RBI Licensed 11 of 32 Queued Payment Aggregators in a Year

On 1 October 2025, the Reserve Bank of India listed 32 companies waiting to be authorised as online payment aggregators, the firms that collect card, UPI and other payments on behalf of merchants. Twenty-one held in-principle authorisation. Eleven had applications under process.

HaiPay traced each of the 32 into the bank’s status page as on 16 October 2026 and its list of certificates of authorisation.

Where the 32 went

Eleven now hold a certificate. They include Paytm Payments Services, First Data (India), NTT Data Payment Services India and SBI Payment Services, which received its certificate on 14 October 2026.

Twelve are still waiting, seven of them with in-principle authorisation already in hand a year ago, including Euronet Services India, Nium India and IRCTC Payments.

Nine are out. Four were refused: Tyche Payment Solutions and Quicktouch Technologies, both of which had held in-principle authorisation, and Chaseout Payments and GoKwik Commerce Solutions. Three applications were returned and two were withdrawn, one of them by Unimoni Enterprise Solutions, which had also held in-principle authorisation.

In-principle is not a licence

The RBI’s status page says in-principle authorisation “shall not be construed as authorisation”. The past year shows why. Of the 21 companies holding it in October 2025, 11 converted it into a certificate, seven are still waiting and three did not get through.

None of the 11 companies whose applications were under process a year ago has been authorised yet.

More refusals

The RBI keeps a separate table of online aggregator applications that were returned, refused or withdrawn. It has 100 entries, going back to 2020. Most are returns: the bank’s 2025 directions say an application that misses the capital requirement, or is incomplete, shall be returned.

Only seven entries are refusals, and four of them are dated 2026. Before this year there were three: two on 18 April 2023 and one on 27 June 2025.

A return is not always the end. BNY Finserv’s application was returned on 12 August 2025, and it received a certificate on 9 June 2026.

Why this matters

Seventy-one companies now hold an RBI certificate for some form of payment aggregation, 67 of them for online aggregation. New applicants cannot start until authorised. Aggregators that were operating before the rules and applied in time may continue while they wait; five are in that position, and one, Global Payments Asia-Pacific (India), may not onboard new merchants until advised otherwise.

For merchants and platforms selling in India, that makes the provider’s status worth checking. An existing aggregator whose application is returned has to stop online aggregation and close its escrow accounts within 180 days, the status page says. In-principle approval is not a guarantee either: three of last year’s 21 holders were refused or withdrew.

What this does not show

The status page gives no reasons for returns or refusals. The 2025 baseline comes from an Internet Archive copy, because the bank replaces the page with each update, and names were matched by hand. HaiPay did not contact the RBI or any company named here.

What to watch

Whether the seven companies that have held in-principle authorisation for more than a year receive certificates or join the refusals.

Whether refusals keep rising: four so far this year, against three in all the years before.

And whether Global Payments Asia-Pacific (India) is cleared to onboard new merchants again.