The RBI has lifted the ban on payment aggregators Razorpay and Cashfree.

The Reserve Bank of India (RBI) has given the green light to payment aggregators Razorpay and Cashfree after almost a year of a ban. 

So, what does this mean?

Well, the RBI's approval now allows these payment companies to bring in new merchants onto their platforms for processing online payments. It's like getting the official thumbs-up to expand and welcome more businesses into the world of online transactions.

Cashfree Payments is pretty happy about it. A spokesperson said, "Getting the Payment Aggregator (PA) license from the RBI is a big deal for us. It shows we're following the rules and that having well-regulated payments is important. Now, we're bringing in new merchants onto our payment gateway, and we're super excited for this next part of our journey where we keep growing and stay a leader in the payments world."

And Razorpay is equally thrilled. Their spokesperson mentioned, "With the new PA license, we can now start bringing in new customers and promise to serve them with our awesome payment solutions. We're excited about this and proud to be one of the first Payment Gateways to get the final PA license from the RBI."

To give you a bit of background, last year, the RBI told Razorpay, Cashfree, PayU, and Paytm (who all had preliminary approval for payment aggregator licenses) to pause adding new merchants until they got the official go-ahead. It was like a temporary timeout until they completed some paperwork.

These companies, holding a big chunk of the market share in onboarding new merchant accounts, have been in constant talks with the RBI to sort things out. Now, it looks like all that hard work and discussions have paid off!

Razorpay and Cashfree are back in action and will bring more businesses into the online payment world.

Until then...

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