Policy · Financial Services

Razorpay gets RBI offline payments licence

By Startup Enthusiast · 22 January 2026

What they do

Razorpay is a full-stack payments and financial services platform serving over 8 million businesses

It received the RBI Payment Aggregator – Physical licence for its offline payments vertical Razorpay POS

Razorpay now holds all three RBI PA licences: online, offline, and cross-border, enabling end-to-end payment acceptance

Razorpay received the RBI Payment Aggregator – Physical (PA-P) licence for its offline payments vertical Razorpay POS.
Razorpay now holds all three RBI PA licences: online, offline (physical), and cross-border.
Razorpay got the PA-CB (cross-border) licence from RBI in December 2025.
Razorpay was among early recipients of the PA (online) licence from RBI in December 2023.
Razorpay entered offline payments in 2022 via acquisition of Ezetap, rebranded as Razorpay POS.
Razorpay transitioned to a public limited company and redomiciled from US to India in 2025.
Razorpay IPO anticipated in 2026, includes fresh issue of shares worth INR 4,500 crore.
Merchant bankers Kotak Mahindra and Axis Capital bid to helm Razorpay IPO.

Holding all three PA licences allows fintechs to offer end-to-end payment acceptance across channels.
RBI granted three PA licences to several fintechs including Paytm, Pine Labs, PhonePe, PayU, Mswipe, Airpay, Easebuzz.
Razorpay operating revenue jumped 65% to INR 3,783 crore in FY25.
Razorpay net loss in FY25 due to one-time tax expense from redomicile.
CFO Arpit Chugh said Razorpay India business expected to turn solidly profitable in FY26.

Razorpay is a full-stack payments and financial services platform: payment acceptance, disbursals, lending, business banking.
Razorpay serves more than 8 million businesses.
Razorpay POS products: mPOS devices, smart POS machines, soundboxes, pin-on-mobile solutions.
Razorpay POS serves large retailers, enterprises, and small/medium businesses for in-store digital payments.
Razorpay products include RazorpayX (neo-banking) and Razorpay Capital (lending).
Razorpay integrated with government-led initiative ONDC.
Razorpay website offers: payment gateway, payment button, payment links, payment pages, Razorpay POS, payout API, source-to-pay, payout links, tax payments, AI-native agentic commerce, agent studio, payments for AI builders, agentic business banking, current account.
Razorpay website mentions international payments support for USA, UK, Canada, Australia, UAE, France, Singapore, Italy, Germany, Saudi Arabia.
Razorpay announced AI Payments Foundation Model called Razorpay Vulcan.

Razorpay IPO anticipated in 2026, includes fresh issue of shares worth INR 4,500 crore.
Merchant bankers Kotak Mahindra and Axis Capital bid to helm Razorpay IPO.
CFO Arpit Chugh said Razorpay India business expected to turn solidly profitable in FY26.
Razorpay to exhibit at GFF 2026 (8-11 September, Booth R1, Jio Convention Center).