PayGlocal gains in-principle approval from RBI for Payment Aggregator license
By Gloria Mathias
PayGlocal, a cross-border-focused payments platform provider, has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator (PA) license.
This marks a pivotal step towards the full authorization process, which, once completed, will enable PayGlocal to onboard merchants onto its platform for online payment processing.
PayGlocal was founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande. PayGlocal offers its technology platform to various players in the market for payment processing and transaction risk management. This helps them accept online payments securely through various payment instruments, including cards and global alternative payment methods.
“PayGlocal is deeply committed to the Indian market and its emerging role in the global economy. Driven by our growing GDP, global commerce from India will continue to grow, and we remain focused on providing the right payment solutions to enable this growth. RBI’s support in providing this in-principle license will help us create more innovative solutions as we continue to work towards getting full authorization. Additionally, RBI’s new guidelines on PA CB (Payment Aggregator Cross Border) is a huge step in the right direction from a Regulatory framework standpoint in taking the cross-border payment agenda of the country forward. We are very confident in creating innovative and compliant Cross Border solutions with this regulatory framework,” shared Prachi Dharani Co-founder and CEO of PayGlocal.
The company has also raised capital from investors like PeakXV (fka Sequoia Capital India) and Tiger Global. PayGlocal’s technology platform offers a comprehensive suite of services designed to meet the evolving needs of merchants, payment aggregators, and banks. Driven by user-centric technology, PayGlocal leads the charge in global commerce with innovations in cross-border payment solutions.
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