Fintech firms Razorpay and Cashfree Payments have obtained payment aggregator licenses from the Reserve Bank of India (RBI). In a significant development, the RBI has granted them permission to onboard new merchants. A spokesperson from Razorpay stated that the company has received the final authorization from the RBI to operate as a Payment Aggregator under the Payment Settlements Act, 2007. With the new license, Razorpay is now able to onboard new customers and is committed to providing them with innovative payment solutions. According to the statement, Razorpay is among the first payment gateways to secure the final payment aggregator license from the RBI. Similarly, Cashfree Payments considers this development a pivotal moment and has started onboarding new merchants on its payment gateway.

Obtaining the Payment Aggregator (PA) license from the RBI marks a crucial milestone for Cashfree Payments, underscoring our commitment to compliance and emphasizing the importance of a well-regulated payments environment. We are currently in the process of bringing on board new merchants to our payment gateway. This marks an exciting phase in our journey, where we aim to sustain exponential growth and maintain our position as the leading aggregator in the payments sector.

In April 2023, Razorpay established an advisory board to ensure adherence to corporate governance and compliance standards. The company enlisted the expertise of former deputy RBI governor NS Vishwanathan, Arijit Basu (former managing director of the State Bank of India), as well as retired IAS officers Aruna Sundarajan and KP Krishnan to serve on the advisory board. Their responsibilities include conducting periodic reviews, analysis, and offering recommendations and guidance on both strategic and tactical aspects. Founded in 2014, Razorpay is the second Indian company to join Silicon Valley's largest tech accelerator, Y Combinator. It specializes in providing technological payment solutions to over 10 million businesses. Cashfree Payments, on the other hand, provides full-stack payment solutions to collect payments and make payouts through all available methods. Its offerings comprise an advanced and easy way to integrate payment gateways, and a split payment solution for marketplaces, among others.