55+ Payment Licences: Is Your Money Safer Now?

RBI has given payment aggregator licences to over 55 companies including PhonePe, Razorpay, Google Pay and CRED. More licensed players means more competition — but also more choices to make when you pay online. Here's what this means for your wallet.

Here's what happened: RBI has issued Payment Aggregator licences to 55+ companies including PhonePe, BharatPe, Razorpay, Google Pay, Paytm, CRED, Amazon Pay and Tata Pay.. A Payment Aggregator licence means RBI has officially authorised these companies to collect and process your online payments — giving them a regulatory stamp of approval.. The surge in licensed players reflects RBI tightening rules post-2022, weeding out unlicensed operators and making digital payments more regulated and consumer-safe..

What you should do: Check that any payment app or checkout gateway you use regularly appears on RBI's official authorised Payment Aggregator list at rbi.org.in before storing card details.. Avoid saving your debit or credit card details on checkout pages of smaller, unfamiliar websites — stick to RBI-licensed aggregators like Razorpay, PayU or Cashfree.. If you receive a refund delay of more than 5 business days on an online purchase, file a complaint directly with RBI's Ombudsman at cms.rbi.org.in — licensed aggregators are accountable..

RBI-licensed Payment Aggregators must hold your money in an escrow account — meaning even if the company shuts down, your refund money is protected and cannot be misused.