Innoviti Payments and Concerto Software Granted RBI Payment Aggregator Licences

The landscape of online payments in India is witnessing a surge in activity with several prominent players receiving the coveted payment aggregator (PA) license from the Reserve Bank of India (RBI). This license authorizes companies to settle e-commerce transactions, bringing them under the direct regulatory oversight of the RBI and ensuring a more secure and streamlined online payment ecosystem.

New Entrants Join the Game: Innoviti Payments and Vegaah

Leading the charge are Innoviti Payments and Vegaah, a payment gateway by Concerto Software and Systems. These companies, along with established players like MSwipe, Razorpay, Cashfree, and Zomato, have all secured the PA license, signifying their commitment to adhering to the RBI's regulations and contributing to a robust online payment infrastructure.

CCAvenue Receives PA License

Adding to the momentum, CCAvenue, operated by the listed fintech company Infibeam Avenues, also received the PA license earlier this month. This development further strengthens the pool of trustworthy and RBI-approved PAs, empowering Indian businesses to leverage secure and reliable online payment solutions.

Enhanced Security and Unified Payment Experience

The significance of the PA license goes beyond just authorization. It signifies the commitment of these companies to prioritize security and compliance in the online payment space. With PAs operating under RBI regulations, consumers can expect enhanced data protection and a more secure online transaction experience.

For companies like Innoviti Payments, the PA license unlocks exciting possibilities. Innoviti, already a prominent player in offline point-of-sale (PoS) solutions for major retailers like DMart, Tanishq, and Shoppers Stop, aims to leverage its "Innoviti Link" online payment system. This will allow them to offer their existing offline customers a seamless omnichannel payment experience, bridging the gap between physical and digital transactions.

MSwipe Empowers Businesses with Omnichannel Solutions

Similarly, MSwipe, another PoS player receiving the PA license, is well-positioned to empower its offline clients with robust online payment solutions. This caters to the growing demand for omnichannel experiences, allowing businesses to cater to customers who prefer online payment methods.

A Look Ahead: A More Secure and Streamlined Online Payment Ecosystem

The influx of new PA license holders signifies a positive shift in India's online payment landscape. As more companies adhere to RBI regulations and prioritize security, consumers can expect a more robust and trustworthy ecosystem for conducting online transactions. This not only benefits consumers but also fosters the growth of e-commerce and online businesses in India. With the RBI's continued focus on regulation and innovation, the Indian online payment sector is poised for further expansion and a brighter future.