By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Marketing In Asia
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
    Marketing
    This category deals with best news and updates on marketing and branding news and events.
    Show More
    Top News
    Wrogn
    Virat Kohli’s Wrogn Zero: Marrying Style and Comfort on Flipkart
    11 hours ago
    Reliance
    Reliance Group: The New Titan in India’s $150-billion E-commerce Sector
    11 hours ago
    PICO Bolsters VR
    PICO Bolsters VR Presence in Malaysia with Second Store Launch
    1 day ago
    Latest News
    Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing
    10 hours ago
    Shaping E-Commerce Strategies: The Power of Visual Content in Reducing Returns
    11 hours ago
    Darlie MY and M-Pop Band DOLLA Collide to ‘Outshine Your Fears’
    12 hours ago
    The Hidden Price of Convenience: E-Commerce’s Rising Carbon Footprint
    11 hours ago
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
    Startup
    News and articles from startup and venture investment world
    Show More
    Top News
    funding
    Matrix Partners India Boosts its Fourth Fund to $525M Amid Economic Uncertainty
    1 week ago
    Amit and Gaurav Khatri
    From Basement to Battling Tech Giants: The Inspiring Journey of Two Brothers 
    1 week ago
    Phonepe Funding
    PhonePe’s Unstoppable Ascent: Secures $100M Funding, Bolsters $12B Valuation
    1 week ago
    Latest News
    Shilpa Shetty Fuels Fitness Revolution with KisanKonnect Partnership
    11 hours ago
    Open-Source OOH Audience Measurement Framework Unveiled by Regional Advertising Leaders, AAMS, and Moving Walls Group
    2 days ago
    The Rising Tide: Transforming the Scene for Women Entrepreneurs in India
    7 days ago
    Comparing Venture Studios and Traditional VC Firms: Key Differences to Know
    1 week ago
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
    Business
    News and press releases from business world of Asia
    Show More
    Top News
    Return of the Rubber Duck: Hong Kong
    Return of the Rubber Duck: Hong Kong Prepares for ‘DOUBLE DUCKS’ Exhibition
    11 hours ago
    ONDC
    The Open Network for Digital Commerce: India’s Next Big Leap in E-commerce
    11 hours ago
    Wrogn
    Virat Kohli’s Wrogn Zero: Marrying Style and Comfort on Flipkart
    11 hours ago
    Latest News
    Rahul Pinjarkar, Tata Chemicals’ Fresh Face in the CHRO Realm 
    7 hours ago
    Xiaohongshu Fever: Unleashing the Potential for Hong Kong Brands
    9 hours ago
    Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing
    10 hours ago
    All Aboard the Luxury: Coach’s Pop-Up Retail Takes Flight in Malaysia!
    10 hours ago
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
    Society
    News and articles from and for societies around us
    Show More
    Top News
    Sari
    The Sari Transformed: A Global Journey from Traditional Garment to High Fashion
    6 days ago
    Podcast
    Unplug and Tune In: Top 5 Indian Podcasts for Your Listening Pleasure in 2023
    7 days ago
    Eccentrically Named Eateries 
    Laughing Palates: A Gastronomic Journey through India’s 10 Eccentrically Named Eateries
    3 days ago
    Latest News
    Immerse Yourself in the Aromatic Extravaganza: Thailand Coffee Fest 2023 
    2 days ago
    MS Dhoni: The Quintessential Leader of Indian Premier League (IPL) 
    2 days ago
    Petronas Unveils Heritage-Rooted Films: A Celebration of Malaysia’s Cultural Richness
    4 days ago
    Blackpink’s Rosé Leads K-beauty’s Digital Revolution: Sulwhasoo and Lazada Unite for ‘Shoppertainment’
    4 days ago
  • Stories
  • Videos
    • Videos Gallery
    • The Opinion Scout
    • Step By Step
    • Market Masters Series
Search
Technology
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
Other Pages
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
  • Disclaimer
  • Terms of Service
  • Privacy Policy
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Reading: RBI Grants 32 in-Principle Authorizations to Payment Aggregators
Share
Sign In
Notification Show More
Latest News
Rahul Pinjarkar
Rahul Pinjarkar, Tata Chemicals’ Fresh Face in the CHRO Realm 
Brand Highlights Business News
xiaohongshu-the-little-red-book
Xiaohongshu Fever: Unleashing the Potential for Hong Kong Brands
News Social Media
Unleashing-Discount-Fever-TamJai-Brands-and-PayMe-Drive-Innovation-with-Guerrilla-Marketing
Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing
Marketing News
Coachs-Pop-Up-Retail-Takes-Flight-in-Malaysia
All Aboard the Luxury: Coach’s Pop-Up Retail Takes Flight in Malaysia!
Brand Highlights News
Return of the Rubber Duck: Hong Kong
Return of the Rubber Duck: Hong Kong Prepares for ‘DOUBLE DUCKS’ Exhibition
Business News
Aa
Marketing In Asia
Aa
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
Search
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
  • Stories
  • Videos
    • Videos Gallery
    • The Opinion Scout
    • Step By Step
    • Market Masters Series
Have an existing account? Sign In
Follow US
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Marketing In Asia > Blog > Business > News > RBI Grants 32 in-Principle Authorizations to Payment Aggregators
BusinessNews

