EnKash, Cashfree cashing on RBI's nod with Razorpay for onboarding; Paytm still waits

Mumbai-based fintech EnKash has secured regulatory approval from the Reserve Bank of India (RBI)  to operate as a payment aggregator after peers Razorpay and Cashfree, the company informed Wednesday.

EnKash, a firm facilitating corporate payments and enabling offerings for businesses, became operational in 2018. Since its launch, the company has facilitated over 2.5 lakh businesses digitise and decentralise their corporate payments.

"The milestone also underscores our commitment to providing seamless, innovative, and reliable payment solutions, further solidifying our position as a trusted partner for businesses looking to thrive in the digital economy," Yadvendra Tyagi, Co-founder of EnKash, said in a release.

After RBI green signalled the payment aggregation and onboarding for these three operators within two days, Noida-based fintech posterboy Paytm is still awaiting clearance from the country’s apex bank.

Razorpay said it will resume onboarding, and is “delighted” to be one of the first Payment Gateways to have received the final PA license from RBI.

Cashfree also echoed the excitement, saying they are very excited about this new phase of journey. 

Paytm did not respond to requests for comment. 

The Noida-based fintech’s China roots are likely the roadblock for the RBI clearance, even as Vijay Shekhar Sharma is now the biggest shareholder after Antfin offloaded shares of the company.

The company has been talked of in Prime Minister Narendra Modi’s "Mann Ki Baat", and came in the limelight in India’s digital payment infrastructure (DPI) after their tie-up with Open Network for Digital Commerce (ONDC).