Instamojo shuts core payments business

Mastercard-backed Instamojo has shut down its payments aggregator business after the Reserve Bank of India returned its licence application.

“As of September 27, we have shut down the payment aggregator business for which you require a licence. Our application has been returned by the RBI but we continue to function as a payment platform,” chief operating officer, Akash Gehani said.

In Setember 2021, Instamojo applied for the payment aggregator licence to the RBI but it did not fulfil the networth requirement at that point of time, Gehani added. He said that the company has partnered with other payment aggregators and has been working with them since October.