BharatPe Secures RBI Approval for Payment Aggregator License

BharatPe Secures RBI Approval for Payment Aggregator License. BharatPe, one of India’s leading fintech companies, has recently achieved a significant milestone by receiving final approval from the Reserve Bank of India (RBI) to function as an online payment aggregator. This approval, granted to its subsidiary Resilient Payments Private Limited, marks a turning point in the company’s growth story. With this regulatory clearance, BharatPe is now well-positioned to expand its digital payment services under its new platform called “BharatPe X.”
This move is expected to boost BharatPe’s presence in the digital payments ecosystem and enable the company to serve merchants more efficiently across India, especially in smaller cities. The authorisation also reinforces BharatPe’s long-term commitment to empowering Indian businesses with seamless, secure, and innovative financial solutions.
What is a Payment Aggregator and Why It Matters
A payment aggregator (PA) is a service provider that enables e-commerce websites and merchants to accept various payment instruments from customers without the need to create a separate payment integration system. They consolidate payments made through debit cards, credit cards, UPI, net banking, and wallets, and then transfer them to merchants after deducting a small fee.
Being a RBI-authorised payment aggregator is crucial for any fintech company. It ensures legal compliance, builds consumer trust, allows collaboration with financial institutions, and streamlines operations. This approval is a testimony to BharatPe’s readiness to meet the stringent regulatory and governance standards set by RBI.
Resilient Payments: A Strategic Subsidiary
The license has been granted to BharatPe’s subsidiary, Resilient Payments Private Limited. Through this subsidiary, BharatPe will operate its payment aggregator services under the “BharatPe X” brand name. This will allow the company to offer e-commerce transaction settlement services, provide early settlement facilities, and collaborate with Non-Banking Financial Companies (NBFCs) and banks to extend loans.
With this infrastructure in place, BharatPe is aiming to bring enhanced convenience and speed to digital payments, particularly targeting small merchants and retailers who often struggle with delayed settlements and financing issues.
BharatPe’s Focus on Tier 2 and Tier 3 Cities
One of BharatPe’s core strategic goals is to broaden its merchant base, especially in Tier 2 and Tier 3 cities. These cities hold high growth potential but are often underserved in terms of advanced fintech services. BharatPe’s plan is to tap into this demand by offering tech-driven, reliable, and user-friendly payment solutions that make digital transactions easier for merchants.
By strengthening its footprint in smaller cities, BharatPe aims to contribute to India’s goal of financial inclusion, ensuring that digital payment services are not just limited to metro cities but are available to businesses across the country.
Investment in Technology Infrastructure
To support its growth and to ensure uninterrupted digital payment services, BharatPe is investing heavily in technology infrastructure. The company plans to scale its systems to handle increasing transaction volumes, improve security features, and reduce downtime.
This investment will include expanding its cloud infrastructure, building advanced analytics tools, and integrating new-age technologies such as AI for fraud detection and machine learning models for transaction monitoring. The objective is to build a strong, scalable, and secure system that can support millions of merchants in real-time.
How BharatPe Compares with Other Payment Aggregators?
With this approval, BharatPe joins the ranks of other RBI-approved payment aggregators like Razorpay, Easebuzz, and Google Pay. These companies have already set strong benchmarks in the digital payments space, and now BharatPe is ready to compete on equal footing.
What sets BharatPe apart is its strong merchant network, deep rural and semi-urban penetration, and its unique blend of payment services and credit offerings. Its extensive presence in offline merchant markets gives it a distinct edge compared to platforms that are primarily digital or consumer-focused.
Statement by BharatPe Leadership
Nalin Negi, CEO of BharatPe, expressed that the final authorisation from RBI is both a milestone and a responsibility. He emphasized the company’s focus on maintaining robust governance practices and operating frameworks. According to him, the approval reflects the strength of BharatPe’s internal processes and its dedication to empowering small businesses and merchants across India.
Sandeep Indurkar, CEO of Resilient Payments, added that the company is prioritizing innovation and execution. He highlighted that BharatPe is continuously improving its product offerings to transform how Indian merchants manage their digital transactions. With a customer-first approach, the company is working to revolutionize the merchant payment experience.
Current Market Operations and Performance
