RBI asks Razorpay, Cashfree to Hold off Onboarding New Merchants
- ByStartupStory | December 17, 2022
RBI asks Razorpay, Cashfree to Hold off Onboarding New Merchants. RBI has sent them the notices stating that they have to withhold onboarding any new online merchants to their platforms, pending their audit for the payment aggregator/payment gateway licences (PA/PG). Only after submitting the audit report to the RBI which proves that they are running in accordance with the rules and regulations for the payment aggregator/payment gateway (PA/PG) licences, the three companies are allowed to remain back to normal.
“As part of the process for the final authorisation of our PA/PG licence for which we received the in-principle approval from RBI in July, we are now required to share additional details with RBI to aid in the final licence process. As part of this process, RBI has suggested we temporarily withhold onboarding new online merchants till such details are submitted.” said by Razorpay. “We would like to emphasise that this has no impact on Razorpay’s existing business operations and current merchants.” They added.
Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. It was founded by Murali Brahmadesam in 2013.Cashfree Payments enables 1,50,000+ growing businesses in India and across the globe to collect payments, make payouts, manage international payments, and more.It was founded by Sinha and Reeju Dutta in 2015.
Follow Startup Story
Related Posts
