Jofie Yordan · · 1 min readGoogle, Amazon Pay get India’s approval to operate as payment aggregators
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India’s central bank has approved 32 entities, including Google, Amazon Pay, and RazorPay, to operate as online payment aggregators in the country.
Submissions from 18 other entities, including PhonePe and Bhartipay, are still being evaluated by the Reserve Bank of India (RBI).
Online payment aggregators with the RBI license can onboard digital merchants and accept payments on their behalf.
Meanwhile, the RBI has returned the applications from four companies, including Paytm and PayU. These payment companies can, however, continue to operate without adding new merchants.
The central bank said the unsuccessful aggregators can reapply within 120 days.
The online payment aggregator framework was first introduced in India in 2020. The framework contains rules that only companies approved by the RBI can acquire merchants and offer payment services to them.
Editing by Samreen Ahmad and Arpit Nayak
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