SUMMARY
The digital payments solutions company secured the online payment aggregator licence from the RBI for its online payment system ‘Innoviti Link’
The licence comes almost two years after Innovati secured the central bank’s in-principle nod to operate as a payments aggregator
Besides Innoviti, Navi Mumbai-based payment solutions provider Concerto Software and Systems also secured the licence for its payment gateway ‘Vegaah’
Digital payments solutions company Innoviti has become the latest player to secure an online payment aggregator (PA) licence from the Reserve Bank of India (RBI).
Innoviti operates PA ‘Innoviti Link’, which currently serves 2,500 online merchants.
The final approval for the PA licence comes almost two years after Innovati secured the central bank’s in-principle nod to operate as a PA. The company has been active in the digital payments business since 2002 and allows users to accept payments and integrate real-time sales data into critical business processes.
It also provides point of sale (PoS) terminals that enable retail enterprises to process card payments. Besides, it offers customer relationship management (CRM) solutions to retailers.
The company, backed by the likes of Catamaran Ventures, Tata Capital, SBI Venture Capital, claims to process more than $10 Bn in purchase volume annually. Active in 28 Indian states, it has a head count of about 650 employees.
It counts the likes of Reliance Retail, Adani Gas, Inox, Shoppers Stop among its customers.
The payment aggregator framework was first introduced by the central bank in March 2020. The licence is mandatory for acquiring merchants and delivering digital payment acceptance solutions.
Of late, the central bank has been actively offering the PA licence to players in the digital payments space. Along with Innoviti, Navi Mumbai-based payment solutions provider Concerto Software and Systems also secured the PA licence for its gateway ‘Vegaah’.
This takes the tally of the number of entities to receive PA licence in 2024 to 13. Earlier this month, Infibeam Avenues also secured final authorisation from the central bank to operate as a payment aggregator via its payment gateway brand CCAvenue.
In February, ecommerce giant Amazon’s fintech arm Amazon Pay also received PA authorisation. JusPay, Stripe, Tata Payments, Mswipe are among the other players to receive the PA licence this year.
Meanwhile, Policybazaar’s parent PB Fintech is also eyeing a foray into the payment aggregation business with a new subsidiary PB Pay.
