India, May 2 -- It's a payment aggregator (PA) feeding frenzy out there as dozens of startups and big tech companies have bagged the licence in recent months.

Since December last year, the RBI has approved the PA applications or has given in-principle approval to Zoho, Juspay, Decentro, CRED, PayU, Enkash, Pine Labs, Amazon Pay, Innoviti, Razorpay, CC Avenue, Cashfree, Tata Pay, Google Pay, Infibeam Avenues, Mswipe, among others.

Just this week, Groww and Worldline Global also joined this list. Overall, more than 20 companies have received the green light from the central bank in 2024 alone.

So what explains this sudden rush to become a payment aggregator and why exactly are companies queuing up?

The payment aggregator rush in India i...