Recently which of the following payments solutions platform, has received in-principle approval from the Reserve Bank of India (RBI) for Payment Aggregator (PA) authorization?

Solution

Easebuzz Private Limited, a payments solutions platform, has received in-principle approval from the Reserve Bank of India (RBI) for Payment Aggregator (PA) authorization. Easebuzz, through scalable and easily adaptable Application Programming Interface (API) solutions, is solving end-to-end payment use cases for MSMEs. It seeks to be the financial operating system for the existing 63 million Indian MSMEs and be the catalyst for Digital Transformation. A payment aggregator is a service provider that allows merchants to process mobile or e-commerce payments. They let businesses accept credit and debit card payments without setting up a merchant account through a bank. Micro, Small, Medium Enterprises (MSME’s) are entities that are involved in production, manufacturing and processing of goods and commodities. The concept of MSME was first introduced by the government of India through the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. Micro Investment less than Rs. 1 crore or Turnover less than Rs. 5 crore Small Investment less than Rs. 10 crore or Turnover up to Rs. 50 crore Medium Investment less than Rs. 20 crore or Turnover up to Rs. 100 crore