The payments orchestrator raised the funding even as it is locked in a battle with payment aggregators.
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The battle between four of India’s major fintechs and the payments orchestration leader is being fought on the issues of interoperability and fair competition. Ultimately, though, commercial factors will trump all else.
The central bank’s rejection of the decade-old company’s application for a payment aggregator licence triggers a pivot and chaos.
The grouping of the sector alongside betting and gambling firms in the tax regime opens up the prospect of the central bank denying it access to payment gateway services.