Founded in 2019, 1Pay is a payment aggregator along with being a Logi-Fintech space by bringing transportation, logistics and banking industry together.
Currently, the platform has an annualised gross transaction value (GTV) of more than Rs 8,500 cr and a transaction volume of over 30 million.
The startup offers payment solutions to logistics, OEM suppliers, OMC/fuel distributors, and FASTag issuers. 1Pay is backed by ex-Goldman Sachs managing director (MD) Sanjiv Shah and Sanjay Gaitonde.
“1Pay is one of the few platforms focusing on digitally unifying the unorganised logi-fintech space. Furthermore, RBIs approval for a startup in the fintech space demonstrates the central banks’ commitment to digitally unifying the country,” said Sanjay Gaitonde.
The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants.
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RBI has been strict in its evaluation of entities that have applied for the payment aggregator license. Multiple online payment gateways seeking the aggregator license came under the intense scrutiny of the central bank for – know-your-customer (KYC) related issues, past dealings with cryptocurrency exchanges and gaming apps, and for not complying with the net worth criteria that RBI had set out.
