Decentro, India’s FinTech infrastructure platform, recently announced that it has received its final payment aggregator license from the Reserve Bank of India (RBI). The payment aggregator license is a recognition of Decentro’s robust fintech infrastructure tech stack and its strong focus on innovation.
The RBI had issued a payment aggregator framework in March 2020, mandating payment gateways to have a license to acquire merchants and provide them with digital payment acceptance solutions. Since then, more than 185 fintech companies have applied for the permit, with 32 entities receiving in-principle approval. With the final approval from the RBI, Decentro can now empower its customers with enhanced payment solutions and security.
Rohit Taneja, Founder & CEO of Decentro, expressed his excitement about receiving the payment aggregator license, stating that it is a milestone and a testament to the company’s innovative spirit and commitment to compliance. He also emphasized the company’s dedication to driving fintech innovation forward globally.
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Co-Founder Pratik Daudkhane highlighted the importance of securing the license in India’s advanced fintech ecosystem. He mentioned that the RBI’s inputs helped shape Decentro’s payments business while ensuring compliance and security. This license will now allow the company to enter the next growth phase and build industry-tailored, open banking payment solutions for regulated entities, fintechs, MSMEs, and enterprises.
Decentro joins other fintech companies like Zoho and Juspay, which have also received the final payment aggregator license from the RBI. Zoho, an enterprise-tech platform, offers software-as-a-service solutions, while Juspay is a full-stack digital payments SaaS platform. These companies are part of a growing list of startups that have successfully obtained regulatory approval to operate as payment aggregators.
The approval from the RBI comes at a time when the central bank has been tightening its checks on the fintech sector due to rising cases of regulatory and compliance issues. However, the RBI has also extended its Payments Infrastructure Development Fund scheme until December 2025 to boost the digital payments infrastructure in the country.
According to Inc42’s State Of Indian Fintech Report, the digital payments sector is expected to reach a market size of over $253 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5%. This growth potential underscores the importance of payment aggregators like Decentro in India’s fintech landscape.
With its payment aggregator license, Decentro is now poised to expand its services and offer seamless transactions across UPI, auto-pay, and e-mandates. The company is also exploring avenues for local and international expansion, reaffirming its dedication to driving fintech innovation.
About Decentro
- Decentro offers an API Banking Platform to simplify financial integrations for businesses.
- They provide APIs and SDKs for banking functionalities like payments, KYC, and lending.
- The platform allows businesses to integrate with multiple banking partners in one place.
- Automation of complex integrations makes it faster and easier for businesses to launch their solutions.
- Decentro ensures security and compliance with industry standards, protecting data and maintaining regulatory adherence.
Source:
https://inc42.com/buzz/zoho-juspay-decentro-get-rbi-nod-for-payment-aggregator-business/
Last Updated on 10 months
