Pay Point India has become the first fintech firm to gain direct access to the centralised payment system operated by the Reserve Bank of India, marking a key milestone for the country’s digital payments ecosystem.
The move signals a shift in India’s financial infrastructure, where access to the Centralised Payment System (CPS) was earlier restricted to banks and select institutions such as National Payments Corporation of India, Clearing Corporation of India Limited, and stock exchanges.
With this development, Pay Point India can directly operate on core payment rails, reducing dependence on traditional banking intermediaries. This is expected to improve transaction efficiency, lower operational costs, and enhance control over payment processes.
The milestone reflects a broader regulatory push to open critical financial infrastructure to non-bank players, encouraging innovation and increasing competition within the fintech ecosystem.
Industry observers view this as a step towards deeper integration of fintech firms into India’s financial system, potentially enabling more such players to gain direct access in the future.
The development comes as India continues to expand its digital payments ecosystem, with the central bank focusing on strengthening systems, improving security, and driving financial inclusion.
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