EnKash gets RBI's in-principle nod to operate as payment aggregator
Founded in 2018, the spending management platform EnKash has helped thousands of businesses to digitize and decentralize their corporate payments.
The licence by the central bank will enable the platform to broaden its product offerings to more number of businesses.
Payment aggregators are intermediaries playing an important function in facilitating payments in the online space.
"We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and solutions not only to our existing business ecosystem but also to bring about path-breaking and leading technological solutions to the market covering the entire payments flow," said
"This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate their all payable and receivable and make necessary actions around payments," said
EnKash now looks forward to bringing product offerings around corporate payments such as forex collections, cross-border payments, and Software-as-a-service collections.
Notably, besides EnKash, several other firms have got RBI's in-principle nod to operate as payment aggregators.
In 2020, the RBI issued guidelines saying firms it approves can only acquire and offer payment services to merchants. Existing non-bank entities offering payment aggregator services shall apply for such authorization.
World Bank sees India growth slowing to 6.6% next fiscal
AdvertisementLive ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity
Popular on BI
- Not hard, not soft, the earliest dino eggs may have been of a 'leathery' texture to protect against damage: study
- Don't need to go big to go home: Australia is turning to sustainable 'tiny houses' to fix their housing crisis!
- Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL
- Carbon tax turns into climate fight at COP28
- Market to focus on macro data, global trends: Analysts