Fintech unicorn Razorpay, one of the country’s leading payment gateways, has paused onboarding of new online merchants to comply with a communication that it received from the Reserve Bank of India, sources told Moneycontrol.
One of the sources cited above said the RBI has advised Razorpay to pause onboarding beginning December 15, 2022, until it can comply with a few guidelines required to obtain a final payment aggregator (PA) license.
While media reports claim that other platforms, such as Cashfree and Stripe, have also been advised to stop onboarding new online merchants, Stripe has said that the platform is continuing its services
“We haven’t received any communications from the RBI asking us to pause onboarding. We look forward to continuing to operate in India and help Indian businesses process their payments, support their subscription business models, and combat fraud,” said a Stripe spokesperson.