Aurionpro Payment Solutions announced a significant milestone on Thursday with the receipt of final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments Settlements Act, 2007.
This authorization empowers Aurionpro to expand its capabilities through its payments brand, AuroPay, and marks a pivotal step towards advancing India’s digital payments ecosystem.
Expressing his enthusiasm, Balkrishna Pangam, CEO of Aurionpro Payments, conveyed gratitude to the RBI, stating, “We are grateful to the RBI for this authorization and we look forward to commencing operations at the earliest. With our innovative solutions and expertise, we are excited to contribute significantly to India’s digital transformation journey.”
Aurionpro Payments offers a diverse range of e-payment options tailored to the specific needs of e-commerce and SME businesses. Its parent company, Aurionpro Solutions, has a proven track record in sectors such as banking, mobility, payments, and government, focusing on driving digital innovation.
As of June 1, 2024, the RBI’s official website lists 26 entities authorized to function as online payment aggregators in India. This includes well-known 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. The RBI is currently processing 24 applications for similar licenses.
The RBI introduced a regulatory framework for payment aggregators in March 2022, mandating licenses for entities facilitating merchant acquisitions and digital payment solutions. Payment aggregators play a pivotal role in enabling small businesses to seamlessly adopt digital payment methods, thus contributing to the broader digital economy goals of the country.