Fintech Startup 1Pay Gets RBI Payment Aggregator License
The company offers Vendor payout system, B2B invoice collection system, e-governance, customized bill payment and BBPS
Reserve Bank of India (RBI) has given in-principle approval to fintech startup 1Pay Mobile Pvt. Ltd to operate as a payment aggregator. With this, 1Pay becomes one of the first companies in India to get approval from RBI for the payment aggregator license. RBI has been strict in its evaluation of entities that have applied for the payment aggregator license. Multiple online payment gateways seeking the aggregator license came under the intense scrutiny of the Central bank for, know-your-customer (KYC) related issues, past dealings with cryptocurrency exchanges and gaming apps, and for not complying with net worth criteria that RBI had set out.
"1Pay is creating a seamless payments platform for the unorganized sector that empowers them to accept and make digital payment. 1Pay is one of the few platforms focusing on digitally unifying the unorganized logi-fintech space. Furthermore, RBIs approval for a startup in the fintech space demonstrates the central bank's commitment to digitally unifying the country," said Sanjay Gaitonde, founder, 1Pay.
Currently, the platform has an annualized gross transaction value of over INR 8500 crore and an annualized transaction volume of over 30 million. The startup offers payment solutions to Logistics, OEM Suppliers, OMC Fuel Distributors and FASTag issues, claimed by the company in a statement.
Founded in 2019, 1Pay is a full-stack payment platform and one of the few that focuses on digitally unifying the unorganized logi-fintech space. They bring transportation, logistics and the banking industry on one platform, thus digitally unifying the Logi-fintech space. The company offers Vendor payout system, B2B invoice collection system, e-governance, customized bill payment and BBPS. They also cater to the niche segment of transporters with an ability to enable seamless payment processing abilities with state-of-the-art product approach.