The company received an in-principle authorisation from RBI in 2022 and has been actively onboarding merchants since then.
Innoviti Technologies Pvt. Ltd., a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced today that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti is operating this business under the brand “Innoviti Link.”
The company received an in-principle authorisation from RBI in 2022 and has been actively onboarding merchants since then. The online business has grown 4X in the past 12 months, with more than 2500 merchants onboarded and actively transacting. Innoviti is the first major offline payment player serving enterprise merchants to receive this authorisation, according to a company statement.
Talking about the authorisation, Founder and CEO Rajeev Agrawal of Innoviti said, “The final authorisation from the RBI to operate as an online payment aggregator is not only a badge of honor but a badge of responsibility. A commitment to not only contributing to India’s mission of ‘Har Payment Digital,’ but to also making ‘the payment secure.”
The platform helps merchants collect online payments in a more reliable and secure way than possible and accelerates better growth by unlocking competitive advantages hidden away by traditional payment systems. It has helped merchants gain easy access to accepting payments online through UPI, cards, and EMI without the need to rent a payment terminal or complex payment gateway integration, as per a company statement.
Innoviti is targeting “Innoviti Link” for SME merchants in Tier 3 and 4 cities and for its existing marquee offline customers. The company operates India’s largest offline payments platform under the brand name uniPAYNext for marquee enterprise brands such as Reliance, Tanishq, Shoppers Stop, and others. Link will help these merchants provide a uniform consumer experience across online and offline while extracting unique omnichannel synergies not possible with other platforms, as per the company statement.