Chennai: Chennai-based Fintech startup, Paysharp, announced that it has received final authorization from the Reserve Bank of India to operate as an online payment aggregator (PA). The company secured this approval last month, after being granted the in-principle license in December 2022. With this approval from RBI, Paysharp will now be able to onboard merchants and process payments as per India’s official payment system.
Paysharp, founded in 2019, caters to various sectors, including government, B2B, Non-Banking Financial Companies (NBFC), and Small and Medium-sized Businesses (SMBs). It is now expanding its presence into the e-commerce domain. The company primarily deals with non-card-based payments, including UPI and virtual account-based solutions for NEFT, IMPS, and RTGS collections. Its products include Link Payment and Payment Pages powered by UPI.
Krishna Kumar Mani, Founder and Chief Executive Officer (CEO) of Paysharp highlighted the significance of receiving RBI’s approval to act as a PA. He said the authorization allows the company to provide simple and safe payments to businesses at a flat price alternative to percentage-based pricing.
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