The massive payments company Stripe, based in California, has announced that it will momentarily move its new account sign-up process in India to an invite-only one.
The decision is based on the country’s changing regulatory environment, which has made it difficult for Stripe to provide rapid launches and simple onboarding for new users.
Stricter Know Your Customer (KYC) standards for domestic payment aggregator companies are among the new regulatory requirements that will be implemented tomorrow. These standards mandate that payment aggregator companies restructure their current KYC procedures.
New companies in India will no longer be able to register for a Stripe account via the company’s website. Instead, they have to wait for approval after requesting an invitation from Stripe’s India team.
To ensure compliance with Reserve Bank of India (RBI) regulations, Stripe is decreasing its payment aggregator business and focusing on larger customers with established relationships.
By the latter part of 2025, Stripe intends to resume offering its services to a larger customer base following the completion of the required infrastructure upgrades.
“We remain strongly committed to India, and are working to build out the infrastructure to be able to support more users by the second half of 2025,” stated Stripe on its website.
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