PayGlocal gets RBI nod for payment aggregator license

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PayGlocal, a cross-border focused payments platform provider, has received in-principle approval from the Reserve Bank of India for Payment Aggregator (PA) license.

This process, once completed, will enable PayGlocal to onboard merchants onto its platform for online payment processing.

Founded in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal offers its technology platform to various players in the market for payment processing and transaction risk management. This helps them accept online payments securely through various payment instruments including cards and global alternative payment methods, per the company.

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Prachi Dharani, co-founder and CEO, PayGlocal said, “Driven by growing GDP, global commerce from India will continue to grow and the company remains focused on providing the right payment solutions to enable this growth. “

RBI’s in-principle license will help the company create more innovative solutions as it continues to work towards getting full authorization, said Dharani.

Additionally, RBI’s new guidelines on PA-CB (Payment Aggregator-Cross Border) is a huge step in the right direction from a regulatory framework standpoint in taking the Cross Border payment agenda of the country forward, she said.

The company has raised capital from marquee investors like PeakXV (fka Sequoia Capital India) and Tiger Global.

PayGlocal’s technology platform offers a comprehensive suite of services designed to meet the evolving needs of merchants, payment aggregators, and banks.