Innoviti Payments and Concerto Software Secure Coveted RBI Payment Aggregator Licenses

Payment Aggregator & Payment Gateway Innoviti
Preeti Bali / 9:45 am / March 27, 2024

The Reserve Bank of India’s (RBI) approval of online payment aggregator (PA) licenses for Innoviti Payments and Concerto Software marks a significant development in the Indian digital payments landscape. This regulatory green light elevates both companies to the ranks of established players like MSwipe, Razorpay, Cashfree, and Zomato, placing them at the forefront of settling e-commerce transactions.

RBI Nod Signifies Stringent Compliance and Trust

The RBI’s seal of approval signifies endorsement of Innoviti Payments’ and Concerto Software’s operational integrity and robust compliance measures. Obtaining these licenses subjects them to the central bank’s close oversight, ensuring adherence to stringent regulations within the Indian digital payments ecosystem.

Innoviti Payments: Bridging the Gap Between Offline and Online

Headquartered in Bengaluru, Innoviti Payments boasts a robust network of roughly 2,500 online merchants who leverage their innovative online payment solution, “Innoviti Link.” This platform is designed to provide a seamless and user-friendly payment experience for customers, effectively bridging the gap between traditional offline transactions and the convenience of online shopping. Innoviti already holds a strong position in the offline payments sector, servicing major retailers like DMart, Tanishq, and Shoppers Stop.

Concerto Software’s Vegaah Gateway Secures PA License

Concerto Software’s payment gateway, Vegaah, also emerged victorious in securing a PA license from the RBI. This achievement marks a major milestone in their commitment to fostering innovation and developing customer-centric solutions within the digital payments industry.

Expanding Landscape of Authorized Payment Aggregators

Innoviti Payments and Concerto Software are not alone in their recent success. CCAvenue, operated by Infibeam Avenues, received its PA license earlier this month, further enriching the pool of authorized payment aggregators in India. Additionally, MSwipe, a prominent player in the point-of-sale (PoS) market, has also recently acquired a PA license. This move allows MSwipe to expand their offerings by providing online payment services to their existing offline clientele, ultimately creating a comprehensive omnichannel experience that caters to the evolving needs of modern consumers.

The addition of these new players promises to invigorate the Indian digital payments landscape, fostering increased competition, innovation, and ultimately, a wider range of secure and convenient payment options for Indian consumers.

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