Fintech company ftcash, on Wednesday, January 31, received in-principle license from the Reserve Bank of India (RBI) to operate as a payment aggregator and payment gateway. This will enable the company to offer comprehensive and secure digital payment solutions and loans to its customers.
This license will allow ftcash to further enhance its offerings, including streamlined payment processes, expanded merchant services, and various financial products as per the needs of micro-merchants and small businesses.
The company plans to roll out new features and services in the coming months, further enhancing the payment experience for both merchants and consumers.
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A subsidiary of ftcash, ftcash Finance, already holds an NBFC (Non-Banking Financial Company) license. This synergy between ftcash's digital payment services and its NBFC arm enables the company to offer a blend of payment and credit solutions, addressing the diverse needs of its customer base.
Sanjeev Chandak, CEO of ftcash, said, "Receiving the in-principle license from the RBI is not just a regulatory milestone, but a significant step towards our vision of empowering small businesses with seamless financial services. This approval is a validation of our relentless pursuit of excellence and innovation in the fintech space. We are excited to leverage this opportunity to expand our services and continue contributing to the digital transformation of India's payment landscape."
With the in-principle license, ftcash is set to expand its reach and impact, offering a wider range of digital payment solutions that are secure, reliable, and user-friendly.
This will not only benefit the merchants but also contribute to the broader digital economy of India, aligning with the government's vision of a cashless society.
(Edited by : Anand Singha)
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