Pine Labs, Razorpay, Stripe become first to bag RBI's payment aggregator licences

After a long wait, the Reserve Bank of India (RBI) has started handing out the payment aggregator (PA) licences to eligible players. Pine Labs, Razorpay and American payments player Stripe have become the first players to receive the in-principle approval for the license, according to multiple sources aware of the development. In a mail sent to these companies, RBI said that an in-principal approval has been granted and the companies will have to conduct an audit within the next six months to get a final nod, in-line with RBI's procedure for all licenses.

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