档案库 · 金融科技 · 战略决策 · 2020–2025
Cashfree熬过印度央行2022年禁令，成为印度首批获得支付聚合器牌照的公司
印度央行发放支付网关牌照；Cashfree熬过禁令，于2023年12月获支付聚合器批准，随后又获得跨境支付和预付费支付工具牌照。
Cashfree Payments
做的是什么生意
India's payments company: checkout APIs, payouts, KYC onboarding and fraud tools for online businesses — 600,000+ merchants and $80+ billion processed a year (per IBS Intelligence, October 2024).
起因
RBI's payment-aggregator framework brought every Indian gateway under the Payment and Settlement Systems Act (the PA licence was introduced around 2020, per Inc42), requiring in-principle and then final authorisation with net-worth and audit hurdles. Cashfree applied like its rivals — then, in late 2022, the RBI barred Cashfree and Razorpay from onboarding new merchants, freezing both companies' growth at the gate.
经过
For over a year Cashfree could only serve its existing merchants while it cleared the RBI's requirements — system audits, capital thresholds, governance. The payoff came in December 2023: the RBI granted final Payment Aggregator authorisation to just three companies at once, Razorpay, Cashfree and neobank Open, with Cashfree saying the approval would let it 'drive exponential growth and add new clients'. It then stacked the stack: in July 2024 it became one of the first PSPs to receive the Payment Aggregator-Cross Border licence (import/export payments), and in October 2024 it added the Prepaid Payment Instrument licence for wallet-style products, while also buying UAE payment company Telr to take its licensed model abroad.
结果
Still live and scaling as one of the few Indian gateways holding the full PA + Payment Aggregator-Cross Border + PPI licence stack (as of its October 2024 reporting).
背景
印度央行决定对支付聚合器实施牌照管理，将支付网关纳入《支付与结算系统法》，采取两阶段授权。作为API优先的支付初创公司Cashfree加入申请队伍。2022年末，央行禁止Cashfree和Razorpay新增商户，两家印度最大网关在增长中被冻结。
Cashfree将禁令视为一次合规重建的机会：审计、资本、治理。2023年12月，央行仅授予三家公司最终支付聚合器授权：Razorpay、Cashfree和Open。Cashfree称这是“指数级”增长的许可证。随后在2024年7月获得跨境支付授权，2024年10月获得预付费支付工具牌照，并收购阿联酋Telr以拓展国际市场。
结果是形成了监管护城河：印度仅有少数支付网关持有全套央行牌照，Cashfree是其中之一，报告称服务60万+企业，年处理交易额800亿美元。‘央行授权’成为筛选标准，将牌照转化为未持牌竞争者无法复制的销售优势。
这件事要成立，得有什么
- 禁令迫使Cashfree在增长冻结期间将合规制度化，所以当央行的标准落地时，幸存者已备战就绪。
- 同时只有三家网关获得最终授权，使‘央行授权’成为准入门槛：企业只能选择少数持牌服务商，持牌因此成为销售凭证。
- 牌照的叠加使Cashfree能够在不需要重新申请授权的情况下拓展新产品，积累了竞争对手须从零开始构建的监管体系。
可借鉴之处
当监管机构为你的行业设卡时，把这张卡当成产品本身：熬过禁令，重金投资合规，让第一张牌照成为你的信任凭证。
后续进展
截至2026年9月，Cashfree仍是印度少数几家持有完整牌照的支付聚合器之一。其2023-2024年的牌照潮仍是面向企业商户销售故事的核心，该模式也被输出：通过收购Telr将支付业务带入阿联酋市场。牌照组合已成为特许经营资产而非障碍——但同时也是一个监管抓手：保持央行授权意味着持续受监管机构监督，这是无牌运营商无需承担的成本。
资料来源
- Razorpay, Cashfree, Open Get Final Approval From RBI To Operate As Payment Aggregators
- Cashfree Payments obtains RBI's Prepaid Payment Instrument licence
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