RBI grants Payment Aggregator license to SabPaisa (SRS Live Technologies)
Jul 03, 2024
SMPL
New Delhi [India], July 3: SabPaisa (SRS Live Technologies Private Limited), a leading payment solutions provider, announced that it has received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
This approval solidifies SabPaisa's position as a leading player in the Indian fintech industry, enabling it to offer comprehensive payment aggregation services to merchants across the country. Since its establishment in 2016, SabPaisa has championed simplifying payments, offering innovative payment gateway solutions and related products such as Payouts and Subscriptions. By prioritizing merchant-friendly solutions and investing in research, product development, and technology, SabPaisa equips businesses with a seamless and consolidated payment experience.
Pathikrit Dasgupta, CEO of SabPaisa remarked, "Securing the final approval from RBI marks a significant milestone for SabPaisa. It underscores our unwavering dedication to excellence and reinforces our aspiration to emerge as a premier fintech entity in India. We are poised to harness this opportunity to deliver unparalleled solutions, ensuring our competitiveness and future resilience."
Introduced in March 2020, RBI's payment aggregator framework mandates that only authorized entities can provide payment aggregation services to merchants. This means SabPaisa has now joined the likes of Juspay, Razorpay, Stripe, neo-bank Open and others in receiving the RBI nod for a payment aggregator authorization.
SabPaisa has experienced remarkable growth over the past two financial years, witnessing a 2X increase in revenue and forecasting the same for 2024-25. With headquarters in New Delhi and operational presence across the country, SabPaisa is trusted by thousands of merchants, including major enterprises, banks, and government institutions.
By obtaining this final approval, SabPaisa is poised to advance its goal of delivering a seamless, inclusive, and high-performance payment experience through its comprehensive product suite.
For further information, visit: https://sabpaisa.in/
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