PhonePe and Google Pay may be closed, RBI brought two new payment apps, know

 

PhonePe and Google Pay may be closed, RBI brought two new payment apps, know, in today's digital era many people use Google Pay and PhonePe, due to which the business of these companies has also increased. But now there may be difficulties for both these companies because Reserve Bank of India (RBI) has brought two new payment apps Razor Pay and Cash Free. Now these companies can partner with other online payment services.

This means that now you will get to see the QR codes of these companies at shops, which was never the case earlier. This decision has been taken after about 1 year. This may cause concern to other payment companies as well. Apart from these two companies, Paytm, Juspay, and PayU are also still awaiting their final license. But even before this RBI has taken this decision.

RBI had refused to allow new traders to join this platform. But now finally this permission has also been given. That means now the wait for these companies has ended. However, Razorpay has also shared a post regarding this on social media. In this the company said that they have also got permission to work as a payment aggregator. That means there is a lot of positive and good news for this company.

PhonePe and Google Pay may be closed, RBI brought two new payment apps, know

After this, after getting the PA license, now these companies will be able to receive payment using any mode. That means these companies will be able to make payment through netbanking, UPI or credit/debit cart. At the same time, there is no need for merchants and e-commerce platforms to create their own payment system. In such a situation, this decision can give great relief to both the companies. Apart from this, Pine Labs and Stripe also got the license of payment aggregator for the first time in 2022. In such a situation, it takes months to get the audit done, which is why it took some time for these companies to get PA also.