Razorpay POS, the company’s offline payment arm, secured the Payment Aggregator – Physical (PA-P) licence from the Reserve Bank of India. Via this licence, Razorpay POS can now act as an offline payment aggregator for in-store transactions.
The fintech noted that with this authorisation, it now holds three major RBI licences: payment aggregator–online licence (PA-O), payment aggregator–physical licence (PA-P), and payment aggregator–cross-border licence (PA-CB), which it secured last month in December.
The PA-P licence will enable Razorpay to enhance its in-store payment infrastructure, which would further strengthen high-volume transactions. These transactions would take place across various segments, from large retail chains to small and medium enterprises (SMEs), PTI reported.
“For us, regulation isn’t an afterthought; it’s core to how we build. Securing the RBI’s Offline Payment Aggregator Licence further strengthens our ability to support businesses with scalable, compliant in-store payments as they expand their omnichannel presence,” PTI quoted Razorpay MD and Co-founder Shashank Kumar in a report.
Razorpay secures Payment Aggregator Cross-border licence in December
Recently, the fintech secured the major Payment Aggregator – Cross-border (PA-CB) licence in December 2025. Via this authorisation, the company became among the few select players in India to achieve regulatory approval for facilitating both inward and outward cross-border payments.
What is a Payment Aggregator?
As per RBI, a payment aggregator facilitates payments between customers and merchants using online or physical channels and later transfers the collected funds to the merchants.
What is PA-P?
The payment aggregator-physical licence refers to a regulatory authorisation that allows payment aggregators like Pine Labs, Paytm, etc. to process payments that are made in person by the customer at the physical point of sale. This includes swiping of credit or debit cards, scanning QR codes, and so on. These licences are granted by the RBI under its regulated framework, including settlement to merchants as per regulatory requirements.
About the company
Razorpay acquired Ezetap in August 2022 to tap into India’s offline payment system. Currently, the fintech offers a suite of hardware, which includes Android Smart POS, magnetic POS (mPOS), and soundbox devices.