Payments solutions platform Easebuzz Pvt. Ltd. has received in-principle approval from Reserve Bank of India (RBI) for Payment Aggregator (PA) Authorization, the company said in a statement today.
Easebuzz is a digital platform where businesses can include ‘technology-based solutions’ that are integrated with payments so as to digitize collections with ease.
Over the years, the company has created an affordable and easy to use APIs based platform to offer small businesses ‘solutions’ that could solve their collection-related problems and also bring value in terms of subsidized pricing, easy-to-integrate APIs and availability of all payment modes for the end user.
Through scalable and easily adaptable API solutions, Easebuzz is solving end-to-end payment use cases for MSMEs. It aims to be the financial operating system for the existing 63 million Indian MSMEs and be the catalyst for Digital Transformation.
“RBI regulation definitely brings in more trust towards the digital payment ecosystem and allows players like us to innovate, so as to strengthen and accelerate the growth of digital payments in the country. Our focus is on creating secure, cutting-edge and easy-to-use Payment Solutions that are more accessible to Indian SMEs and empowering them to be the growth drivers for the $5 trillion economy dream,” said Easebuzz Managing Director and Chief Executive Officer Rohit Prasad.
In March 2020, RBI issued guidelines to regulate the Payment Aggregators and Payment Gateways that facilitate payments in the online space.
The guideline defines ‘payment aggregators’ as 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.
Payment Aggregators facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them to the merchants after a time period.
