Easebuzz Obtains RBI Approval in Principle for Payments Aggregation Authorization
Easebuzz Payment Solutions Platform Pvt. ltd. announced on Wednesday that it has received approval in principle from the Reserve Bank of India (RBI) for payment aggregator (PA) authorization.
Easebuzz is a digital platform where businesses can include “technology-enabled solutions,” which are integrated with payments to easily digitize collections, the company said. Over the years, the company has created an affordable and easy-to-use API-based platform to offer small businesses “solutions”, which could solve their collection problems and also bring value in terms of subsidized prices, easy-to-integrate APIs, and availability for everyone. payment methods for the end user.
With scalable and easily adaptable API solutions, Easebuzz said it solves end-to-end payment use cases for MSMEs. It aims to be the financial operating system for the existing 63 million Indian MSMEs and to be the catalyst for digital transformation.
Speaking on the development, Rohit Prasad, Managing Director and CEO of Easebuzz, said, “The RBI regulations definitely bring more confidence in the digital payment ecosystem and allow players like us to innovate, in order to to strengthen and accelerate the growth of digital payments in the country.. Our goal is to create secure, state-of-the-art and easy-to-use payment solutions that are more accessible to Indian SMEs and enable them to be the engines of growth of the $5 trillion economic dream.
In March 2020, RBI issued guidelines to regulate payment aggregators and payment gateways that facilitate payments in the online space. The directive defines “payment aggregators” as entities that enable e-commerce sites and merchants to accept various payment instruments from customers for the fulfillment of their payment obligations without merchants needing to create their own separate payment integration system. APs make it easier for merchants to connect with acquirers. In the process, they receive payments from customers, consolidate them, and transfer them to merchants after a certain period of time.