Decentro receives Payment Aggregator License from RBI
By Gloria Mathias
Decentro, India’s FinTech infrastructure platform, has announced that it has received its final payment aggregator license from the Reserve Bank of India (RBI).
The regulator’s approval is a recognition of Decentro’s robust fintech infrastructure tech stack and its strong focus on innovation. To ensure the safety of consumers and businesses, the RBI issued a payment aggregator framework in March 2020, which stated that payment gateways would be mandated to have a license to acquire merchants and provide them with digital payment acceptance solutions.
As of 2023, more than 185 fintech companies had applied for the permit, with 32 entities receiving in-principle approval. With this final nod of approval by RBI, Decentro can empower its customers seamlessly with enhanced payment solutions and security.
Rohit Taneja, Founder & CEO, Decentro, said, “As a founder, we embarked on this journey with a clear mission: to revolutionise banking and fintech integrations for India’s major platforms, especially those harnessing UPI and bank-to-bank payments like NEFT, IMPS, RTGS, and e-NACH. Today, receiving the PA/PG license from the RBI is a milestone and a testament to our innovative spirit, unwavering commitment to compliance, and a burgeoning reputation as a premier global fintech infrastructure platform. Being the youngest company on the list underscores our agility and forward-thinking approach. With this pivotal approval, we’re poised to empower large-scale platforms, marketplaces, and lenders with our cutting-edge payment collection APIs, enabling seamless transactions across UPI, auto-pay, and e-mandates. As we grow, we’re also exploring newer avenues for local and international expansion, reaffirming our dedication to driving fintech innovation forward globally.”
Co-Founder Decentro Pratik Daudkhane shared, “We’re excited to secure a license in the most advanced FinTech ecosystem of the world. The Reserve Bank’s inputs helped shape our payments business while adhering to the highest standards of compliance & security. This is a crucial step for us to enter the next growth phase, where we look forward to building industry-tailored, open banking payment solutions for regulated entities, fintechs, MSMEs, and enterprises.”
IBSi Daily News Analysis
February 28, 2024
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage