Payments company Aurionpro Payment Solutions on Thursday announced that it has secured the final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay.
Aurionpro Payments, a subsidiary of the technology solutions company Aurionpro said the payment aggregator license will help the company towards its long-term goal as a payment service provider.
Speaking on the new license, Balkrishna Pangam, CEO, Aurionpro Payments said, “We are grateful to the RBI for this authorization and we look forward to commencing the business at the earliest. With our innovative solutions and expertise, we are excited to contribute to India’s digital transformation journey.”
Aurionpro Payments offers a bouquet of e-payment options catering to e-commerce and SME businesses. The parent company Aurionpro Solutions caters to the needs of banking, mobility, payments and government sectors for digital transformation.
According to the details available on the RBI website as of June 01, 2024, 26 entities in the country currently such as PhonePe, Pine Labs, Reliance Payment Solutions, PayU Payments, etc., can operate as online payment aggregators.
There are 11 others who have been granted in-principle authorisation including SBI Payment Services, Khatabook Technologies, Sodexo SVC India and 24 others whose applications is under process.
Importantly, Zomato, which had received the license early this year, had last month decided to voluntarily surrender the online payment aggregator and prepaid payment instruments licences, FE had reported. The company saw an impairment loss of Rs 39 crore for its investment in its fintech subsidiary Zomato Payment Private Limited (ZPPL).
The RBI in March 2022 had issued a framework for payment aggregators in India and mandated to secure a license for acquiring merchants and providing them with digital payment acceptance solutions. Payment aggregator offers a convenient route to accepting payments to help small businesses adapt to digital ways in a streamlined manner.
