How to obtain payment gateway license in India?

payment gateway license

Payment gateway license is one of those niche business permits whose eligibility requirements are so many that people don’t even attempt to get it. However, because of India’s craze of digitization, it’s the most important license to have.

How else would you be able to provide electronic transaction services to the consumers?

A payment gateway can thus be considered the very core of the machine that is going to automate the process of digitization in India. If you want to get a control of that core, you need to obtain the payment gateway license to run it.

This blog is going to provide you every information regarding the process of obtaining this particular license from Reserve bank of India.

Becoming eligible for the payment gateway license

Without having the right eligibility, your application to start your payment gateway won’t get past the gate of Reserve Bank of India. For payment gateway license, India, following are the eligibility criteria:

  1. You must have a registered business entity before you can apply for the license.
  2. Your payment gateway soft should live up to the PCI DSS. Meaning that it must have PCI DSS certification.
  3. Your net worth should be at least INR 15 Crore when you’re starting the business.
  4. Your business acumen should be strong enough to come up with a business plan that can enhance your net worth to INR 25 Crore after three years of operation.

If you can prove that you match these eligibility criteria to the RBI, payment gateway license process will be that much easier for you.

Payment gateway certificate is the most important license in today’s world. However, the process to acquire is a difficult one. This blog is going to provide you every information regarding the process of obtaining this particular license from Reserve bank of India.

That’s why, you must feel no shame in paying minimal professional payment gateway license cost and reaching out to the experts

Process to acquire Payment Gateway License, India

Becoming eligible for the license is the part of the Payment gateway certification process. Thus, adding those steps to the licensing procedure, you have the following paradigm that you can implement to obtain the license:

  1. First, reach out to a Company Secretary or Chartered Accountant to get your business incorporated as a private or a public limited company.
  2. Reach out to the PCI DSS (Payment Card Industry Data Security Standard) certification authority to get your payment gateway started.
  3. Fill of the offline application form for payment gateway certificate.
  4. The RBI shall process your application and analyze its details for different aspects.
  5. If your payment gateway is up to the standard and the application is up to the mark.

Documents needed to acquire the payment gateway license

Following is a list of essential documents you need to get ready with in order file the payment gateway license application, . If you want to get a control of that core, you need to obtain the payment gateway license to run it.:

  1. Incorporation certificate of your company
  2. Memorandum of Association of your company
  3. Articles of Association of your company
  4. DSC of your company
  5. Address proof of your company
  6. bank account details
  7. Business plan
  8. GST registration certificate
  9. Source code of the payment gateway

Other Useful Content: SE Ranking Review

Conclusion

Payment gateway certificate is the most important license in today’s world. However, the process to acquire is a difficult one. That’s why, you must feel no shame in paying minimal professional payment gateway license cost and reaching out to the experts.

If you can prove that you match these eligibility criteria to the RBI, payment gateway license process will be that much easier for you.