Declined: RBI returns a large number of payment aggregator licence applications9 min read . Updated: 07 Jul 2022, 12:48 AM IST
- The central bank has returned a majority of payment aggregator applications it received from firms, big and small
- Payment aggregators are crucial for online payments—such companies receive, process, pool and transfer user payments to merchants. About 180 firms applied for licences last year.
NEW DELHI : On a pleasant morning in February this year, the chief executive officer (CEO) of a fintech startup received some disheartening news. His company had applied to be authorized as a ‘payment aggregator’, a crucial spoke in the giant wheel of online payments—such companies receive, process, pool and transfer user payments to merchants.
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