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No more global micro-SaaS from India

from Abishek Muthian [alt+shift+b] in technology

Reserve Bank of India has published draft regulatory guidelines for payment aggregators1 which requires payment aggregators to perform physical KYC on small & medium sized merchants, verify their bank accounts among other regulations. Stripe, sighting the aforementioned regulations has made its onboarding invite only2 in India, which means only large companies and those with connections can do business with them. This is particularly devastating to solopreneurs and small businesses from India which aim to build global SaaS products where Stripe is the defacto standard for collecting payments, especially when Stripe is buying out smaller competitors3 which could have served as an alternative.
31st Jul 2024

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