Neobanking platform Open is the latest fintech firm to have received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company said in a statement on Monday.
It receives approval from the central bank, joining companies like Infibeam, Innoviti, Razorpay, MSwipe, Stripe, Pine Labs, and others. Following the completion of the testing phase of the second cohort under the RBI’s regulatory sandbox, Open also received approval from the RBI earlier this year for its new cross-border payments product. All payment gateways are required to obtain a licence in order to acquire merchants and provide them with payment services, according to the payment aggregator framework that the RBI released in March 2020.
