Reserve (RBI) has given in-principle approval Fintech Startup 1Pay Mobileware to act as a payment aggregator. with this, 1Payment Became one of the first companies in the country to receive approval from reserve Bank of India (pa) to payment aggregator license,

Established in 2019, 1Pay is a payments aggregator along with being a Logi-Fintech space by bringing together the transportation, logistics and banking industries.

Currently, the platform has an annual Gross Transaction Value (GTV) of over Rs 8,500 crore and transaction volume of over 30 million.

The startup provides payment solutions for logistics, OEM supplier, OMC/Fuel Distributor and FASTag issuer. 1Pay is backed by former Goldman Sachs Managing Director (MD) Sanjeev Shah and Sanjay Gaitonde.

“1Pay is one of the few platforms focusing on digitally integrating the unorganized logistic-fintech space. Moreover, RBI’s approval for startups in the fintech space demonstrates the commitment of central banks to digitally integrate the country,” said Sanjay Gaitonde.

The payment aggregator framework formally introduced in March 2020 mandates that only RBI-approved firms can receive and offer payment services to merchants.

RBI has been strict in evaluating entities applying for payment aggregator licence. Several online payment gateways seeking aggregator licenses have come under intense scrutiny from the central bank – for Know Your Customer (KYC) related issues, past dealings with cryptocurrency exchanges and gaming apps, and non-compliance with net worth norms. RBI had left.

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