Payment gateway license. You require it if you wish to start a payment gateway in India. To get it, you need to find a way to satisfy the reserve bank of India who isn’t at all interested in issuing you the license just because you have filed the application. To consider you worthy of giving you payment gateway license in India, it will check:
- Whether or not you are financially stable to maintain your payment gateway
- Whether or not your payment gateway is capable of keeping consumer data secure.
- Whether or not you have a solid business plan to attract people towards your business.
As you can guess, RBI should see you as financially and technologically stable entity capable of satisfying a lot of customers through your services. It’s not an easy task. So, why go through it? Why take the excruciating pain of waiting in line only for RBI to send you a notification that your application has issues? What makes it worth it?
Well, there are advantages to obtaining an RBI payment gateway license in India that we would like to share. We hope that you’ll find them advantageous as well.
Certification by PCI DSS
PCI DSS stands for Payment Card Industry Data Security Standard. Getting compliance from this body means that your customers would be assured that their private information would be safe if they use your payment gateway. Protecting your customer information from any cybersecurity threat should be the first thing in your mind, and being PCI DSS certified would mean it indeed was.
Allowing customers to pay using wallet
With payment gateway license in India, you become a payment aggregator. It allows you to setup your wallet module with your payment gateway act. This wallet would act as a temporary holder of funds for your customers. If your customers wish to transfer their funds from the wallets to their bank accounts, it would cost them a nominal charge; charge that you’ll decide. In doing so, it would become a source of income for your company.
Providing fraud screening tools
In the end, a payment gateway license, India allows you to create a payment gateway with as many features as you want. Nowadays, people tend to be enchanted by fraud screening tools. Fraud screening tools allows your customers to find out about the one they are paying using your payment gateway. If the Fraud Screening tool detects that the payee is of a dubious nature, your customers can cancel the transactions. It does two things:
- It prevents fraudulent transactions.
- And, it prevents information about your customers to be compromised.
You should care about the payment gateway license because digital India is a future that you can’t avoid. With each passing day, cash is becoming obsolete. Even if most people don’t want it, soon, only electronic transaction will exist. When it does, make sure that you’ve done your due diligence and have paid the payment gateway license fees to start your own company that enables electronic transaction.
For more about payment gateway license, it’s cost, requirements and other aspects, reach out to Registrationwala. What are the advantages of getting payment gateway license in India? There are three, and you can read about them here, in this blog