Payment service provider NTT DATA Payment Services India (formerly Atom Technologies) has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator (PA) license, the company said on September 5.
Dewang Neralla, CEO of NTT DATA Payment Services, said, "We are delighted to have received the payment aggregator (PA) license, which will only add fresh impetus to our commitment to progressively grow digital payments in India."
"This significant development also brings us closer to our vision, that is, to develop NTT DATA Payment Services India as one of the top three payment service providers in the country through better services and superior products," he added.
The company helps merchants provide digital payment options to customers, via both online and offline channels including card swipe or point of sales (PoS) machines and its payment gateway. At present, it caters to more than six million merchants across India in sectors such as education, government, retail, BFSI, and healthcare, among others.
NTT DATA Payment Services India competes with other omnichannel payment providers including Paytm, Pine Labs, Infibeam Avenues, MSwipe, Razorpay and Easebuzz.
In a new set of guidelines issued in March 2020, the RBI had mandated that all PAs be authorised by the central bank. For this, the regulator instructed non-bank companies offering PA services to apply for authorisation by June 30, 2021, which was later pushed to September 30, 2021.
Other players who have received RBI's in-principal approval for the license include Razorpay, Pine Labs, Innoviti, Stripe, MSwipe, Easebuzz and 1Pay Mobileware.
NTT DATA Payment Services India is part of Japan's NTT DATA Corporation. The NTT DATA Payments division group has a significant presence across Japan, Hong Kong, Singapore, Vietnam, and Malaysia. NTT DATA also operates CAFIS, Japan’s largest card payment processing network. The company has recorded an annual transaction value of Rs 1.50 lakh crore and a volume of over 10 crore transactions across India.
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