CAMSPay, a payment solutions platform focussed on BFSI sector, on Wednesday announced it has received in-principle approval from RBI to operate as a payment aggregator. CAMSPay is part of Chennai-based Computer Age Management Services (CAMS), India’s largest registrar and transfer agent of mutual funds.
CAMSPay partners with over 50 financial institutions including mutual fund investors, insurance policyholders and loan borrowers enabling them to move from paper-based mandate process to digital payment solutions. Mutual fund investors use CAMSPay for their SIP and bullet investments, insurance policy holders for paying their policy premia and loan borrowers for repaying their loans.
Different from payment gateway
A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers. It is different from payment gateways which provide technology services for processing transactions but don’t handle funds.
In a press release, CAMSPay said the in-principal authorisation to operate as payment aggregator will widen the scope and coverage of the platform.
Vasanth Jeyapaul, CEO, CAMSPay, said the authorisation to operate as a payment aggregator will help the platform to create a more robust and inclusive digital payment stack for the chosen merchant segments delivering a variety of acceptance options.