Computer Age Management Service on Wednesday said it has received an in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator
In a stock exchange regulatory filing, it said the approval was given on Tuesday under the Payment and Settlement Systems Act, 2007.
As a specialised payment aggregator to the BFSI (Banking, financial services and insurance) segment, the company has been offering personalised payment options to meet different use cases for mutual fund investors and insurance policyholders for over a decade.
The licence by the central bank will enable the firm to broaden its product offerings to more number of businesses.
Payment aggregators are intermediaries playing an important function in facilitating payments in the online space.
According to RBI, these aggregators facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own.
( With inputs from ANI )
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