Aurionpro Payment Solutions received final authorization from the Reserve Bank of India to operate as an online payment aggregator via its brand AuroPay
AuroPay will facilitate the entire payment cycle for ecommerce businesses and merchants, including handling receivables and payables, and offering digital workflow automation solutions
The RBI has been actively approving payment aggregator licenses, with over 20 companies, including Groww, Worldline, PayU, and Zoho, receiving authorization in 2024
Mumbai-based technology solutions company Aurionpro Solutions’ arm Aurionpro Payment Solutions has received final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator via its payments brand AuroPay.
“From the outset, our objective has been to facilitate and expand the reach of online digital payments in India through our AuroPay platform that helps simplify payment processing – both in terms of receivables and payables including settlement in a secure, safe and compliant environment,” said Aurionpro Solutions in a communication to bourses.
Aurionpro Solutions is a technology solutions company catering to the needs of the banking, mobility, payments, and government sectors. It has about 2,300 employees across its offices in India and globally.
Founded in 1997, Aurionpro initially provided bespoke IT services but later shifted its focus to the BFSI segment, developing solutions for cash management and payment systems.
Its subsidiary, Aurionpro Payments, which operates under the brand name AuroPay, offers a comprehensive suite of digital payment solutions.
The platform facilitates the entire payment cycle, including handling receivables and payables, while also offering digital workflow automation solutions like AuroPayBiz to streamline accounts payable processes.
Balkrishna Pangam, chief executive at Aurionpro Payments, said that the company is grateful to the RBI for this authorisation and it looks forward to commencing the business at the earliest.
“With our innovative solutions and expertise, we are excited to contribute to India’s digital transformation journey,” the CEO added.
As a licensed Payment Aggregator, Aurionpro Payments can now enable ecommerce businesses and merchants to accept various payment instruments from customers, pool these collections and receive settlements through AuroPay.
In April, it was also reported that Aurionpro Solutions would be picking up a 67% stake in banking and insurance focused PaaS startup Arya.ai in an all-cash deal.
The acquisition, valued at $16.5 Mn (around INR 137.7 Cr) will involve acquiring shares from existing shareholders and subscribing to new equity capital.
This also comes at a time when the central bank has been actively dishing out PA licences lately after scrutinising these players for months. The likes of Groww and Worldline Global also got the approvals in recent months.
Since December last year, the RBI has approved the PA applications or has given in-principle approval to Zoho, Juspay, Decentro, CRED, PayU, Enkash, Pine Labs, Amazon Pay, Innoviti, Razorpay, CC Avenue, Cashfree, Tata Pay, Google Pay, Infibeam Avenues, Mswipe, among others.
Overall, more than 20 companies have received the green light from the central bank in 2024 alone.
Last month, the RBI gave its approval to fintech unicorn Groww’s bill payments platform Groww Pay Services to operate as a payment aggregator.
In the same month, digital payments giant PayU received in-principle authorisation from the RBI to operate as a payment aggregator.
