Fintech Startup EnKash Gets RBI Consent To Operate As Payment Aggregator

Fintech startup EnKash has obtained regulatory approval from the Reserve Bank of India (RBI) to function as a payment aggregator, operating under the brand name Olympus. EnKash serves as a platform for spend management, providing businesses with the capability to automate payment processes, digitize incoming funds, oversee expenses, and perform additional functions. Spend management, a crucial aspect for organizations, involves the control, optimization, and tracking of expenses to enhance efficiency, reduce costs, and maximize overall financial performance.

Yadvendra Tyagi, Co-founder of EnKash, expressed the company's commitment to maintaining regulatory standards and emphasized the significance of advancing the industry. “The milestone also underscores our commitment to providing seamless, innovative, and reliable payment solutions,” he said.

MSMEs’ Streamlined Financial Operations

EnKash, along with fintech startups like Cashfree Payments, OPEN, Razorpay, and others, received payment aggregator licenses from the RBI on December 19. 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.

Anish Achuthan, Co-founder & CEO of OPEN, 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 strengthen our financial automation platforms, providing SMEs with advanced tools to streamline their financial operations and thrive in the digital era.”

Onboarding New Merchants

Cashfree Payments, another recipient of the RBI license, is actively onboarding new merchants on its payment gateway. “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,” an official said.

Earlier this year, the RBI's decision to allow the linking of RuPay credit cards to the Unified Payment Interface (UPI) in 2022 led the National Payments Corporation of India (NPCI) to collaborate with various payment aggregators. The objective is to enable merchant transactions through RuPay credit cards on UPI, marking a significant step in the evolution of India's digital payment landscape.