New-Merchant Onboarding Not Allowed On Top Payment Aggregators
Reserve Bank Of India has asked several payment partners such as Razorpay, Stripe, and Cashfree to pause onboarding new merchants until the central bank issues a payment aggregator license to them.
Recently RBI also asked Paytm to re-submit the application to operate as a PA and till then they too can’t onboard new merchants.
If you are a new merchant then this might affect you, thus to help you overcome it we have done the work and jotted down the solution in this post.
So, let’s dive in and check the content in this post-
Why Is The Payment Gateway Not Working In India?
During an interview with the governor of RBI, Mr. Shakitanta Das, it was made clear that a single entity can not continue to provide an ecommerce marketplace along with payment aggregator services, and such payment aggregators must be separated from the e-commerce marketplace businesses.
However, it’s still unclear why RBI has taken such a move and blocked the integration of new ecommerce merchants. They have already denied the request of companies like Mobikwik-owned Zaakpay, and platforms like Swiggy, Zomato, Google, etc, too have not successfully obtained a PA license.
This means they have to rely on licensed payment gateway operators to serve as an intermediary for transactions on their platform.
However, the existing users don’t have to worry about banning all these services.
Here Is A List Of All The Aggregators Whoes Applications Were Returned By The RBI
| Name | Application Returned On |
| FreeCharge Payment Technologies Private Limited | 10th/Feb/2023 |
| PayTM Payment Services Limited | 25/Nov/2022 |
| PayU Payments Private Limited | 10/Jan/2023 |
| Tapits Technologies Private Limited | 10/02/2023 |
How To Enable Payment Gateway In Your Store?
PhonePay’s payment integration is currently working and new merchants are allowed to be a part of it. Apart from that there are some new payment aggregators that can also operate as online payment aggregators-
- Tata Payments Limited Ltd.
- Zoho Payments Technologies Ptv Limited
- Mswipe Technology PVT limited.
You can partner with these service providers and facilitate online transactions on your store. These service providers will help you carry out online transactions on your store like credit card transactions, debit card transactions, net banking, and more.
Conclusion
Now, in the end, we hope that you were able to gain insights into why new merchants are not allowed to integrate with popular payment aggregators like Razorpay, Stripe, and more.
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