BharatPe is already a strong player in the UPI payment space, processing over 450 million transactions every month. This translates to an annualized transaction value of over Rs.1.7 lakh crore, making BharatPe one of the largest players in the merchant payments space.
Its financial arm, BharatPe Money, has disbursed loans worth over Rs.18,000 crore in partnership with NBFCs. These loans include loans against mutual funds, home loans, and other credit products designed specifically for small and medium merchants. This integration of credit services with payments creates a comprehensive ecosystem that supports merchant growth at every step.
Improved Financial Performance in FY25
BharatPe’s financials also indicate strong performance. In the first nine months of FY25, the company reduced its losses to Rs.148.8 crore, down from Rs.492 crore in the same period of the previous year. This remarkable turnaround reflects prudent cost management and effective scaling strategies.
The company also achieved EBITDA breakeven (excluding ESOP expenses) during this time, which is a major financial milestone. This improvement in financial health signals long-term sustainability and investor confidence in BharatPe’s business model.
Funding and Expansion Plans
Since its inception in 2018, BharatPe has grown rapidly, raising over $580 million from renowned investors such as Peak XV Partners, Tiger Global, and others. This capital has been instrumental in expanding BharatPe’s merchant network, improving technology platforms, and funding new credit products.
Currently, BharatPe operates in over 450 cities, serving more than 1.3 crore merchants. With the new payment aggregator license, BharatPe is expected to scale its operations further, especially by entering new verticals like e-commerce settlements, real-time payment tracking, and merchant financing.
Position in the Indian Fintech Ecosystem
India’s digital payments ecosystem has witnessed explosive growth over the last five years. BharatPe’s journey from a startup to one of the leading fintech companies showcases how innovation, regulatory alignment, and merchant-centric strategies can create a meaningful impact.
With this new approval, BharatPe is poised to strengthen its position further and deliver cutting-edge fintech services to merchants across the country. Along with players like Zomato and CC Avenue, which have also received payment aggregator licenses, BharatPe will now compete in a more regulated and structured payment environment.
Conclusion
BharatPe’s final approval from RBI to operate as a payment aggregator is not just a regulatory achievement but a sign of its evolving leadership in India’s fintech space. By investing in innovation, focusing on underserved markets, and maintaining strong governance, BharatPe is ready to redefine digital payment experiences for Indian merchants. This move cements its status as a trusted partner in India’s financial inclusion journey and opens new doors for sustainable and inclusive growth.
Frequently Asked Questions (FAQs)
Q1. What is the significance of the RBI approval granted to BharatPe?
Ans. This approval from the Reserve Bank of India (RBI) is a significant milestone for BharatPe. It allows the company, through its parent entity Resilient Payments Private Limited, to operate as a licensed payment aggregator. This regulatory nod strengthens BharatPe's position in the Indian digital payments ecosystem and paves the way for further streamlining and scaling its payment services for merchants and businesses.
Q2. What does it mean for BharatPe to operate as a payment aggregator?
Ans. Operating as a payment aggregator means BharatPe is authorized to facilitate digital payment transactions on behalf of merchants. This includes collecting payments from customers through various methods and then settling these payments with the merchants. The RBI license ensures that BharatPe operates under a regulated framework, adhering to guidelines related to security, transparency, and consumer protection.
Q3. What are the key requirements and regulations that payment aggregators in India must adhere to, as highlighted in the article?
Ans. The RBI's regulatory framework for payment aggregators, introduced in 2020, emphasizes security, transparency, and consumer reliability. Key requirements include establishing stringent norms for licensing, risk management, and financial integrity. Furthermore, entities seeking to operate as payment aggregators must demonstrate compliance with regulations concerning data security, anti-money laundering (AML), and Know-Your-Customer (KYC) norms.
Q4. How has BharatPe evolved since its founding in 2018?
Ans. Founded in 2018, BharatPe has rapidly evolved into a prominent fintech player in India. Initially known for its BharatPe QR code, facilitating easy merchant payments, the company has expanded its portfolio to include lending products, merchant services, and a broad spectrum of digital financial tools aimed at empowering small and medium enterprises (SMEs).
Q5. Who is the parent company that received the RBI approval for the payment aggregator business?
Ans. The parent company of BharatPe that received the RBI's approval to operate as a licensed payment aggregator is Resilient Payments Private Limited.

