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Stripe goes invite-only in India

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May 31, 2024
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Illustration: Allie Carl/Axios

Stripe moved its services to invitation-only mode in India on Friday, citing the shifting regulatory landscape.

Why it matters: This comes as heightened scrutiny from the Reserve Bank of India has triggered a sea change in the country's fintech industry.

Context: In February, the central banks asked Visa to pause certain B2B payments related to third-party fintech firms, per Reuters.

  • Fintech titan Paytm has also been under pressure, with shares down 48% in the last year.

Details: "We will only be able to support a select number of businesses, with a focus on international expansion, for the time being," Stripe's blog post read.

  • Existing users will not be impacted, according to the company.

What they're saying: Stripe —whose business is largely in the U.S. and Europe — says it plans to maintain a presence in India.

  • "[We are] working to build out the infrastructure to be able to support more users by the second half of 2025," the blog post read.
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