Innoviti, Concerto Receive RBI Payment Aggregator Licences

The Reserve Bank of India (RBI) has injected fresh momentum into India’s digital payments sector, projected to reach a staggering $1 trillion by 2025 , by granting payment aggregator (PA) licenses to Innoviti Payments and Concerto Software. This decision elevates both companies to the league of prominent players like Razorpay, Cashfree, and Zomato, signifying the RBI’s confidence in their operational excellence and adherence to regulatory frameworks.

Innoviti Link and Vegaah Get Greenlight

Innoviti Payments, whose ‘Innoviti Link’ platform empowers over 2,500 merchants to accept online payments, has secured its PA license. This move strengthens Innoviti’s position as a key player, processing an estimated $3 billion in annual transaction volume . Similarly, Concerto Software’s ‘Vegaah’ payment gateway has also received the coveted license, underscoring their commitment to providing secure and efficient online transaction solutions. These approvals, along with CCAvenue’s license granted earlier in March 2024, further diversify the pool of authorized PAs in India, offering businesses a wider range of trusted options.

Building a Secure Digital Payments Ecosystem

In a move to ensure a secure and compliant digital payments landscape, the RBI introduced the PA framework in March 2020. This framework mandates a license for entities that onboard merchants and provide them with digital payment acceptance solutions. The recent approvals for Innoviti Payments and Concerto Software add to the 13 licenses issued in 2024 alone. This esteemed list includes established players like Infibeam Avenues, Amazon Pay, JusPay, Stripe, and Tata Payments. This surge in participation by a diverse set of fintech companies, now totaling 15 in 2024, reflects the burgeoning digital payments landscape in India and the evolving preferences of its over 800 million smartphone users .

A Brighter Future: Enhanced Security and Exponential Growth

The RBI’s licensing initiative paves the way for a more secure and regulated digital payments environment in India. By granting licenses to both established and emerging players, the RBI is actively fostering the growth of the nation’s digital economy. This will empower businesses of all sizes to leverage the power of digital payments, ultimately contributing to a more inclusive and financially integrated India.

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