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.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
