The payment gateway Easebuzz announced that it has got preliminary clearance for payment aggregator (PA) permission from the Reserve Bank of India (RBI).
Easebuzz has acquired in-principle clearance for the license, joining businesses like Razorpay, Stripe, Pine Labs, and MSwipe.
“RBI regulation undoubtedly fosters more trust toward the digital payment ecosystem and empowers players like us to innovate, to strengthen and accelerate the growth of digital payments in the country,” said Rohit Prasad, MD & CEO of Easebuzz.
“Our goal is to develop secure, modern, and simple payment solutions that are more available to Indian SMEs and enable them to be the development engines for the $5 trillion GDP dream,” the company states.
The startup, sponsored by 8i Ventures, Varanium Capital, and Guild Capital, is a digital platform where companies can integrate technology-based solutions with payments to automate collections. To provide medium-sized and micro-enterprises (MSMEs) with solutions that could address their collection-related issues and add value in the form of reduced pricing, easily integrated APIs, and accessibility to all payment methods for the end user, the company has developed an API-based platform.
The RBI published regulations in March 2020 to control the Payment Aggregators (PAs) and Payment Gateways (PGs) that handle payments in the online world. According to the guidelines, “payment aggregators” are organizations that enable merchants and e-commerce sites to accept different payment instruments from customers to fulfill their payment obligations without the need for the merchants to develop their separate payment integration system.
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