India-based fintech Innoviti Payment Solutions has received approval from the Reserve Bank of India (RBI) to operate as a payment aggregator in the country. Earlier in July 2022, other three payment service providers, including Razorpay and Stripe received a similar aggregator license, suggesting RBI’s path to develop the local payment environment and make payments smoother for all users.

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. Over the past two years, over 185 fintechs in the industry have submitted their proposals to RBI to receive their license, including big names such as PhonePe and Cred, so a full list with the approved names is expected to be released soon. Founded in 2002, Innoviti offers technology-led payment solutions and POS terminals for businesses and offline merchants.

It also equips retailers with billing and Customer Relationship Management (CMR) software and provides payment gateway services to online merchants. .