Open gets RBI nod for payment aggregator licence

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Open gets RBI nod for payment aggregator licence

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.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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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.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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