The in-principle nod was granted for the PA licence applied by the firm.
The approval has enabled NTT DATA Payment Services to join the list of other omnichannel payment providers that received the apex bank’s approval such as Paytm, Pine Labs, Innoviti, MSwipe, Razorpay and Stripe etc.
NTT DATA Payment Services CEO Dewang Neralla said: “This significant development also brings us closer to our vision, that is, to develop NTT DATA Payment Services India as one of the top three payment service providers in the country through better services and superior products.”
Neralla added: “We will continue to build safe, trusted, and innovative payment solutions for customers, with a focus to make digital payments viable and accessible for everyone, which is in line with the ‘Digital India’ vision.”
NTT DATA Payment Services India, a subsidiary of Japan’s NTT Data, is said to have a merchant user base of over six million across several sectors including education, government, retail, healthcare, among others.
The company, previously known as Atom Technologies, offers payment solutions to both offline and online merchants through point of sale, payment gateway, BNPL, wallets and other channels.
It has operations throughout Japan, Hong Kong, Singapore, Vietnam, and Malaysia.
In May last year, NTT DATA announced a partnership with mobile commerce firm Bango.
The alliance will cater to merchants who use the Bango Platform, enabling them to expand their services to clients based in the Philippines, Thailand, Indonesia, Hong Kong, Malaysia, and other major markets in Asia.