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PayMate Receives In-Principle Authorization To Operate As A Payment Aggregator From RBI

Payment aggregators are entities which facilitate merchants and businesses to make and receive payments, pool and transfer them to the merchants within a time frame prescribed by the RBI Guidelines

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PayMate India has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA) subject to the guidelines on regulation of payment aggregators (PAs) and payment gateways (PG) dated March 17, 2020 (RBI Guidelines) as updated from time to time.

Ajay Adiseshan, Chairman and Managing Director, PayMate says, “With digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and help us adopt appropriate frameworks for managing risk. Furthermore, this will allow us to continue innovating our digital platform solutions and capabilities that enable businesses ranging from SMEs to Enterprises across all industry verticals.

Payment aggregators are entities which facilitate merchants and businesses to make and receive payments, pool and transfer them to the merchants within a time frame prescribed by the RBI Guidelines.

The RBI guidelines stipulates various norms on merchant onboarding like minimum net worth requirements, compliance with KYC guidelines, as well as data storage requirements through tokenization.

The PayMate platform encompasses all of these and will enable customers and users with the security of tokenized card transactions.

PayMate recently announced its entry into Singapore and Sri Lanka as a part of a broader geographical expansion plan into other parts of Central Europe, the Middle East, Africa (“CEMEA”), South Asia and the Asia Pacific (APAC). PayMate has an established relationship with Visa in India and is also a Visa-certified Business Payment Solution Provider (BPSP).


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