Razorpay POS receives RBI Payment Aggregator–Physical licence

Razorpay POS, the offline payments arm of fintech firm Razorpay, has received the Payment Aggregator–Physical (PA-P) licence from the Reserve Bank of India, allowing it to operate as an authorised payment aggregator for in-store transactions.

With this approval, Razorpay now holds all three key RBI payment permissions covering online payment aggregation, offline or physical payment aggregation, and cross-border payment aggregation.

This places the company among a small group of fintech firms authorised to operate end-to-end across India’s payments ecosystem. In recent months, the RBI has cleared online, offline and cross-border payment aggregation licences for around half a dozen companies, including Paytm, Easebuzz, PayU, Pine Labs and Airpay.

The PA-P licence enables Razorpay POS to onboard merchants and process in-store digital payments at scale, covering large retailers, enterprises, and small and medium businesses. The company already operates across India’s offline commerce ecosystem through products such as mPOS terminals, smart POS machines, soundboxes and pin-on-mobile solutions.

Razorpay entered the offline payments segment in 2022 through the acquisition of Ezetap, which was later rebranded as Razorpay POS. Since then, the company has expanded its physical payments footprint alongside its core online payments business.

With the offline licence in place, Razorpay can now offer a fully compliant payments infrastructure spanning digital transactions, in-store merchant payments and cross-border payment flows. The company said it secured its cross-border payment authorisation in December 2025.

Commenting on the development, Shashank Kumar, managing director and co-founder of Razorpay, said the licence strengthens the company’s ability to provide compliant, high-volume in-store payment solutions as businesses expand their omnichannel presence. He added that the approval supports Razorpay’s plans to serve merchants operating seamlessly across both online and offline channels.