Easebuzz has received Reserve Bank of India (RBI) payment aggregator authorisation, allowing the fintech to offer comprehensive payment solutions across offline, online, and cross-border transactions.
The company noted that this authorisation enables merchants to access a full range of payment services, including online payment acceptance, in-person payments via PoS and UPI soundbox, and international inward and outward payments.
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This development follows recent RBI authorisations for other firms, such as PayU and Infibeam Avenues, to operate as payment aggregators for physical transactions, also known as physical (PA-P), which covers offline digital payments, reported Business Standard.
According to the RBI, a payment aggregator is an entity that enables transactions where the acceptance device, as well as the payment instrument, is physically present during the transaction.
Easebuzz highlighted that the approval of the banking regulator to function as a cross-border payment aggregator will enhance its ability to support export-oriented businesses serving worldwide customers.
The company currently serves a diverse merchant base, processes three million transactions daily, and manages an annualised Gross Transaction Value (GTV) surpassing $50bn.
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By GlobalDataEasebuzz CEO and managing director Rohit Prasad said: “This milestone reflects our long-standing commitment in building compliant, scalable and secure payment solutions for Indian businesses.
“This also stands testimony to RBI’s progressive approach in reducing entry barriers and propelling the industry forward through innovation and an integrated payments ecosystem across online, offline and cross-border transactions.”
In September, The Times of India reported that PhonePe, an Indian payments firm backed by Walmart, secured final authorisation from the RBI to operate as an online payment aggregator.
Earlier this month, Junio Payments, a subsidiary of FirstPay Technologies, received in-principle approval from the RBI to issue prepaid payment instruments (PPIs).
Recently, the RBI designated the Self-Regulated PSO Association (SRPA) as a self-regulatory organisation for payment system operators.
