CAMSPay Receives In-principle Approval from RBI To Operate As a Payment Aggregator

Moneylife Digital Team 15 February 2023

CAMSPay, part of India's largest registrar and transfer agent of mutual funds, Computer Age Management Services Ltd (CAMS), says it has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).

In a release, CAMSPay says it has been an integral payments partner supporting mutual fund investors, insurance policyholders and borrowers for over a decade in enabling them to move from a paper-based mandate process to offering digital payment solutions. "As a specialised payments solutions provider to the banking, financial services and insurance (BFSI) segment, the in-principal authorisation from RBI to operate as a PA will widen the scope and coverage of CAMSPay."

According to Ravi Kiran, CAMS' head of new businesses CAMSPay provides a wide range of payment options, including digital payments, payment gateway, cards, UPI, and net banking. "The in-principle authorisation from RBI to operate as a PA is a key milestone towards further strengthening our offerings in the BFSI segment. We reaffirm our commitment to making payments more seamless and secure to all stakeholders," he says.

Mutual fund investors use CAMSPay for their systematic investment plan (SIP) and bullet investments, insurance policyholders for paying their policy premia and borrowers for repaying their loans.

Vasanth Jeyapaul, chief executive officer (CEO), CAMSPay says, "We are thrilled to receive the in-principle authorisation to create a much more robust and inclusive digital payment stack for the chosen merchant segments that we operate in, delivering a variety of acceptance options. The license will help us further fortify our offerings in the payments arena".

CAMSPay works with over 50 financial institutions across India, including mutual funds, insurance companies, and NBFCs.

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