Computer Age Management Services (CAMS) to operate as online payment aggregator after RBI approval

CAMS, the diversified financial services company, on Wednesday (April 10, 2024) has been authorised by the Reserve Bank of India to operate as an online payment aggregator.

In an exchange filing, the mutual fund transfer agency said, the RBI, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has granted authorisation to the company to operate as an Online Payment Aggregator. The certificate of Authorisation bearing No 183/2024 has been received today by the company. 

“The company received an in-principle authorisation from RBI in February, 2023,” added the filing.

For the same, the company made application to the Reserve Bank of India for the issue of certificate of Authorisation after the business became a regulated consequent to the issue of “Guidelines on Regulation of Payment Aggregators and Payment Gateways” (“Guidelines “) in March 2020. 

CAMSPAY, the payment business unit of the company has been at the forefront of the payment solutions industry for the past 15 years, specializing in providing secure, seamless, and innovative payment services tailored specifically to the unique needs of the Banking, Financial Services, and Insurance (BFSI), and Education Technology (Ed-Tech) sectors. 

As of today, CAMSPay serves a diverse portfolio of clients which include Mutual Funds, Insurance Companies, Banks, and Non-Banking Finance Companies. In March,2024, CAMSPay achieved a record-setting registration of more than a 1.2 million mandates for UPI Autopay, underlining the company’s growing influence in online Digital Payments Segment. 

The company’s collaboration with major Banks in the country and with the National Payments Corporation of India (NPCI) further enhances the capability to deliver a broad spectrum of payment services to the markets we serve. 

CAMS stock last in trade on Wednesday (April 10, 2024) settled higher by 2 per cent at Rs 3052.5 per share on the BSE. The stock in a one year time gained 37 per cent.

CAMS is a smallcap company commanding a m-cap of Rs 15,000.9 crore. The company also provides investor services, distributor services and asset management companies (AMC) services.