Payment Gateway PayG Receives RBI Payment Aggregator License
Payment gateway PayG is making significant progress by securing the Payment Aggregator License from the Reserve Bank of India (RBI). This milestone is crucial for PayG’s objective to establish a secure, inclusive, and innovative payment infrastructure for India’s digital economy.
Authorization for Seamless Digital Payments
With this license, the startup is now fully empowered to provide seamless and compliant digital payment solutions to its growing network of merchants and consumers, as stated by PayG in a recent press release.
Building an Inclusive Payment Ecosystem
According to PayG, this license reinforces its commitment to develop a future-oriented payment ecosystem that is inclusive, scalable, and dedicated to supporting India’s economic backbone—its micro, small, and medium enterprises (MSMEs).
Transforming the Digital Journey for MSMEs and Retailers
PayG is intensely committed to reshaping the digital experience for MSMEs and retailers. By providing user-friendly, secure, and budget-friendly payment solutions, the platform is empowering small businesses, ranging from street vendors to local retailers.
Partnership with ONDC
The Hyderabad-based startup is also making strides in its collaboration with ONDC (Open Network for Digital Commerce).
Future Investments in Payment Solutions
PayG plans to channel investments into product advancements, enhanced security frameworks, and feature-rich tools specifically designed for MSMEs and retailers. Upcoming features include advanced analytics to assist merchants in making informed decisions, seamless credit facilitation services, integration with popular business platforms for comprehensive solutions, and a simplified payment experience tailored for small businesses.
Overview of PayG
Founded in 2020, PayG is a payment gateway that claims to have established partnerships with over 1,000 small and medium business (SMB) merchants and more than 50 enterprise clients. The platform boasts over 120 payment options, allowing for easy acceptance of payments through various banks’ credit and debit cards, net banking, and digital wallets.