Akshata Sharma
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Global digital payments startup Stripe is looking to foray into the Indian payments ecosystem through a partnership with State Bank of India's (SBI) payments subsidiary, SBI Payments Limited.
The US Fintech giant is seeking to enter a joint venture with State Bank of India, aiming to acquire a significant stake in SBI Payments Ltd.
Currently, SBI Payments is a joint venture between State Bank of India and Hitachi Payments Services Private Limited, with SBI holding a 74% stake and the remaining held by Hitachi. Stripe is keen on acquiring a 30%-40% stake held by SBI.
The deal is anticipated to be carried out through Stripe's Indian subsidiary, Stripe India Private Limited, which obtained an RBI license to operate as an online payment aggregator in January 2024.
Introduced by the RBI in March 2020, the payment aggregator framework requires all payment gateway operators to obtain a license for acquiring merchants and implementing digital payment solutions.
While discussions are ongoing with the Reserve Bank of India regarding the same, the report claims that the regulator has provided feedback to the global payments major on certain matters related to risk management and data protection.
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