2024-06-14 By Surbhi Chauhan News

Aurionpro Payments Secures RBI Approval to Launch Online Payment Aggregator Services

Aurionpro Payment Solutions, a payments company, announced on Thursday that it has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments Settlements Act, 2007. This approval allows the company to run its payments brand, AuroPay.

Aurionpro Payments, a subsidiary of the technology solutions provider Aurionpro, stated that the payment aggregator license aligns with its long-term goal of becoming a prominent payment service provider. CEO Balkrishna Pangam expressed gratitude to the RBI for the authorization, highlighting the company's eagerness to start operations. "We are excited to contribute to India’s digital transformation journey with our innovative solutions and expertise," Pangam said.

Aurionpro Payments offers a range of e-payment options tailored to e-commerce and SME businesses. Its parent company, Aurionpro Solutions, supports the Banking, Mobility, Payments, and Government sectors in their digital transformation efforts.

As of June 1, 2024, the RBI website lists 26 entities, including PhonePe, Pine Labs, Reliance Payment Solutions, and PayU Payments, as authorized online payment aggregators. Additionally, 11 entities, such as SBI Payment Services, Khatabook Technologies, and Sodexo SVC India, have received in-principle authorization, with 24 other applications under process.

Notably, Zomato, which had received the license earlier this year, decided to voluntarily surrender its online payment aggregator and prepaid payment instruments licenses last month, resulting in an impairment loss of Rs 39 crore for its fintech subsidiary, Zomato Payment Private Limited (ZPPL).

In March 2022, the RBI issued a framework for payment aggregators, mandating a license for acquiring merchants and offering digital payment acceptance solutions. Payment aggregators provide a streamlined way for small businesses to adopt digital payment methods.