• RBI steps up fintech payment license approvals in 2025, granting faster clearances across categories
• Several firms secure full-stack rights for online, offline, and cross-border payment aggregation
• Updated regulatory framework offers clearer rules while balancing innovation and system stability

The Reserve Bank of India (RBI) has shown greater regulatory flexibility in 2025 by accelerating approvals for fintech payment licenses. Over the past year, the central bank has cleared multiple payment-related authorizations, allowing a wider set of companies to operate across online, offline, and cross-border payment services.

In recent months, around half a dozen fintech firms including Paytm, Razorpay, Easebuzz, PayU, Pine Labs, and Airpay received approvals covering all three payment aggregator categories. These clearances allow them to offer a full stack of services, spanning e-commerce payments, in-store merchant transactions, and cross-border payment flows.

Paytm completed its set of licenses on December 17 after receiving approval for offline and cross-border payment aggregation. Razorpay secured its cross-border license after earlier approvals for online and offline payments. Easebuzz, PayU, and Pine Labs were also cleared across all three segments, while Airpay joined the full-stack list after receiving similar authorization.

These approvals fall under RBI’s updated 2025 Master Directions on Payment Aggregators. The framework categorizes non-bank payment aggregators into online, offline, and cross-border segments, each with defined rules around compliance, capital, escrow management, and governance. The goal is to provide regulatory clarity while ensuring consumer protection and financial system stability.

This faster pace marks a shift from earlier years, when many applications were delayed or returned due to compliance gaps. Between 2021 and 2023, RBI tightened scrutiny on escrow norms, governance, and data localization, leading to staged or delayed approvals for several players.

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Beyond full-stack licenses, RBI also cleared category-specific approvals. Mswipe received licenses for online and offline aggregation, while Infibeam Avenues, PB Pay, and Zaakpay were approved in individual segments. In cross-border payments, firms such as PayPal, Wise, Skydo, and Worldline also secured licenses.

The growing number of approvals signals RBI’s intent to expand the regulated fintech ecosystem while maintaining strong oversight.

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