EnKash, the go-to platform for managing expenses, just got the thumbs up from the Reserve Bank of India (RBI) to be a payment aggregator. It is like getting a green light to make money moves. Operating under the brand name Olympus, it joins the league of financial technology companies, including Cashfree Payments, OPEN, and Razorpay, granted payment aggregator licenses by the RBI on December 19.
The approval follows a pause in merchant onboarding by several fintechs, awaiting the final nod from the central bank after an in-principle approval to operate as payment aggregators. EnKash’s Co-founder Yadvendra Tyagi is happy with the RBI’s decision. He says it shows they are committed to following the rules and emphasizes how important their role is in moving the industry forward.
EnKash is like a money helper for businesses. They specialize in making sure companies use their money wisely. They help organizations control, optimize, and keep track of their expenses, so it’s easy to manage their money smartly. This makes businesses work better, save money and do well financially.
OPEN and Cashfree Payments, like good team players, are happy about getting the green light from the RBI. They are committed to following the rules and are super dedicated to helping small and medium-sized businesses (SMEs). OPEN CEO Anish Achuthan thinks the approval shows they are serious about both playing by the rules and supporting SMEs. It is like a big thumbs up for their teamwork.
Cashfree Payments is on a roll! With the RBI’s approval, they are already bringing in new businesses to use their payment system.
