SabPaisa gets Payment Aggregator license from RBI

19 Jun 2024 , 01:00 PM

SabPaisa (SRS Live Technologies Private Limited), a payment solutions provider, has announced that the Reserve Bank of India (RBI) has granted final approval to operate as a Payment Aggregator (PA) under the Payments and Settlement Systems Act of 2007.

The licence would enable SabPaisa to provide complete payment aggregation services to merchants throughout the country. SabPaisa, founded in 2016, has provided innovative payment gateway solutions as well as related goods such as Payouts and Subscriptions.

“Securing the final approval from the RBI marks a significant milestone for SabPaisa,” said Pathikrit Dasgupta, the company’s CEO. “It demonstrates our ongoing commitment to quality and reaffirms our desire to emerge as India’s preeminent fintech institution. We are prepared to seize this chance to provide unique solutions, assuring our competitiveness and future resilience.”

The RBI’s payment aggregator structure, implemented in March 2020, requires that only authorised businesses provide payment aggregation services to merchants. SabPaisa now joins Juspay, Razorpay, Stripe, neo-bank Open, and others in getting RBI authorization as a payment aggregator.

SabPaisa’s revenue has increased by twofold, and the company expects to grow at the same rate in the current fiscal year.

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