SabPaisa Gets RBI’s Final Approval To Operate As A Payment Aggregator

About one-and-a-half year after receiving the Reserve Bank of India’s (RBI) in-principle nod to operate as a payment aggregator (PA), payment solutions startup SabPaisa (SRS Live Technologies Pvt. Ltd.) has received the final approval from the central bank. 

In a statement, the startup said that the licence will allow it to realise its goal of delivering a seamless, inclusive, and high-performance payment experience. 

“Securing the final approval from RBI marks a significant milestone for SabPaisa… We are poised to harness this opportunity to deliver unparalleled solutions, ensuring our competitiveness and future resilience,” SabPaisa CEO Pathikrit Dasgupta said.

The payment aggregator framework was introduced by the RBI in March 2020. It mandates that payment gateways secure an aggregator licence for acquiring merchants and delivering digital payment acceptance solutions.

When it received the ‘in-principle’ approval  from the central bank in November 2022, the Delhi NCR-based fintech startup said it was looking to scale its offerings to onboard more merchants.

In its latest statement, the bootstrapped startup said that it is seeing a sizable uptick in its top line and is also profitable.

SabPaisa claimed its revenue grew 2X over the past two fiscal years and it expects a similar growth in the financial year 2024-25 (FY25). The startup claims to serve 1.4 Mn cash counters across India. 

Founded in 2016 by Dasgupta, Abhimanyu Jha, Rajiv Moti and Kumar Manish, SabPaisa operates a hybrid payment gateway platform that caters to a wide gamut of merchants. It also offers a number of other payment solutions for recurring, offline payments, among others. 

With the RBI’s approval, SabPaisa has joined the growing list of entities which have received the payment aggregator licence. On Thursday (June 13), Aurionpro Solutions’ arm Aurionpro Payment Solutions said it has received payment aggregator licence. 

Besides, Groww, Amazon Pay, JusPay, Stripe, Tata Payments, Innovit, Concerto Software and Systems, and Mswipe have also received their licences this year. 

As per the data available with the RBI as of June 1, 26 entities, including PhonePe, Reliance Payment Solutions, and PayU, have been granted in-principle approvals by the RBI for payment aggregator licence. On the other hand, the applications of Global Payments Asia-Pacific (India), LivQuik, and Tapits Technologies’ are under process.