RBI Grants Payment Aggregator Licences to Innoviti Payments and Concerto Software

Innoviti Payments and Concerto Software Have received Payment Aggregator (PA) License from the Reserve Bank of India (RBI), marking a significant milestone in India’s digital payments landscape. Innoviti operates PA ‘Innovity Link’, Serving 2,500 online merchants, Concerto Software is the gateway to ‘Vegah’ Joins the league of authorized PA solutions.

Innovity Payments

  • License Approval: Nearly two years after securing RBI’s in-principle approval, Innoviti finally got the PA license.
  • Operational Background: With a foundation in digital payments dating back to 2002, Innoviti facilitates seamless payment acceptance and integration of real-time sales data for businesses.
  • Service Portfolio: Provides point of sale (POS) terminals for card payments, customer relationship management (CRM) solutions and digital payment acceptance solutions.
  • market presence: Processes procurement volume of over $10 billion annually, operates across 28 Indian states, and has a workforce of approximately 650 employees.
  • Customer: Its customers include leading institutions like Reliance Retail, Adani Gas, Inox and Shoppers Stop.

Concerto Software and Systems

  • PA License Acquisition: Secures PA license for its payment gateway ‘Vegah’, enabling digital payment acceptance solutions for merchants.
  • Expansion in digital payments: The digital payments ecosystem gets further diversity with a new player offering reliable payment aggregation services.

RBI’s PA License Initiative

  • Introduction: The central bank introduced the PA Framework in March 2020, mandating licensing of merchants to acquire and provide digital payment acceptance solutions.
  • Recent Approvals: Innoviti and Concerto Software join the ranks of 13 entities seeking PA licenses in 2024, including notable players such as Infibeam Avenues, Amazon Pay, Juspay, Stripe, and Tata Payments.
  • Industry Dynamics: The digital payments sector shows active participation and expansion of various fintech entities in line with consumer preferences and regulatory framework.

upcoming ventures

  • Entry of PB Fintech: PolicyBazaar’s parent company, PB Fintech, aims to venture into payment aggregation through its subsidiary PB Pay, leveraging RBI’s PA license for its online payment system.

RBI grants payment aggregator license to Innovity Payments and Concerto Software_40.1

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