Razorpay has paused onboarding online merchants for the last few weeks. It did this after the RBI (Reserve Bank of India) advised it to do so. This payment gateway will do this until it gets a final PA (payment aggregator) license.
Razorpay will need a few weeks to comply with some guidelines for obtaining the PA license. The pause is not impacting its other business processes and operations and merchants.
Razorpay received in-principle approval in July for a PA license. It was the top 3 companies to do so, as per a report.
After receiving the in-principle approval from the RBI, it will have to provide some extra details to RBI. This will help in obtaining the final license processes. RBI also suggested withholding new merchants’ onboarding for the moment. The payment gateway will continue to do so until it submits the details.
The company continues to onboard new businesses on the Razorpay services. It includes RazorpayX, offline payments through Ezetap, and corporate Cards. The operations of Razorpay are compliant with every regulatory guideline. And for the upcoming steps, Razorpay will stay in touch with RBI.
The firm has acquired the payments-linked engagement and loyalty startup PoshVine. It accelerated the firm’s push into rewards and loyalty management. PoshVine offers payments-linked engagement and loyalty solutions. It serves businesses, banks, and payment networks.
A few months back, Razorpay tapped the in-person and offline payments market. It still counts for most of India’s electronic money movement. It is doing this by purchasing offline payments from Ezetap.
Ezetap facilitates on-delivery and POS (point-of-sale) payments. This move puts Razorpay on track to becoming the best omnichannel payments service. It will allow it to compete with the businesses in India.
Also, Razorpay has acquired Curlec, IZealiant Technologies, Thirdwatch, Opfin, and TERA Finlabs.
RBI and Razorpay will soon come together to come up with a uniform decision. And Razorpay will continue its operation in the country without any kind of barriers.