India’s Leading Mutual Fund Transfer Agency Enters Digital Payments Landscape with Regulatory Nod
Computer Age Management Services (CAMS), renowned as India’s largest mutual fund transfer agency, has achieved a significant milestone with the Reserve Bank of India (RBI) granting approval for its foray into the realm of online payment aggregation.
The announcement, disclosed to the stock exchanges on April 10, heralds a new era for CAMS as it diversifies its offerings to include digital payment aggregation services. This regulatory endorsement follows an in-principle authorization received by CAMS in February 2023, paving the way for its expansion into the burgeoning digital payments sector.
CAMS’ payment business unit, CAMSPay, which caters to a wide spectrum of clients including mutual funds, insurance companies, banks, and NBFCs, stands poised to leverage this approval to enhance its footprint in the digital payments landscape.
The company’s recent achievement comes on the heels of CAMSPay’s remarkable performance in the online digital payments arena, with over 1.2 million mandates registered for UPI Autopay in the preceding month. This feat underscores CAMS’ growing influence and capabilities in facilitating seamless digital transactions.
Expressing optimism about the potential of the newly acquired license, CAMSPay CEO Vasanth Jeyapaul reiterated the company’s dedication to augmenting its payment solutions portfolio. He underscored CAMS’ commitment to fostering a robust and inclusive digital payment ecosystem, offering diverse acceptance options to its merchant segments.
Having garnered extensive experience in the payment solutions industry over the past 15 years, CAMSPay is poised to capitalize on its expertise and regulatory approval to further enhance its presence and offerings in the digital payments domain.
