Fintech startup Enkash has secured regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name Olympus, the company announced on Wednesday. Enkash is a spend management platform allowing businesses to automate their payables, digitise receivables, manage expenses and more.
Spend management refers to the process of controlling, optimizing, and tracking an organization’s expenses or spending to improve efficiency, reduce costs, and maximize overall financial performance.
EnKash along with other fintech startups such as Cashfree Payments, OPEN, Razorpay and more were granted payment aggregator licenses on December 19 by the Reserve Bank of India (RBI).
This came over a year after the central bank had reportedly paused merchant onboarding by some fintechs until they received the final approval, following an in-principle approval, to operate as a payment aggregator.
OPEN’s Co-founder & CEO, Anish Achuthan in a company statement on Tuesday said, “This approval not only acknowledges our dedication to regulatory standards but also signifies a significant leap in fortifying our commitment to SMEs. The enhanced capabilities will bolster our financial automation platforms, providing SMEs with advanced tools to streamline their financial operations and thrive in the digital era.
Separately, a Cashfree Payments’ spokesperson also said the company is now onboarding new merchants on its payment gateway with the license from the RBI. “We are very excited about this new phase of our journey, where we continue to drive exponential growth and retain our market leadership as the preferred aggregator in the payments space.”
Earlier this year, after the RBI allowed linking RuPay credit cards to the Unified Payment Interface (UPI) in 2022, the National Payments Corporation of India (NPCI), which operates retail payments and settlement systems in the country, had joined hands with various payment aggregators to enable merchant transactions through RuPay credit cards on UPI.
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