Over a month after receiving the Payment Aggregator-Cross Border (PA-CB) licence from the Reserve Bank of India (RBI), fintech major Razorpay has now secured the Payment Aggregator – Physical (PA-P) Licence from the apex bank. In a statement, the IPO-bound startup said that the licence would allow its offline payments vertical, Razorpay POS, to support high-volume, in-store payments for businesses operating at any scale. Razorpay POS already offers products like mPOS devices, smart POS machines, and soundboxes for merchants seeking offline payment solutions. With this regulatory approval, it will now be able to further expand its offerings in the space. Important to highlight that the fintech startup’s application for the cross-border payments licence received regulatory clearance just last month, enabling its clients to accept payments in global currencies across a range of payment methods in India. It was also among the early recipients of the PA licence from the RBI in December 2023. “In-store commerce continues to power a large part of India’s economy, and building payment infrastructure for it begins with trust and regulatory alignment. For us, regulation isn’t an afterthought; it’s core to how we build. Securing the RBI’s Offline Payment Aggregator License further strengthens our ability to… Read MoreInc42 Media
