Good news for Razorpay, Cashfree.. as The Reserve Bank of India (RBI) on Tuesday, December 19, granted Payment Aggregator (PA) licenses to several entities, including Razorpay, Cashfree Payments, Open Money, and EnKash.
Last year, the RBI asked Razorpay, Cashfree, PayU, and Paytm..which hold in-principal approvals for payment aggregator licence, to stop on-boarding new merchants till they get the final licence. The Reserve Bank of India (RBI) has lifted ban on payment aggregators Razorpay and Cashfree after almost a year.
Due to ban, CCavenue was benefited the most as most of the Payment Aggregator was banned and so merchants was moving towards CCavenue. CCavenue was not suitable for small merchants as it charges 1200+ GST annual fee plus per transaction charges while Razor pay and others only charge Transaction charges(2% +GST).
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