On Wednesday, the Reserve Bank of India made the announcement regarding the 32 companies that have been granted permission to act as online payment aggregators. The announcement concerned the 32 businesses that have been granted permission. This category includes a variety of businesses, including Google Pay, which is owned by Alphabet Inc., Amazon Pay, which is owned by Amazon.com Inc., and Reliance Payment Solutions Ltd.
The names were made public on the internet by the central bank in order to “disseminate information” and “promote greater transparency.” There are a number of other reputable companies that have been granted permission to conduct business in India. Some of these companies include Zomato Payments Pvt. Ltd., Pine Labs Pvt. Ltd., and Infibeam Avenues Ltd.
Also Read: Amazon Buyers Rave About This Highly
The regulatory body has confirmed that the remaining 32 payment aggregators are permitted to continue operating their businesses as usual while their applications are being evaluated. The evaluation of these applications will take place in the coming weeks.
Out of the total of four companies that have had their applications denied so far, two of them are Freecharge Payment Technologies Pvt Ltd., which is owned and operated by Axis Bank, and PayTM Payments Services Ltd.
According to the instructions that were given to them by the RBI, as long as they do not take on any new merchants, they are permitted to continue operating and can reapply within 120 days of the date that they initially submitted their return. However, if they do take on any new merchants, they are not permitted to continue operating.
Also Read: Amazon is Offering Discounts on iPads Of up To $100!
Even though it allows the tech giants to on-board digital merchants and process payments from customers on their behalf, the central bank views the entry of big tech into the full-fledged banking space as a threat to the financial stability of the country as a whole as well as to local banks. This is the case despite the fact that it allows the tech giants to on-board digital merchants and process payments from customers on their behalf.
The names were made public on the internet by the central bank in order to “disseminate information” and “promote greater transparency.” In addition to Zomato Payments, Pine Labs, and Infibeam Avenues, other companies have also been given permission to move forward with their respective business strategies.
Up to this point, four applications have been rejected, two of which were submitted by startups called Freecharge Payment Technologies and PayTM Payments Services, both of which are backed by Axis Bank.
Also Read: iPhone 13 Price Decrease on Amazon, Flipkart, And The Apple Store!
The Reserve Bank of India (RBI) has stated that businesses are allowed to continue to operate even if they do not accept any new merchants and that these businesses are allowed to reapply within 120 days of the date that they return to the country.
The nation’s central bank has granted permission to the world’s largest technology companies to process payments from customers and onboard digital merchants on their behalf. In spite of this, the bank is concerned that the entry of large tech companies into the full-fledged banking space will threaten both the financial stability of the country and the local banks..
Also Read: The Family Man Season 3: Release Date Update