BharatPe, one of India’s leading fintech companies, has recently achieved a significant milestone by receiving final approval from the Reserve Bank of India (RBI) to function as an online payment aggregator. This approval, granted to its subsidiary Resilient Payments Private Limited, marks a turning point in the company’s growth story. With this regulatory clearance, BharatPe is now well-positioned to expand its digital payment services under its new platform called “BharatPe X.”

This move is expected to boost BharatPe’s presence in the digital payments ecosystem and enable the company to serve merchants more efficiently across India, especially in smaller cities. The authorisation also reinforces BharatPe’s long-term commitment to empowering Indian businesses with seamless, secure, and innovative financial solutions.

What is a Payment Aggregator and Why It Matters

A payment aggregator (PA) is a service provider that enables e-commerce websites and merchants to accept various payment instruments from customers without the need to create a separate payment integration system. They consolidate payments made through debit cards, credit cards, UPI, net banking, and wallets, and then transfer them to merchants after deducting a small fee.

Being a RBI-authorised payment aggregator is crucial for any fintech company. It ensures legal compliance, builds consumer trust, allows collaboration with financial institutions, and streamlines operations. This approval is a testimony to BharatPe’s readiness to meet the stringent regulatory and governance standards set by RBI.

Resilient Payments: A Strategic Subsidiary

The license has been granted to BharatPe’s subsidiary, Resilient Payments Private Limited. Through this subsidiary, BharatPe will operate its payment aggregator services under the “BharatPe X” brand name. This will allow the company to offer e-commerce transaction settlement services, provide early settlement facilities, and collaborate with Non-Banking Financial Companies (NBFCs) and banks to extend loans.

With this infrastructure in place, BharatPe is aiming to bring enhanced convenience and speed to digital payments, particularly targeting small merchants and retailers who often struggle with delayed settlements and financing issues.

BharatPe’s Focus on Tier 2 and Tier 3 Cities

One of BharatPe’s core strategic goals is to broaden its merchant base, especially in Tier 2 and Tier 3 cities. These cities hold high growth potential but are often underserved in terms of advanced fintech services. BharatPe’s plan is to tap into this demand by offering tech-driven, reliable, and user-friendly payment solutions that make digital transactions easier for merchants.

By strengthening its footprint in smaller cities, BharatPe aims to contribute to India’s goal of financial inclusion, ensuring that digital payment services are not just limited to metro cities but are available to businesses across the country.

Investment in Technology Infrastructure

To support its growth and to ensure uninterrupted digital payment services, BharatPe is investing heavily in technology infrastructure. The company plans to scale its systems to handle increasing transaction volumes, improve security features, and reduce downtime.

This investment will include expanding its cloud infrastructure, building advanced analytics tools, and integrating new-age technologies such as AI for fraud detection and machine learning models for transaction monitoring. The objective is to build a strong, scalable, and secure system that can support millions of merchants in real-time.

How BharatPe Compares with Other Payment Aggregators?

With this approval, BharatPe joins the ranks of other RBI-approved payment aggregators like Razorpay, Easebuzz, and Google Pay. These companies have already set strong benchmarks in the digital payments space, and now BharatPe is ready to compete on equal footing.

What sets BharatPe apart is its strong merchant network, deep rural and semi-urban penetration, and its unique blend of payment services and credit offerings. Its extensive presence in offline merchant markets gives it a distinct edge compared to platforms that are primarily digital or consumer-focused.

Statement by BharatPe Leadership

Nalin Negi, CEO of BharatPe, expressed that the final authorisation from RBI is both a milestone and a responsibility. He emphasized the company’s focus on maintaining robust governance practices and operating frameworks. According to him, the approval reflects the strength of BharatPe’s internal processes and its dedication to empowering small businesses and merchants across India.

Sandeep Indurkar, CEO of Resilient Payments, added that the company is prioritizing innovation and execution. He highlighted that BharatPe is continuously improving its product offerings to transform how Indian merchants manage their digital transactions. With a customer-first approach, the company is working to revolutionize the merchant payment experience.

Current Market Operations and Performance

BharatPe is already a strong player in the UPI payment space, processing over 450 million transactions every month. This translates to an annualized transaction value of over Rs.1.7 lakh crore, making BharatPe one of the largest players in the merchant payments space.

