RBI issues Payment Aggregator license to SabPaisa

SabPaisa, a company that provides payment solutions, has revealed that it has been granted official approval by the Reserve Bank of India to operate as a Payment Aggregator under the Payments and Settlement Systems Act, 2007.

The license permits SabPaisa to provide merchants nationwide with a full range of payment aggregation services. Since being founded in 2016, SabPaisa has provided innovative payment gateway solutions and related products like Payouts and Subscriptions.

"The final approval from RBI is a major milestone for SabPaisa," stated its CEO Pathikrit Dasgupta. This emphasizes our constant commitment to quality and strengthens our goal to become a leading fintech company in India. We are ready to take advantage of this chance to provide unmatched solutions, guaranteeing our competitiveness and future durability.

The payment aggregator framework by RBI, implemented in March 2020, requires that only authorized entities can offer payment aggregation services to merchants. This indicates that SabPaisa has now become one of the recipients of the RBI's approval for a payment aggregator authorization, alongside Juspay, Razorpay, Stripe, neo-bank Open, and others.

SabPaisa's revenue has doubled and it is expecting a comparable growth in the upcoming fiscal year.

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