You can be on Entrepreneur’s cover!

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Business News

Microsoft's New AI Can Make Photographs Sing and Talk — and It Already Has the Mona Lisa Lip-Syncing

The VASA-1 AI model was not trained on the Mona Lisa but could animate it anyway.

Business Solutions

Keep Inspiration in Reach with Nix Color Sensor, Now $60 for One Week Only

Scan any surface and get a detailed report of the color you're looking for.


Look Sharp with This Gillette Body Razor Set for $15

This Gillette Body Razor comes with nine refill blade cartridges and is on sale for $14.99 (reg. $24) for a limited time only.

Business Solutions

Grab Microsoft Project Professional 2021 for $20 During This Flash Sale

This small investment is well worth the time it will save your team in organizing and monitoring project work.