MUMBAI: US-based digital payments major Stripe has temporarily moved to an “invite only” mode in India, citing the country’s evolving regulatory landscape. This means that businesses from India will not be able to sign up for a new Stripe account through the firm’s website and will need to request for an invite. The company said that it is working to build the infrastructure to be able to support more users by the second half of 2025.
“The regulatory landscape in India continues to evolve, and our goal is to offer the same experience in India that we aspire to offer to all our users worldwide. For example, enabling new users to launch quickly with easy onboarding is a fundamental Stripe feature that we cannot promise in India today,” the company said in a blog post without elaborating.
RBI has become very stringent around KYC requirements and merchant onboarding. A few payment aggregators have faced temporary bans on merchant onboarding in the recent past, said independent digital banking consultant Parijat Garg.