The Reserve Bank of India (RBI) yesterday allowed fintech firms Juspay and Decentro and Software-as-a-Service (SaaS) company Zoho to operate as Payment Aggregators (PAs).
Decentro allows neo-banks, marketplaces and fintechs to integrate and offer banking solutions via its APIs, and Juspay operates as a full-stack payment gateway.
Zoho is among the rare enterprise SaaS firms to secure the much-awaited payments licence.
The regulator has been cautious in handing out the PA licences with stringent criteria.
Some major fintechs, namely PhonePe, Infibeam, Pine Labs and Easebuzz, have earlier been granted an in-principal approval, and are now waiting for the final nod.
The application of Cred and PayU is still under process.