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Mahesh

12/01/23 08:57 AM IST

BharatPe receives in-principle nod from RBI for online payment aggregator

In News
  • Fintech unicorn BharatPe recently said it has received in-principle approval from the Reserve Bank of India (RBI) to operate as Payment Aggregator. 
Payment Aggregator
  • Payment aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers.
  • They do not require merchants to create a separate payment integration system of their own.
  • The RBI had issued a Payment Aggregator Framework, mandating payment gateways to obtain a license for acquiring merchants and providing them with digital payment acceptance solutions.
Bharat Pe
  • BharatPe, founded in 2018, began by launching the first interoperable UPI code. It serves more than 1 crore merchants across 400+ cities.
  • This in-principal approval for Payment Aggregator license, is a vital step for BharatPe to continue its operations and provide digital payment acceptance solutions.
  • The in-principle approval from the Reserve Bank of India for BharatPe to operate as a Payment Aggregator is a significant milestone for the fintech unicorn, which has been facing controversies and high-profile exits in recent times.
Source- Live Mint

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