Razorpay, Cashfree, Google Pay get RBI nod for payment aggregator business, Paytm and PayU still ‘barred’

RBI approves Razorpay and Cashfree as payment aggregators, allowing them to onboard new merchants and accelerate growth. Other companies receiving approval include Google for Google Pay, Enkash, Payments, and Open Financial. Paytm and PayU still under embargo. These fintech startups are exploring alternate business models to maintain revenue. RBI conducted thorough checks to select companies for approval, with approximately six to seven applicants receiving the nod.