Indian fintech major Razorpay has received regulatory approval from the Reserve Bank of India (RBI) to operate as an offline payment aggregator, marking a significant milestone in the company’s efforts to build a full-stack omnichannel payments ecosystem.
The licence allows Razorpay to facilitate and settle in-person digital transactions for merchants, including card-based payments, UPI, and other RBI-approved offline payment modes. Until now, Razorpay’s core strength has largely been in online payments for startups, SMEs, and large enterprises. With this approval, the company can now formally enter the fast-growing offline merchant payments segment under a regulated framework.
