Aurionpro Payment Solutions, a subsidiary of Mumbai-based technology solutions company Aurionpro Solutions, has achieved a significant milestone with the final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under its payments brand, AuroPay.
Facilitating Digital Payments
Aurionpro Solutions, known for its expertise in banking, mobility, payments, and government sectors, has long been committed to advancing digital payments in India. Through its AuroPay platform, the company aims to simplify payment processing, encompassing both receivables and payables, ensuring secure, safe, and compliant transactions.
Aurionpro’s Journey
Established in 1997, Aurionpro initially offered bespoke IT services before pivoting towards the BFSI segment. Over the years, it has developed innovative solutions for cash management and payment systems, aligning with the evolving needs of the industry.
Comprehensive Payment Solutions
Aurionpro Payments, operating under the AuroPay brand, offers a comprehensive suite of digital payment solutions. Its platform streamlines the entire payment cycle, including receivables and payables management. Additionally, solutions like AuroPayBiz enhance efficiency through digital workflow automation for accounts payable processes.
Strategic Vision
Balkrishna Pangam, CEO of Aurionpro Payments, expressed gratitude to the RBI for the authorization, emphasizing the company’s readiness to commence operations promptly. With a focus on innovation and expertise, Aurionpro Payments is poised to contribute significantly to India’s digital transformation journey.
Business Expansion Opportunities
With the RBI’s approval as a Payment Aggregator, Aurionpro Payments can now empower ecommerce businesses and merchants to accept diverse payment instruments from customers. Through AuroPay, it facilitates seamless pooling of collections and settlement processes, enhancing convenience for businesses and consumers alike.
Strategic Acquisitions and Regulatory Landscape
Aurionpro Solutions’ recent acquisition of a majority stake in banking and insurance-focused PaaS startup Arya.ai underscores its commitment to growth and innovation. This strategic move, coupled with the RBI’s proactive approach in granting Payment Aggregator licenses, reflects the evolving dynamics of India’s fintech ecosystem.
RBI’s Regulatory Approach
The RBI’s recent approvals for payment aggregator licenses signify a broader trend towards fostering innovation and competition in the fintech space. Notable players such as Groww, PayU, and Aurionpro Payments are among the beneficiaries of these approvals, reflecting the regulator’s commitment to promoting a diverse and robust payments landscape.