Its financial arm, BharatPe Money, has disbursed loans worth over Rs.18,000 crore in partnership with NBFCs. These loans include loans against mutual funds, home loans, and other credit products designed specifically for small and medium merchants. This integration of credit services with payments creates a comprehensive ecosystem that supports merchant growth at every step.

Improved Financial Performance in FY25

BharatPe’s financials also indicate strong performance. In the first nine months of FY25, the company reduced its losses to Rs.148.8 crore, down from Rs.492 crore in the same period of the previous year. This remarkable turnaround reflects prudent cost management and effective scaling strategies.

The company also achieved EBITDA breakeven (excluding ESOP expenses) during this time, which is a major financial milestone. This improvement in financial health signals long-term sustainability and investor confidence in BharatPe’s business model.

Funding and Expansion Plans

Since its inception in 2018, BharatPe has grown rapidly, raising over $580 million from renowned investors such as Peak XV Partners, Tiger Global, and others. This capital has been instrumental in expanding BharatPe’s merchant network, improving technology platforms, and funding new credit products.

Currently, BharatPe operates in over 450 cities, serving more than 1.3 crore merchants. With the new payment aggregator license, BharatPe is expected to scale its operations further, especially by entering new verticals like e-commerce settlements, real-time payment tracking, and merchant financing.

Position in the Indian Fintech Ecosystem

India’s digital payments ecosystem has witnessed explosive growth over the last five years. BharatPe’s journey from a startup to one of the leading fintech companies showcases how innovation, regulatory alignment, and merchant-centric strategies can create a meaningful impact.

With this new approval, BharatPe is poised to strengthen its position further and deliver cutting-edge fintech services to merchants across the country. Along with players like Zomato and CC Avenue, which have also received payment aggregator licenses, BharatPe will now compete in a more regulated and structured payment environment.

Conclusion

BharatPe’s final approval from RBI to operate as a payment aggregator is not just a regulatory achievement but a sign of its evolving leadership in India’s fintech space. By investing in innovation, focusing on underserved markets, and maintaining strong governance, BharatPe is ready to redefine digital payment experiences for Indian merchants. This move cements its status as a trusted partner in India’s financial inclusion journey and opens new doors for sustainable and inclusive growth.

Frequently Asked Questions (FAQs)

Q1. What is the significance of the RBI approval granted to BharatPe?

Ans. This approval from the Reserve Bank of India (RBI) is a significant milestone for BharatPe. It allows the company, through its parent entity Resilient Payments Private Limited, to operate as a licensed payment aggregator. This regulatory nod strengthens BharatPe's position in the Indian digital payments ecosystem and paves the way for further streamlining and scaling its payment services for merchants and businesses.

Q2. What does it mean for BharatPe to operate as a payment aggregator?

Ans. Operating as a payment aggregator means BharatPe is authorized to facilitate digital payment transactions on behalf of merchants. This includes collecting payments from customers through various methods and then settling these payments with the merchants. The RBI license ensures that BharatPe operates under a regulated framework, adhering to guidelines related to security, transparency, and consumer protection.

Q3. What are the key requirements and regulations that payment aggregators in India must adhere to, as highlighted in the article?

Ans. The RBI's regulatory framework for payment aggregators, introduced in 2020, emphasizes security, transparency, and consumer reliability. Key requirements include establishing stringent norms for licensing, risk management, and financial integrity. Furthermore, entities seeking to operate as payment aggregators must demonstrate compliance with regulations concerning data security, anti-money laundering (AML), and Know-Your-Customer (KYC) norms.

Q4. How has BharatPe evolved since its founding in 2018?

Ans. Founded in 2018, BharatPe has rapidly evolved into a prominent fintech player in India. Initially known for its BharatPe QR code, facilitating easy merchant payments, the company has expanded its portfolio to include lending products, merchant services, and a broad spectrum of digital financial tools aimed at empowering small and medium enterprises (SMEs).

Q5. Who is the parent company that received the RBI approval for the payment aggregator business?

Ans. The parent company of BharatPe that received the RBI's approval to operate as a licensed payment aggregator is Resilient Payments Private Limited.