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Innoviti is targeting Link for SME merchants in tier 3 and 4 cities, and for its existing marquee offline customers.

Bengaluru-based Innoviti Technologies, a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced on Tuesday that it has received the final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlements Act, 2007.

Innoviti is operating this business under the brand ‘Innoviti Link.’

The company had received an in-principle authorization from RBI in 2022 and has been actively onboarding merchants since then.

The online business has grown 4X in the past 12 months, with more than 2,500 merchants onboarded and actively transacting. Innoviti is the first major offline payments player serving enterprise merchants to receive this authorization.

Innoviti Link not only enables merchants collect online payments in a more reliable and secure way than possible otherwise, but also helps them accelerate better growth by unlocking competitive advantages left hidden away by traditional payment systems.

It has helped merchants gain easy access to accepting payments online through UPI, cards, and EMI, without the need to rent a payment terminal or complex payment gateway integration, the company said.

Innoviti is targeting Link for SME merchants in tier 3 and 4 cities, and for its existing marquee offline customers. The company already operates India’s largest offline payments platform under the brand name uniPAYNext for marquee enterprise brands such as Reliance, Tanishq, Shoppers Stop and others. Link will help these merchants provide a uniform consumer experience across online and offline, while extracting unique omnichannel synergies not possible with other platforms, it said.

The company has been continuously enhancing its digital plus physical risk-centric onboarding process to ensure that only bonafide transactions of bonafide merchants are processed.

Using a modern domain-driven design methodology integrated with RBL Bank’s modern banking and payment Application Programming Interfaces (APIs), Link enables fast, seamless, and secure payments for merchants and consumers, it added.

Innoviti founder and CEO, Rajeev Agrawal, said, “The final authorization from RBI to operate as an online payment aggregator is not only a badge of honour, but a badge of responsibility. A commitment to not only contributing to India’s mission of ‘Har Payment Digital,’ but to also making Har Payment Safe, Secure, and Compliant. We believe our high standards of corporate governance will help guide a consistent and transparent delivery to this responsibility.”

  • Published On Mar 27, 2024 at 12:54 PM IST

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