Easebuzz Private Limited, a payments solutions platform, has received in-principle approval from the Reserve Bank of India (RBI) for Payment Aggregator (PA) Authorization, the company informed.
It 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.
Speaking on the development, Rohit Prasad, MD & CEO of Easebuzz said, “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,” he added.
To regulate the Payment Aggregators and Payment Gateways that facilitate payments in the online space, the RBI, in March 2020, issued guidelines.
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. PAs 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.