The Reserve Bank of India (RBI) has adopted a more accommodating stance this year in granting regulatory clearances for fintech payment licences, enabling multiple companies to secure authorisations to operate across a broader range of payment services in 2025. This marks a notable shift from earlier years when applications were often delayed or returned due to stringent compliance requirements.

Key Highlights

• RBI adopts flexible approach, clearing multiple fintech payment licences across online, offline and cross-border segments.
• Faster approvals signal regulatory stability, boosting innovation, merchant expansion and growth in India’s digital payments ecosystem.

Several prominent players in India’s payments ecosystem, including Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay, have received approvals that allow them to function as online, offline and cross-border payment aggregators. These full-stack licences enable them to serve merchants across e-commerce, in-store transactions and international payment flows.

For example, Paytm Payments Services recently obtained RBI authorisation to handle offline and cross-border payments in addition to online transactions — completing its suite of payment aggregator licences and expanding its operational scope. Razorpay also secured a cross-border licence after earlier approvals for online and offline services, while Easebuzz, PayU, Pine Labs and Airpay similarly gained clearances across all major categories. 

Other firms such as Mswipe, Infibeam Avenues (offline PA), Policybazaar’s PB Pay and MobiKwik’s Zaakpay have also got licence approvals for various payment segments. Cross-border permissions were extended to names including Skydo, Wise, EximPe, PayPal and Worldline.

These developments come under the RBI’s updated 2025 Master Directions on Payment Aggregators, which define compliance, capital, escrow and governance standards for online, offline and cross-border categories. The revised framework aims to provide clearer regulatory pathways while balancing innovation, consumer protection and financial stability.

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The acceleration of licence clearances reflects the regulator’s intent to streamline approvals and support fintech growth, even as it maintains oversight through defined requirements. This approach contrasts with earlier phases of heightened scrutiny and prolonged review, illustrating a more predictable and responsive regulatory environment for digital payments in India.