Aurionpro Payment Solutions announced on Thursday that it has received the final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This authorization, granted under the Payments Settlements Act, 2007, will allow Aurionpro to enhance its capabilities through its payments brand, AuroPay.
Aurionpro Payments, a subsidiary of the renowned technology solutions provider Aurionpro Solutions, views this license as a significant step towards its long-term objectives as a payment service provider. The company’s innovative solutions are aimed at bolstering India’s digital transformation journey.
Expressing his enthusiasm, Balkrishna Pangam, CEO of 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 diverse range of e-payment options tailored to the needs of e-commerce and SME businesses. Its parent company, Aurionpro Solutions, serves various sectors including banking, mobility, payments, and government, focusing on digital transformation.
As of June 1, 2024, the RBI’s website lists 26 entities authorized to operate as online payment aggregators in India. This list includes prominent names such as PhonePe, Pine Labs, Reliance Payment Solutions, and PayU Payments. Additionally, 11 entities have received in-principle authorization, including SBI Payment Services, Khatabook Technologies, and Sodexo SVC India. There are also 24 applications currently under process.
However, the landscape has seen some shifts. Zomato, which had obtained the license earlier this year, decided to voluntarily surrender its online payment aggregator and prepaid payment instruments licenses last month. This decision followed an impairment loss of Rs 39 crore in its fintech subsidiary, Zomato Payment Private Limited (ZPPL), as reported by Financial Express (FE).
The RBI, in March 2022, introduced a framework for payment aggregators in India, requiring them to secure a license to acquire merchants and provide digital payment acceptance solutions. Payment aggregators play a crucial role in enabling small businesses to adopt digital payment methods seamlessly.