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After having acquired payment aggregator licences from the Reserve Bank of India (RBI), major players are now focusing on increasing merchants on their platforms by offering a range of products and services.
“We will definitely be launching some special offers for new merchants who come on the platform,” said Harshil Mathur, chief executive officer and co-founder, RazorPay. Whatsapp payments to businesses and omnichannel payment acceptance are key focus areas for the company, he added.
Earlier this week, the RBI granted its final approval to several entities, allowing them to onboard new merchants. RBI’s move put an end to a one-year wait for these entities. In December 2022, the central bank had asked platforms, which have received in-principle approvals for payment aggregator licences, to stop onboarding new merchants till additional reports and audit documents are submitted.
