Easebuzz joins companies such as Razorpay, Stripe, Pine Labs and MSwipe that have received in-principle approval for the license.
MSwipe received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator license on August 8. The company also cross-sells loans to merchants.
The growth in profit and revenue was driven by a 72 percent YoY growth in Transaction Processed Values (TPV) to Rs 87,218 crore in the quarter.
The TIN 2.0 platform went live on July 1 this year and the "Payment Gateway" has been enabled, providing one more payment option to taxpayers, who can now make their payments with ease, using modes such as Credit/Debit Card, UPI, NEFT/RTGS and Internet Banking.
The company is targeting online stores, big e-commerce companies, large-scale government institutions, and large financial services companies to partner with. Plural will help make the offline-to-online transition easier for merchants.
IRCTC’s opportunity set now goes beyond the monopoly businesses with Indian Railways into an interesting new-age area as well. Hence, despite its steady outperformance, the stock remains a long-term compounder, suitable for any investor. Find out more
Having limited and phased regulation could help RBI monitor and fill regulatory gaps
RBI also suggested that e-commerce marketplaces will have to be separated from the payment gateway or aggregator business.
After rolling out guidelines for Bharat Bill Payment System (BBPS), a central host for payment gateway services in the country, the Reserve Bank of India is expected to start the process of inviting applications from interested parties.
The M-Payments industry in India alone is expected to grow from $86mn in 2011 to $1.15 billion in 2016.