The Reserve Bank of India has shared a list of 54 companies that have been permitted to operate as payment aggregators or PAs in India. The list includes companies such as Google India Digital Services Private Limited which offers Google Pay, Google India Digital Services Private Limited which operates Amazon Pay, Razorpay Software Private Limited which operates Razorpay, Reliance Payment Solutions Limited, and PhonePe Some companies like Private Limited are incorporated.
The list also includes names like Freecharge Payment Technologies Pvt Ltd, which operates the Freecharge app, Paytm Payments Services Ltd, which operates Paytm, and PayU Payments Pvt Ltd, which operates PayU, whose applications have been withdrawn. And yet he has been allowed to continue his services. As a payment aggregator in the country.
Sharing the list, the apex bank said, “The exercise of scrutiny of PA applications is an ongoing process, with the aim of disseminating information and ensuring greater transparency, here is the list of entities that have submitted applications to RBI, which have been approved by the Authority. Seeking authorization to act as Online PA under PSS Act along with current status of their application as on 15th February, 2023 is published…”
The list shared by the Reserve Bank consists of three tables. The first table contains the names of existing payment aggregators that can operate as online payment aggregators in the country. A total of 54 names are included in this table. The second table contains the names of new payment aggregators who have been given in-principle authorization and whose applications are currently under process. These companies cannot currently operate as payment aggregators in India. It has 28 names.
“All stakeholders are advised to transact only with those existing PAs (a) who have been given in-principle authorization or (b) whose applications are currently under process,” RBI wrote,
The third table contains a list of 57 payment aggregators whose applications were rejected or withdrawn and hence could not operate as PAs in the country. The list includes names such as Ezetap Mobile Solutions Pvt Ltd, GoKwik Commerce Solutions Pvt Ltd, Indian Railway Catering and Tourism Corporation Ltd and Ola Financial Services Pvt Ltd.
“The stakeholders can transact with the new PAs only after these entities obtain ‘authorisation’ under Section 7 of the PSS Act from the Reserve Bank of India,” the apex bank said.
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