PayGlocal gets RBI nod to operate as an online merchant payments company

VMPL
Bengaluru (Karnataka) [India], September 10: PayGlocal, a leading cross-border payment solutions provider, is thrilled to announce that it has received final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. This significant milestone allows PayGlocal to officially commence the onboarding of merchants, further cementing its position as one of the emergent leaders in the payments landscape.
With this authorization, PayGlocal is set to offer a comprehensive suite of payment solutions that cater to a diverse range of businesses, ensuring seamless, secure, and efficient transaction processing along with ensuring a hassle-free paymen t experience for the end customers. This milestone comes as a result of RBI's comprehensive evaluation process, highlighting PayGlocal's commitment to the highest standards of compliance and security.
Prachi Dharani, CEO and Co-founder of PayGlocal, said "Receiving the final authorisation from the RBI is a testament to our commitment to excellence in the payments industry. We are now ready to serve a wider range of merchants, offering them robust, compliant and secure payment solutions that will help them grow and thrive in today's digital economy. This authorization marks the beginning of an exciting new chapter for PayGlocal. We're deeply grateful to the Reserve Bank of India for their guidance and support throughout this process."
Ashish Agrawal, Managing Director, Peak XV, said, "We have been pre-launch partners with the PayGlocal team and are impressed by their commitment to solve for the varied needs of cross border payments. We are thankful to the regulator for the authorization and confident that the company will help the nation build stronger rails for cross border payments."
Notably, PayGlocal has been awarded with multiple accolades including "Startup of the Year 2024", at recently concluded Global FinTech Fest 2024, LexisNexis Award for "Pioneering Innovation", "Emerging Star- Special Jury" award by FinCrime Expert for its advanced financial crime screening capabilities, and won the "IFSCA Hackathon Sprint13" for Zeroin, PayGlocal's innovative cybersecurity solution aimed at enhancing digital inclusivity for senior citizens.
As PayGlocal continues to scale new heights in the fintech industry, the company remains committed to driving innovation, security, and inclusivity in the digital payment ecosystem. In furtherance of RBI's authorization, PayGlocal is poised to set new standards in offering secure, efficient, and globally accessible payment processing. As the company forges ahead, it will continue to partner with businesses, banks and other key players in the payment ecosystem to redefine the future of digital commerce.
About PayGlocal:
PayGlocal was founded in 2021 by former Visa senior directors Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande. The company has been a pioneering force in cross-border payments and operates a comprehensive suite of payment services and cutting-edge technology platform for payment processing and transaction risk management, specifically designed to meet the evolving needs of merchants, partners, and banks. Driven by cutting-edge and user-centric technology, PayGlocal leads the charge in global commerce with unparalleled innovations in cross-border payment solutions. The startup has successfully raised $17 million in equity funding from marquee investors.
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