cashfree, payment aggregator

Reeju Datta and Akash Sinha, co-founders of Cashfree (Image source: Cashfree)

Payment gateway Cashfree Payments has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator (PA) as well as prepaid payment instrument (PPI) licenses, according to sources aware of the development.

Founded in 2015 by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree Payments processes transactions worth $20 billion annually in India.

With over 100,000 merchants on its platform, the company’s offerings include a payment gateway, a split payment solution for marketplaces, Application Programming Interface (API) for banking and Auto Collect which enables merchants to collect payments from customers via various payment modes.

Cashfree did not comment on the development. Entrackr was the first to report on this development.

Other players who have received RBI’s in-principal approval for the license include Razorpay, Pine Labs, Innoviti, Easebuzz, Stripe, MSwipe, NTT Data Payment Services and 1Pay Mobileware.

In a new set of guidelines issued in March 2020, the RBI had mandated that all PAs be authorised by the central bank. For this, the regulator instructed non-bank companies offering PA services to apply for authorisation by June 30, 2021, which was later pushed to September 30, 2021.

The PPI license will allow Cashfree to provide wallet services, but the company has not disclosed its plans on that front.

TECH NEWS RELATED

Third-party Twitter app makers turn their attention to Mastodon

Open source Twitter alternative Mastodon has gained a bit of attention in the wake of Elon Musk’s Twitter acquisition. Now, it’s gaining interest from third-party Twitter app developers, as well. The makers of popular Twitter clients, including Aviary and Tweetbot, have recently set their sights on building similar clients for ...

View more: Third-party Twitter app makers turn their attention to Mastodon

Autonomous driving’s blunders are good news for the climate

Not quite a decade ago, two technologies were racing toward an unseen finish line. They weren’t competing with each other — the adoption of one didn’t lock out the other. But to avoid catastrophic climate consequences, the order of the finish mattered. Autonomous vehicles had to lose, and electric ...

View more: Autonomous driving’s blunders are good news for the climate

How companies can slash ballooning SaaS costs

As inflation and general economic uncertainties spur C-suites to identify cost-cutting areas within their organizations, software-as-a-service (SaaS) spend is becoming a prime target. SaaS is obviously a broad category, covering any centrally hosted software that’s licensed on a subscription basis. But no matter the flavor, SaaS is a growing ...

View more: How companies can slash ballooning SaaS costs

Google’s new Pixel update brings new features like clear calling and Google One VPN

Google’s latest ‘feature drop’ for Pixel phones and the Pixel Watch brings features like a call quality enhancement function called “Clear Calling,” free access to Google One’s VPN service, a new privacy and security settings hub, and Fitbit sleep profiles for the Pixel Watch. Here’s the summary of all the ...

View more: Google’s new Pixel update brings new features like clear calling and Google One VPN

Operative Intelligence helps contact centers figure out what customers really need

A company may have a good contact center, but ideally they are able to help customers before they need to make a call. Operative Intelligence helps contact centers figure out what customers want more quickly, improving automated inquiries and cutting down on wait times. The Melbourne and Los Angeles-based ...

View more: Operative Intelligence helps contact centers figure out what customers really need

BrightDrop expands e-delivery van business to Canada with DHL Express

BrightDrop, General Motors’ electric delivery van subsidiary, added DHL Express Canada to its portfolio of customers, marking the company’s entrance into its first international market. BrightDrop has also started production on its Zevo 600 delivery vans (formerly called EV600) at GM’s CAMI Assembly plant in Ontario, the company said ...

View more: BrightDrop expands e-delivery van business to Canada with DHL Express

If Rowy has its way, if you can use Excel, you can build software

Low and no-code application building continues apace. Gently hum “Rowy rowy rowy your software, gently down the streams,” as we talk with the founder behind Rowy, the company that’s like Airtable on a lot of steroids, or Excel on a lot of steroids and a couple of lines of illegal ...

View more: If Rowy has its way, if you can use Excel, you can build software

Confirmed: Slack CEO Stewart Butterfield stepping down in January

Just days after co-CEO Bret Taylor announced his resignation, Slack CEO Stewart Butterfield announced that he will be stepping down in January. Business Insider first reported the news. Salesforce has confirmed the news by email. The company also announced that Lidiane Jones, who has been the executive VP & ...

View more: Confirmed: Slack CEO Stewart Butterfield stepping down in January

NEP and NCF: Tailwinds for school edtech

UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report

Thoughts on the demise of Circle’s SPAC deal

Zenly was the best social app and it will (sadly) shut down on February 3rd

Facebook to now test age verification tech on Facebook Dating in the U.S.

Which way is up? The end of free money and the importance of keeping cash on hand

Is this what good news feels like?

Check out what’s happening tomorrow at TC Sessions: Space

Twelve Labs lands $12M for AI that understands the context of videos

Loft Dynamics raises $20M to tackle pilot shortage with VR training

HealthKart raises $135 million in funding led by Temasek

Temasek backs India’s HealthKart in $135 million funding

OTHER TECH NEWS

Top Car News Car News