RBI Grants 32 in-Principle Authorizations to Payment Aggregators

profile
Last updated: 2023/02/20 at 2:17 PM
MIA Editor
Share
4 Min Read
SHARE

The RBI has told 32 payment aggregators that they can work as online payment aggregators “in principle.” According to a press release from the central bank, the RBI has in principle authorised 32 existing payment aggregators to function as online payment aggregators.

Contents
Also Read: Joel Neoh Leaves His Position as CEOWhat are payment Aggregators (PAs)?Also Read: Adani Enterprises reports Q3 profit boost despite Hindenburg controversy
RBI
Source:https:RBI

Applications of Payment Aggregators (PAs) that the RBI has returned: The RBI, on the other hand, rejected the applications of existing PAs like PayU Payments, Paytm Payment Services, and Freecharge Payment Technologies. After 120 days have passed since the date of the return, the three companies may submit a new application. PayU and Paytm received their applications back on January 10, 2023, and November 25, 2022, respectively, while Freecharge received its on February 10, 2022. The RBI also rejected over 50 requests for permission to function as online aggregators, requiring them to cease their PA operations within 180 days of the application’s return date. These companies include IRCTC, Khatabook, KredX, Rupifi, Ola Financial Services, and the Indian Railway Catering and Tourism Corp. One hundred eighteen current payment aggregators, including PhonePe and Instamojo, are currently having their online PA applications evaluated.

Also Read: Joel Neoh Leaves His Position as CEO

According to the notification, Sodexo SVC India and SBI Payment Services are among the nine new online PA applications that are currently being processed. Pine Labs, Razorpay, Zomato, Amazon (Pay) India, Google India Digital Services, Cashfree Payments, and Stripe. India are just a few of the PAs that have already received in-principle authorization from theRBI. To act as online payment aggregators. According to the statement, Cashfree and Razorpay are prohibited from onboarding new merchants despite having in-principle approval. This restriction exists until the RBI makes a different announcement. The RBI stated that applications from 18 current payment aggregators. Including those from Bhartipay Services Private Limited and PhonePe Private Limited, are currently being processed.

What are payment Aggregators (PAs)?

Payment Aggregators (PAs) help merchants with payments. By putting together different ways to pay and selling them as a single package. By offering a safe and efficient payment processing system, PAs serve as a bridge between businesses and their customers. This entails collecting payments from a variety of sources, such as mobile wallets, net banking, UPI, debit cards, and credit cards, and transferring the money to the merchant’s account.

Also Read: Adani Enterprises reports Q3 profit boost despite Hindenburg controversy

In India, PAs are governed by the Reserve Bank of India (RBI), which also issued operating guidelines for them in March 2020. These guidelines were later updated in March 2021 to include specific guidelines for online payment aggregators. Companies must obtain RBI authorization in order to function as a PA. In a recent press release, the RBI says that some new and existing PAs have been approved. In principle and that some PA applications have been turned down for a number of reasons.

