CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has asked multiple payment gateways, including Razorpay, which had received the regulator’s in-principle nod for a payment-aggregator licence, to stop onboarding new merchants, multiple people aware of the development told ET.

Detailed explanation-2: -Merchant Onboarding facilitates the system administrator to set up and maintain merchants using the channel banking platform. This, in turn, enables the users to initiate merchant based payments using the channel banking facility.

Detailed explanation-3: -Hackers have stolen ₹7.8 crore from payment gateway firm Razorpay. According to PTI, along with hackers, fraudulent customers stole ₹7.38 crore by tweaking the authorisation process of Razorpay Software.

Detailed explanation-4: -Razorpay is the only converged payments solution company in India that allows your business to accept, process, and disburse payments via its product suite. With Razorpay, you have access to all payment modes, including credit and debit cards, UPI, and popular mobile wallets.