RBI clears payment aggregator licence for Razorpay, PineLabs & Stripe

Payment aggregators enable e-commerce sites and merchants to accept payment instruments from customers without the need for merchants to create their own payment integration system

Several payment providers such as Razorpay, Pine Labs, Stripe, and 1Pay have received in-principle approval from the Reserve Bank of India (RBI) for payment aggregator licences. More players are expected to get the central bank’s nod for the licence, people in the know said.

Payment aggregators are entities that enable e-commerce sites and merchants to accept various payment instruments from customers for completion of their payment obligations, without the need for merchants to create a separate payment integration system of their own.

They allow merchants to connect with acquirers. In the process, they receive payments from customers, pool and