regulation of Payment Aggregators and Payment Gateways”.
1Pay Mobileware Private Limited is a fintech Company with a technology first approach to payments and finance. The company provides programmable payment solutions in the internet world and have been specifically assisting transportation and logistics segment, government, banking, BFSI and B2B corporate payments.