AurionPro Solutions share price rallied 6 percent on May 5 after subsidiary Aurionpro Payment Solutions got in-principle approval from the Reserve Bank of India to operate as a payment aggregator.
The stock closed at Rs 454.10 on the National Stock Exchange, continuing the uptrend for the fifth session in a row. The stock has rallied 25 percent during the week after gaining 8 percent in the week gone by.
Payment aggregators are entities that allow e-commerce sites and merchants to accept various payment instruments from customers.
"Subsidiary Aurionpro Payment Solutions (AuroPay) has received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment and Settlement Act, 2007," the company told exchanges on May 5.
AurionPro Solutions said AuroPay can commence payment aggregator business upon receiving the final certificate of authorisation from RBI.
"This is a substantial stride forward in our mission to facilitate seamless online digital payments in the country, especially in the area of B2B payments," Aurionpro Payments CEO Balkrishna Pangam said.
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