Payment gateway License in India has paved the way of digital transformation. But has it done so fairly? When we look at the eligibility requirements to obtain this particular license, we see them as cumbersome requirements. Pandemic has turned many billionaires into millionaires and millionaires into common salaried folks. Forcing them to abide by these cumbersome requirements doesn’t seem fair.
However, does the RBI has any choice in the matter? Starting a payment gateway in India is a complex and tech-oriented business that can only be handled by experts bearing a specific set of skills. In that regard, the “cumbersome” requirements for payment gateway certification seem “compulsory” to many eyes.
So, what’s the answer here? And is the process of payment gateway license in India really that unfair. Let’s find out.
Following are the eligibility requirements that every applicant has to abide by before he or she can apply for the license:
Let’s now discuss on the fairness of above points:
Read More Useful License: BEE Certification
If the payment gateway license cost seems too much to you, there is a reason for that. RBI needs to take the critical task of electronic money transfer seriously. Thus, it is only looking for entrepreneurs who have the financially and technical capabilities to support such a business. Yes, it might seem unfair to many, but you need to understand that when it comes to payment gateway certification, high accountability can only be held by those who can afford it.
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