Innoviti Payments and Concerto Software have received payment aggregator (PA) licences from the Reserve Bank of India (RBI), marking significant milestones in the digital payments landscape of India. Innoviti operates the PA ‘Innoviti Link’, serving 2,500 online merchants, while Concerto Software’s gateway ‘Vegaah’ joins the league of authorized PA solutions.
Innoviti Payments
- Licence Approval: After nearly two years of securing the RBI’s in-principle approval, Innoviti finally obtains the PA licence.
- Operational Background: With a foundation in digital payments since 2002, Innoviti facilitates seamless payment acceptance and integration of real-time sales data for businesses.
- Service Portfolio: Offers point of sale (PoS) terminals for card payments, customer relationship management (CRM) solutions, and digital payment acceptance solutions.
- Market Presence: Processes over $10 Bn in purchase volume annually, operating across 28 Indian states, and boasting a workforce of approximately 650 employees.
- Clientele: Counts prominent entities like Reliance Retail, Adani Gas, Inox, and Shoppers Stop among its clientele.
Concerto Software and Systems
- PA Licence Acquisition: Secures the PA licence for its payment gateway ‘Vegaah’, enabling digital payment acceptance solutions for merchants.
- Expansion in Digital Payments: Further diversifies the digital payments ecosystem with a new player offering reliable payment aggregation services.
RBI’s PA Licence Initiative
- Introduction: The central bank introduced the PA framework in March 2020, mandating the licence for acquiring merchants and delivering digital payment acceptance solutions.
- Recent Approvals: Innoviti and Concerto Software join the ranks of 13 entities receiving PA licences in 2024, including notable players like Infibeam Avenues, Amazon Pay, JusPay, Stripe, and Tata Payments.
- Industry Dynamics: Reflects the active participation and expansion of various fintech entities in the digital payments sphere, in line with evolving consumer preferences and regulatory frameworks.
Upcoming Ventures
- PB Fintech’s Foray: Policybazaar’s parent company, PB Fintech, aims to venture into payment aggregation through its subsidiary PB Pay, leveraging the RBI’s PA licence for its online payment system.