Razorypay, one of many nation’s main cost processors, has halted the onboarding of recent retailers following an advisory issued to them by the Reserve Financial institution of India.
The motion is just not punitive in nature and is a part of the licencing course of.
“As a part of the method for the ultimate authorisation of our PA/PG license, for which we obtained in-principle approval from RBI in July, we at the moment are required to share extra particulars with RBI to assist within the last license course of. As a part of this course of, RBI has urged us to quickly withhold onboarding new on-line retailers until such particulars are submitted,” a Razorpay spokesperson advised BQ Prime.
The affirmation got here after an individual conscious of the matter, who spoke on situation of anonymity, earlier advised BQ Prime that the central financial institution has requested Razorpay to quickly cease onboarding new retailers, and the corporate is required to share extra info associated to its cost aggregator licensing course of.
The agency expects to have the ability to fulfill the necessities and begin onboarding retailers once more in a number of weeks, in accordance with the Razorpay spokesperson.
Razorpay, Pine Labs and Stripe have been among the many first entities granted an in-principle cost aggregator license in July earlier this 12 months.
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