Sign In
Learn bits
Economy
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

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps