Payment aggregators: Razorpay, Cashfree secure RBI approval for payment aggregator business
Digital payment startups Razorpay and Cashfree have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators.
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“We are thrilled to announce that we are now onboarding businesses on Cashfree Payment Gateway,” Cashfree wrote on its LinkedIn page.
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Razorpay cofounder Harshil Mathur, too, confirmed the development.
With the final licence in hand, merchant onboarding opens up for both startups. They had been placed under an embargo by the RBI from onboarding new merchants almost a year ago.
The development comes as a major respite for payment companies who were facing intense competition in the online merchant payments space from the likes of PhonePe, Juspay and others, who were allowed new merchant onboarding.
Also read | PhonePe targets more merchant revenue from payment gateway business
Discover the stories of your interest
ET wrote on December 4 about how these payment companies were building alternate business models to ensure that their toplines were not impacted by the embargo.However, the RBI was conducting multi-level checks to ensure that it selects the right companies for final approval to operate as a payment aggregator.
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Digital payment startups Razorpay and Cashfree have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators.
![]()
“We are thrilled to announce that we are now onboarding businesses on Cashfree Payment Gateway,” Cashfree wrote on its LinkedIn page.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
| Indian School of Business | ISB Product Management | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
Razorpay cofounder Harshil Mathur, too, confirmed the development.
With the final licence in hand, merchant onboarding opens up for both startups. They had been placed under an embargo by the RBI from onboarding new merchants almost a year ago.
The development comes as a major respite for payment companies who were facing intense competition in the online merchant payments space from the likes of PhonePe, Juspay and others, who were allowed new merchant onboarding.
Also read | PhonePe targets more merchant revenue from payment gateway business
Discover the stories of your interest
ET wrote on December 4 about how these payment companies were building alternate business models to ensure that their toplines were not impacted by the embargo.However, the RBI was conducting multi-level checks to ensure that it selects the right companies for final approval to operate as a payment aggregator.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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