You Might Also Like

Rahul Pinjarkar, Tata Chemicals’ Fresh Face in the CHRO Realm 

Xiaohongshu Fever: Unleashing the Potential for Hong Kong Brands

Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing

All Aboard the Luxury: Coach’s Pop-Up Retail Takes Flight in Malaysia!

Return of the Rubber Duck: Hong Kong Prepares for ‘DOUBLE DUCKS’ Exhibition

Get Latest Job Updates on Whatsapp and Telegram
SCIKEY Logo
Whatsapp
Telegram
TAGGED: Mobilepayments, news, online payment, payment, paymentservice, paytm, payu, RBI aggregators

Sign Up For MIA Newsletter

Be keep up! Get the latest updates about the Marketing world delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    MIA Editor February 20, 2023 February 16, 2023
    Share This Article
    Facebook Twitter LinkedIn Email Copy Link Print
    Share
    What do you think?
    Love0
    Happy0
    Joy0
    Surprise0
    Sad0
    Angry0
    Cry0
    Previous Article Quiet Ride: The Latest Feature from Grab For Peaceful Commutes Quiet Ride: The Latest Feature from Grab For Peaceful Commutes
    Next Article Best Marketing Strategy to Promote a Local Business
    Leave a comment Leave a comment

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

    Follow US

    8k Followers Follow
    3.4k Followers Like
    1.1k Followers Follow
    200 Followers Follow
    150 Subscribers Subscribe

    Latest News

    Rahul Pinjarkar
    Rahul Pinjarkar, Tata Chemicals’ Fresh Face in the CHRO Realm 
    Brand Highlights Business News 7 hours ago
    xiaohongshu-the-little-red-book
    Xiaohongshu Fever: Unleashing the Potential for Hong Kong Brands
    News Social Media 9 hours ago
    Unleashing-Discount-Fever-TamJai-Brands-and-PayMe-Drive-Innovation-with-Guerrilla-Marketing
    Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing
    Marketing News 10 hours ago
    Coachs-Pop-Up-Retail-Takes-Flight-in-Malaysia
    All Aboard the Luxury: Coach’s Pop-Up Retail Takes Flight in Malaysia!
    Brand Highlights News 10 hours ago

    You Might also Like

    Rahul Pinjarkar
    Brand HighlightsBusinessNews

    Rahul Pinjarkar, Tata Chemicals’ Fresh Face in the CHRO Realm 

    7 hours ago
    xiaohongshu-the-little-red-book
    NewsSocial Media

    Xiaohongshu Fever: Unleashing the Potential for Hong Kong Brands

    9 hours ago
    Unleashing-Discount-Fever-TamJai-Brands-and-PayMe-Drive-Innovation-with-Guerrilla-Marketing
    MarketingNews

    Unleashing Discount Fever: TamJai Brands and PayMe Drive Innovation with Guerrilla Marketing

    10 hours ago
    Coachs-Pop-Up-Retail-Takes-Flight-in-Malaysia
    Brand HighlightsNews

    All Aboard the Luxury: Coach’s Pop-Up Retail Takes Flight in Malaysia!

    10 hours ago
    //

    Get Asia to Notice You

    Quick Link

    • Contact
    • RSS Terms of Service
    • Policies & Standards
    • About Us
    • FAQ
    • Disclaimer
    • Terms Of Service
    • Privacy Policy

    Top Categories

    • Marketing
    • Startup
    • Feature Stories
    • News
    • People
    • Inspiration

    Sign Up for Our Newsletter

    Subscribe to our newsletter to get our newest articles instantly!

      Marketing In AsiaMarketing In Asia
      Follow US
      © 2023 Marketing In Asia. All Rights Reserved.
      • Disclaimer
      • Terms of Service
      • Privacy Policy
      Join the growing tribe of Marketing In Asia!

      Subscribe to our newsletter and never miss our latest updates, news, videos, podcasts etc..

        Zero spam, Unsubscribe at any time.