Razorpay gets offline PA license from RBI
With the PA-P license, Razorpay now holds all three key RBI authorisations for payments, online, offline, and cross-border.
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Fintech major Razorpay said that it has secured the offline payment aggregator license (PA-P) from the Reserve Bank of India (RBI).
The approval will help add regulatory depth to its offline payments arm -- Razorpay POS -- as the license will enable it to support high-volume, in-store payments for businesses across sectors, from large retail chains and enterprises to fast-growing small and medium enterprises (SMEs).
"Securing the RBI’s Offline Payment Aggregator License further strengthens our ability to support businesses with scalable, compliant in-store payments as they expand their omnichannel presence," said Shashank Kumar, MD & co-founder, Razorpay.
With the PA-P license, Razorpay now holds all three key RBI authorisations for payments, online, offline, and cross-border.
The fintech company had received the payment aggregator-cross border license last month in December.
In November last year, Pine Labs obtained all the mandated regulatory licences needed to offer digital payments in the country.
Razorpay has reportedly kickstarted the process to float its initial public offering (IPO). Earlier this week, PhonePe filed updated draft red herring prospectus (UDRHP) for its IPO.