Razorpay Secures Offline Payment Aggregator Licence from RBI

Razorpay's offline division, Razorpay POS, has received authorization from the Reserve Bank of India to operate as an offline payment aggregator. This milestone allows Razorpay to expand its in-store payment solutions, supporting various sectors, with an emphasis on regulatory compliance and scalable transaction capabilities.

Fintech giant Razorpay's offline payments arm, Razorpay POS, announced on Thursday that it has obtained a licence from the Reserve Bank of India (RBI) to function as an offline payment aggregator. This achievement grants Razorpay a complete set of three crucial RBI licences.

The newly acquired PA-P licence empowers Razorpay POS to enhance its in-store payment infrastructure, catering to high-volume transactions across sectors such as large retail chains and small to medium enterprises (SMEs). Co-founder Shashank Kumar emphasized that regulatory compliance is fundamental to Razorpay's operations and strategies.

The company's entry into offline payments was marked by the acquisition of Ezetap in August 2022. Razorpay currently offers an array of hardware solutions, including Android Smart POS, magnetic stripe POS (mPOS), and soundbox devices to facilitate various payment processing needs.