Awaiting clearance on PA license, fintechs diversify into credit offerings

Days after the Reserve Bank of India (RBI) approved fintech platforms like Cashfree Payments and Razorpay to operate as payment aggregators (PAs), other major digital payment players such as PayU and Paytm that are awaiting clearance are exploring diversification into additional financial services, including credit and other value-added offerings.

“We have resubmitted our application to the RBI and are waiting for a decision. We have diversified our business model significantly since our foray into the Indian market.