Tata Pay secures payment aggregator licence from RBI: What it means
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- January 02, 2024
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Tata Pay, owned by Tata group, has secured a payment aggregator (PA) licence from the Reserve Bank of India (RBI), allowing it to facilitate e commerce transactions. This will help Tata Pay manage funds better and power all e commerce transactions within its subsidiary entities. Tata Pay is the second payments business owned by the Tata group, which also owns the licence for 'white label ATMs' in rural India.
Tata group owned digital payments app, Tata Pay joins Google Pay, Razorpay and Cashfree among others to secure a much anticipated payments licence from the Reserve Bank of India ( RBI ). The apex bank of the country has granted a payment aggregator (PA) licence to Tata Pay to operate in India. This will help the firm to use its platform to facilitate e commerce transactions.
Tata Pay comes under the Tata Digital business unit of the conglomerate. It is the Tata Group 's subsidiary entity which houses its digital businesses. What it means for Tata Pay In a statement to The Economic Times, the founder of a digital payment startup (who decided to remain anonymous) said: “With the payment aggregator licence, Tata can power all e commerce transactions within its subsidiary entities which will help it manage funds better.” In 2022, Tata Group partnered with ICICI Bank to launch its digital payments app on the Unified Payments Interface .
The company has been planning a detailed financial services strategy, however, consumer traction on the platform is limited as of now. Tata Group's other payments business This is the second payments business that is owned by the Tata group. The company also owns the licence to run 'white label ATMs' in rural India.
This business is run by the subsidiary Tata Communications through the brand name Indicash. As per RBI data, Tata also set up a prepaid payments business (mobile wallets) in the past. However, in 2018, the company surrendered that licence. Last month, RBI granted the first set of PA licence s and opened up new merchant onboarding for Razorpay and Cashfree after nearly a year.
Identity verification startup DigiO also gets PA licence Apart from Tata Pay, Bengaluru based identity verification startup DigiO, which is backed by investment platform Groww, has also secured the PA licence as of January 1. DigiO powers digital identification for multiple fintechs. With this licence, the platform will also be able to bundle in payment services.
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