RBI Asks Razorpay, Cashfree to Pause Onboarding of New Customers
2 years ago

RBI Asks Razorpay, Cashfree to Pause Onboarding of New Customers

News 18  

The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source. “RBI has issued an order a few days back asking Razorpay and Cashfree to stop customer onboarding,” a source told PTI. We would like to emphasize that this directive of the RBI has no impact on Razorpay’s existing business operations and current merchants,” Razporpay spokesperson said. “Razorpay’s operations are fully compliant with all regulatory guidelines and the company continues to be in touch with RBI for the next steps,” Razporpay spokesperson said.

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History of this topic

PhonePe, Razorpay rival PayU Payments cleared by RBI to operate as payment aggregator
8 months ago

PhonePe, Razorpay rival PayU Payments cleared by RBI to operate as payment aggregator

Hindustan Times  

PayU Payments has received the Reserve Bank of India's in-principle nod to operate as a payment aggregator. PayU has received RBI's nod to operate as a payment aggregator. Notably, the central bank had returned PayU’s application to operate as a payment aggregator and even stopped it from onboarding new merchants. PayU India revenue was reported at $400 million in FY23 …

RBI lifts ban on Razorpay, Cashfree; allows onboarding new merchants
1 year ago

RBI lifts ban on Razorpay, Cashfree; allows onboarding new merchants

Live Mint  

The Reserve Bank of India has lifted ban on payment aggregators Razorpay and Cashfree after almost a year. We are very excited about this new phase of our journey, where we continue to drive exponential growth and retain our market leadership as the preferred aggregator in the payments space.” Razorpay spokesperson said: “Having received the new PA licence, we now …

Razorpay Joins ONDC, Becomes First Payment Gateway to Launch Payment Reconciliation Services for Buyer, Seller Apps
1 year, 7 months ago

Razorpay Joins ONDC, Becomes First Payment Gateway to Launch Payment Reconciliation Services for Buyer, Seller Apps

News 18  

Full-stack payments platform Razorpay on Thursday said it is joining the Open Network for Digital Commerce ecosystem, thus becoming the first payment gateway in India to launch payment reconciliation services for buyer and seller apps. “The fintech major becomes the first payment gateway to launch a payment reconciliation service for network participants like buyers, sellers, and logistic partners, thereby streamlining …

Razorpay abides by RBI advisory to pause onboarding online merchants
2 years ago

Razorpay abides by RBI advisory to pause onboarding online merchants

Live Mint  

The Reserve Bank of India has asked fintech services firm Razorpay to temporarily pause onboarding new online merchants and share additional details required to obtain a "final payment aggregator/payment gateway license". We would like to emphasize that this directive of the RBI has no impact on Razorpay’s existing business operations and current merchants," Razporpay spokesperson said. The spokesperson said that …

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