Easebuzz receives RBI approval for payment aggregator license
- ByStartupStory | August 11, 2022
Easebuzz Pvt. Ltd., a payments solutions platform, stated on Wednesday that it had got in-principle permission from the Reserve Bank of India (RBI) for Payment Aggregator (PA) authorization. According to the company, Easebuzz is a digital platform where businesses may incorporate “technology-based solutions” that are coupled with payments to easily digitize collections. Over the years, the company has developed an affordable and simple-to-use APIs-based platform to provide small businesses with “solutions” that can solve their collection-related problems while also adding value in terms of subsidized pricing, and easy-to-integrate APIs, and the availability among all payment modes for the end user.
Easebuzz claims to be tackling end-to-end payment use cases for MSMEs with scalable and easily customizable API solutions. It aspires to be the financial operating system for the existing 63 million Indian MSMEs, as well as a catalyst for digital transformation.
In response to the news, Rohit Prasad, MD & CEO of Easebuzz, stated, “RBI regulation undoubtedly increases trust in the digital payment ecosystem and encourages firms such as ourselves to innovate to enhance and accelerate the growth of digital payments in the country. Our goal is on developing safe, cutting-edge, and simple payment solutions for Indian SMEs, helping them to be the development engines for the $5 trillion GDP dream.”
The RBI published recommendations in March 2020 to govern Payment Aggregators and Payment Gateways that facilitate online payments. The guideline defines ‘payment aggregators’ as businesses that enable e-commerce sites and merchants to accept multiple payment instruments from consumers to fulfill their payment obligations without the merchants having to establish their payment integration system. PAs help retailers connect with acquirers. They take payments from clients, pool them, and then distribute them to merchants after a certain amount of time.
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