Introduction

We're here to provide you with essential insights regarding recent developments in the payment gateway sector. This article aims to shed light on the regulatory steps taken by RBI, new guidelines on compliance and KYC documentation for new onboarding, temporary suspension of new customer onboarding by payment gateways like Razorpay, Pay U, Paytm and Cashfree, as directed by the Reserve Bank of India (RBI).

Temporary Onboarding Pause

RBI's directive to Razorpay, PayU, Paytm and Cashfree to temporarily halt the onboarding of new customers for their payment processing businesses is a notable regulatory action. This measure has been initiated to address specific regulatory concerns and ensure compliance within the industry. You can read more about this in the news article here.

Impact on Existing Clients

For our valued existing clients, it's crucial to understand that the temporary onboarding pause primarily pertains to new customers. This regulatory measure does not disrupt the services provided to our current clients. However, if there are any KYC document required for complying with new guidelines by the RBI, you should expect a communication from our Customer Success team. We are committed to maintaining seamless operations for your ongoing business needs.

Pricing Adjustments for Existing Customers

It's important to note that pricing adjustments have been observed within the realm of payment gateways, affecting existing customers. These adjustments are initiated by the payment gateways themselves, and we want to clarify that we do not have control over these changes. These payment gateway (PG) rates are now linked with the business type within the Education Industry. PG rates for education institutions registered under Trust, Foundation and Societies are subsidized, while other for-profit education institutions registered as limited companies are eligible for PG rates, as applicable for normal e-commerce companies. As these pricing dynamics shift, we remain focused on offering the best support and services possible.

Navigating Change Together

The temporary onboarding pause signifies the industry's collective commitment to regulatory standards. While we are working with other licensed and operational payment gateway partners for facilitating onboarding for potential customers, we believe that adhering to these standards is essential for maintaining a robust and compliant ecosystem.

Assistance and Support

If you have any questions or concerns regarding how these developments might affect your interactions with us, we're here to assist. Our dedicated support team is ready to provide the information you need, whether you are a current client or considering our services.

Conclusion

As the landscape evolves, we remain dedicated to transparency and providing the support you require. We encourage you to stay tuned for more updates and insights. We appreciate your trust in us as we navigate these changes together.