SabPaisa (SRS Live Technologies), a payment solutions provider, announced that it had received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
SabPaisa now become one of the few fintech companies, which includes unicorns, to have received the coveted approval from the RBI. Since its inception in 2016, SabPaisa has been at the forefront in bringing inclusivity and accessibility to merchants and payers alike.
SabPaisa is filling the innovation gap through its payment gateway and allied products such as Payouts, and Subscription to provide turnkey solutions for its merchants. The company’s probusiness solutions are aimed at mitigating risks through investment in research, product development and technology to give businesses the flexibility they desire from a ‘Unified Payment Experience Platform.’ Pathikrit Dasgupta, Co-Founder and CEO of SabPaisa said, “This authorisation reaffirms our vision and has acted as a catalyst in boosting us towards our mission to become one of the best Fintech organisations in India. While we recognise the responsibility that this authorisation brings, our objective is to prepare ourselves to provide solutions and ensure that we remain competitive and future-ready.” The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment aggregation services to merchants.
SabPaisa has now joined Razorpay, Stripe, Pine Labs, CCAvenue and others in receiving the RBI nod for a payment aggregator authorization. SabPaisa, over the last two fiscal years, has grown its revenue by 2X, and is currently on track for a 5X jump in the financial year 2022-23.
Headquartered in New Delhi, with its corporate office in Kolkata and other offices across India, SabPaisa is trusted by thousands of Merchants which include large enterprises, banks, and government institutions. With this authorization, SabPaisa will continue with its endeavour of bringing unification, inclusivity, experience and performance in the SabPaisa product suite.
