RNFI Services, a financial infrastructure company, has secured key approval to operate as a payment aggregator in India.
In a statement, the company said it has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Physical (PA-P) under the Payment and Settlement Systems Act, 2007.
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The approval allows RNFI Services to offer payment aggregation for physical, offline and in-store transactions through its existing network. The company said the PA-P authorisation adds a regulated capability for physical merchant payments and builds on infrastructure it has already deployed for last-mile financial services delivery.
RNFI Services currently operates global money movement services through its RBI-authorised FFMC and AD Category-II licence.
It also offers mutual fund distribution through an AMFI-registered ARN, insurance via its IRDAI-registered insurance broking business, and stored value services through an RBI-authorised prepaid payment instruments (PPI) business.
RNFI Services founder and chief strategy officer Simran Singh said: “We have spent years building the infrastructure to take financial services closer to the last mile. This authorisation allows us to extend that infrastructure into physical payments as a regulated Payment Aggregator.
“More importantly, it reflects how we see the business evolving: building capabilities that make the same network more useful, and bringing more financial services onto it over time. RNFI remains committed to being instrumental in driving digital adoption among both underserved and unserved customers and merchants.”
Earlier this year, fintech firm Cred received the final licence to operate as a payment aggregator in India.
