Innoviti Receives RBI's Final Authorization to Operate as an Online Payment Aggregator
Innoviti Link to fuel online payment acceptance in Tier 3 and 4 cities
BENGALURU, India, March 26, 2024 /PRNewswire/ —
- Innoviti Technologies Pvt. Ltd., India’s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced today that it has received the final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti is operating this business under the brand ‘Innoviti Link.’
- The company had received an in-principle authorization from RBI in 2022, and has been actively onboarding merchants since then. The online business has grown 4X in the past 12 months, with more than 2500 merchants onboarded and actively transacting. Innoviti is the first major offline payments player serving enterprise merchants to receive this authorization.
- Link not only helps merchants collect online payments in a more reliable and secure way than possible otherwise, but also helps them accelerate better growth by unlocking competitive advantages left hidden away by traditional payment systems. It has helped merchants gain easy access to accepting payments online through UPI, cards, and EMI, without the need to rent a payment terminal or complex payment gateway integration.
- Innoviti is targeting Link for SME merchants in tier 3 and 4 cities, and for its existing marquee offline customers. The company already operates India’s largest offline payments platform under the brand name uniPAYNext for marquee enterprise brands such as Reliance, Tanishq, Shoppers Stop and others. Link will help these merchants provide a uniform consumer experience across online and offline, while extracting unique omnichannel synergies not possible with other platforms.
- The company has been continuously enhancing its digital plus physical risk-centric onboarding process to ensure that only bonafide transactions of bonafide merchants are processed. Using a modern domain-driven design methodology integrated with RBL Bank’s modern banking and payment Application Programming Interfaces (APIs), Link enables fast, seamless, and secure payments for merchants and consumers.
Quotes:
Founder and CEO, Rajeev Agrawal, Innoviti said, “The final authorization from RBI to operate as an online payment aggregator is not only a badge of honour, but a badge of responsibility. A commitment to not only contributing to India’s mission of ‘Har Payment Digital,’ but to also making Har Payment Safe, Secure, and Compliant. We believe our high standards of corporate governance will help guide a consistent and transparent delivery to this responsibility.”
About Innoviti Technologies Pvt. Ltd.
Innoviti provides payments-centric retail SaaS tools to enterprise brands and their channel partners, helping them grow faster and with lesser efforts, by unlocking competitive advantages left hidden away by traditional payment solutions. Innoviti’s tools run across online and offline payment channels, processing over Rs. 72,000 Cr. annually from across 2000 cities and over 20,000 merchants. The company processes more than 50% of all purchases happening in enterprise retailers in the food & grocery, lifestyle, and healthcare categories. Backed by marquee investors such as Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures (Mr. Narayana Murthy’s family office), India. and the Patni Family Office, India, Innoviti is the recipient of RBI’s final authorization to operate as an online payment aggregator. The company has won the 50 fastest growing companies in Asia award from Deloitte four times, Reliance Innovation Award, and the Mastercard Innovation Award, and has 11 patents to its name, with 16 more in pipeline.
For more information, please visit – www.innoviti.com
Media Contact:
Chinmaya Bhure
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