Innoviti Payments and Concerto Software Granted RBI Payment Aggregator Licences

• ByStartupStory     |    March 27, 2024

Innoviti Payments and Concerto Software have been granted the coveted online payment aggregator (PA) licences by the Reserve Bank of India (RBI). This move propels both companies into the league of esteemed players in the digital payments ecosystem, alongside renowned names such as MSwipe, Razorpay, Cashfree, and Zomato.

The RBI’s nod of approval places these companies at the forefront of settling ecommerce transactions and subjects them to the regulatory oversight of India’s central bank, signifying a seal of trust in their operational integrity and compliance standards.

Headquartered in Bengaluru, Innoviti Payments boasts a substantial network of approximately 2,500 online merchants leveraging its cutting-edge online payment system, aptly named ‘Innoviti Link’. This platform aims to provide a seamless payment experience to customers, bridging the gap between offline and online transactions. Notably, Innoviti already commands a strong presence in the offline payment sphere, servicing esteemed retailers such as DMart, Tanishq, and Shoppers Stop.

Concerto Software’s payment gateway, Vegaah, also secured the PA licence from the RBI, marking a significant milestone in its journey towards facilitating secure and efficient online transactions. This accomplishment underscores Concerto Software’s commitment to innovation and customer-centric solutions in the digital payments realm.

In addition to Innoviti and Concerto Software, CCAvenue, operated by Infibeam Avenues, received its PA licence earlier this month, further enriching the landscape of authorized payment aggregators in India.

MSwipe, a prominent player in the point-of-sales (PoS) domain, has also recently acquired the PA licence. By offering online payment services to its offline clientele, MSwipe endeavors to deliver an omnichannel experience, catering to the evolving needs of modern consumers.

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