EnKash Gets RBI's Nod to Operate as a Payment Aggregator

EnKash, a commercial payments platform, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). EnKash is the third one to receive the license this month, following Hitachi Payment Services and BharatPe​.

As per the payment aggregator framework formally introduced in March 2020 by RBI, only companies approved by the central bank can acquire and offer payment services to merchants. Fintechs in the industry are on a spree to submit proposals to RBI to receive their license.

Payment Aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for completion of their payment obligations. PAs facilitate merchants to connect with acquirers.

Commenting on the development, Yadvendra Tyagi, Founder, EnKash, said: "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."

He added: "RBI's in-principle approval to EnKash reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate all their payables and receivables and make necessary actions around payments."