RBI Issues In-Principle Permission for PayMate to Hold a Payment Aggregator License
- ByStartupStory | December 9, 2022
The Reserve Bank of India (RBI) has granted PayMate India preliminary permission to operate as a payment aggregator (PA) under the terms of the RBI Guidelines on the regulation of payment aggregators (PAs) and payment gateways (PGs), dated March 17, 2020, as amended from time to time.
“With digital payments quickly becoming commonplace, these measures bolster client confidence and trust and help us implement suitable frameworks for controlling risk,” says Ajay Adiseshan, Chairman and Managing Director of PayMate. Additionally, this will enable us to keep innovating our digital platform services and capabilities, which support companies of all sizes, from SMEs to Enterprises, in all industry verticals.
Payment aggregators are entities which facilitate merchants and businesses to make and receive payments, and pool and transfer them to the merchants within a time frame prescribed by the RBI Guidelines.
The RBI rules specify the number of requirements for onboarding merchants, including minimum net worth standards, adherence to KYC regulations, and data storage requirements through tokenization. All of these are included in the PayMate platform, which provides consumers and users with the safety of tokenized card transactions. As part of a larger geographic expansion strategy into other regions of Central Europe, the Middle East, Africa (“CEMEA”), South Asia, and the Asia Pacific, PayMate recently announced its entry into Singapore and Sri Lanka. PayMate is a Visa-certified Business Payment Solution Provider and has a standing relationship with Visa in India.
Also Read
Follow Startup Story
Related Posts
