BENGALURU: The Reserve Bank of India (RBI) has given in-principle approval to fintech start-up 1Pay Mobileware to operate as a payment aggregator.
Founded in 2019, 1Pay is backed by ex-Goldman Sachs MD Sanjiv Shah and Sanjay Gaitonde. It is a payment aggregator that also brings transportation, logistics and the banking industry together.
Currently, the platform has an annualized GTV (Gross Transaction Value) of over Rs 8,500 crore and an annualised transaction volume of over 30 million. The start-up offers payment solutions to logistics, OEM suppliers, OMC/fuel distributors and FASTag issuers.
Sanjay Gaitonde said, “1Pay is one of the few platforms focusing on digitally unifying the unorganised logi-fintech space. RBI's approval for a start-up in the fintech space demonstrates the central banks' commitment to digitally unifying the country.”
The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants.