- Instamojo’s application for a payment aggregator license was returned by the Reserve Bank of India (RBI) due to failure to meet net worth criteria.
- The tech company will now partner with licensed payment aggregators for its services and plans to re-apply for a license in the next financial year.
- Despite the short-term costs of these partnerships, Instamojo’s co-founder Akash Gehani believes the company will overcome the challenges and return to normal operations soon.
[Via]
