BharatPe gets in-principle nod from RBI to operate as online payment aggregator

• BharatPe gets in-principle nod from RBI to operate as an online payment aggregator.
  
• The final authorization is subject to fulfillment of certain conditions.
  
• This in-principle approval will help catapult our expansion plans, BharatPe said.

BharatPe said on Tuesday that it has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The in-principle approval has been given to Resilient Payments, a subsidiary of Resilient Innovations (BharatPe).

“We are really excited to receive the in-principle approval for the Online Payment Aggregator License and are thankful to the regulators for entrusting their faith in us. At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of 1 crore merchants across over 400 cities,” said Nalin Negi, CFO and interim CEO, BharatPe.

However, the final authorization is subject to fulfillment of certain conditions. BharatPe said it will now commence work on fulfilling the said conditions within the prescribed timeline and launch its online payments aggregator business upon the receipt of the final authorisation from RBI.

“This in-principle approval will help catapult our expansion plans and enable us to reach out to millions of more unbanked and underserved merchants, provide digital payment acceptance solutions and in turn, get them to be a part of the Digital India story,” Negi added.

Founded in 2018, the company claims to have launched the first UPI interoperable QR code, the first zero MDR payment acceptance service in India.

The company processes more than 18 crore UPI transactions per month (annualised transaction processed value of over $24 billion in payments). It facilitated the disbursement of loans to the tune of ₹8,500 crore to over 450,000 merchants.

BharatPe said its point of sale (POS) business now processes payments of over $4 billion annually on its machines.

The announcement came as the company is fighting a fierce battle against its former co-founder Ashneer Grover over a fraud amounting to ₹88.6 crore.

(With inputs from IANS)

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