Worried about finding the right payment aggregator for your business? Worry no more, here’s a list of top 5 companies to whom RBI has recently given in-principle approval for payment aggregator license. Payment aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. These companies provide technology-led payment solutions and point-of-sale terminals for businesses, and offline merchants. It also helps equip retailers with billing and Customer Relationship Management software as well as provides payment gateway services to online merchants.
Razorpay is the only payment solution in India that allows businesses to accept, process, and disburse payments with its product suite. It gives you access to all payment modes including credit card, debit card, net banking, UPI, and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp. The license will enable Razorpay to further its vision of making digital payments easily accessible for all Indian businesses.
Easebuzz is a digital platform where businesses can include “technology-based solutions” which are integrated with payments so as to digitize collections with ease. The company, over the years, has created an affordable and easy to use APIs based platform to offer small businesses “solutions” which could solve their collection-related problems. It also helped in bringing value in terms of subsidized pricing, easy-to-integrate API’s and availability of all payment modes for the end user. Easebuzz, through scalable and easily adaptable API solutions, is solving end-to-end payment use cases for MSMEs. It seeks to be the financial operating system for the existing 63 million Indian MSMEs and be the catalyst for Digital Transformation.
Mswipe is a mPOS network provider that helps merchants to accept card payments via smartphones or feature phones. Its offerings include PoS terminals, QR-code payments, boombox, payment gateways, and lending solutions, among others. Mswipe is concentrating on expanding and reaching out to more MSMEs by offering them with all the options, including PoS terminals, QR-code payments, boombox, payment gateways, and even lending solutions.
Innoviti is an eponymous payments-focused financial technology firm which provides technology-led payment solutions and point-of-sale terminals for businesses, and offline merchants. It also equips retailers with billing and customer relationship management (CRM) software solutions to help merchants and retailers, across offline segments drive sales, cut operational costs and target relevant customers better.
5. Pine Labs
Pine Labs is a leading merchant commerce omnichannel platform across India and Southeast Asia. Their deep technology is designed to empower businesses and fuel their entrepreneurial spirit. The company builds and hosts a roster of fintech products, from digital payments to loyalty solutions. Their focus is on creating a product and services platform that widens access and accelerates commerce for merchants in each local market they operate in.