The Reserve Bank of India has stepped up regulatory approvals for fintech companies over the past year, and it has issued multiple payment related licences to a wider set of firms, with several securing full stack authorisation across categories in 2025.
In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across…

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