Noida-based Eroute Technologies has received authorisation from the Reserve Bank of India on May 10, 2021, to commence issuance and operations of semi-closed pre-paid instruments in the country.
This authorisation will enable Eroute to launch its payment solutions at scale independently unlike neo banks and other bank-led fintechs, a release said.
The company aims to serve the Underserved segments which comprise almost 680 million people, by creating user-friendly payment solutions addressing the specific needs of various consumer segments of our society.
The company is also aggressively pursuing co-branded payment solutions with consumer companies.
Eroute Technologies is a fintech company founded by Sanjeev Pandey, Ex-Group President of YES Bank, Abhishek Saxena, an alumnus of IIT BHU and Jason Ho, Chairman of Taiwan-based Taisys Group.
Enroute MD and CEO Sanjeev Pandey said, “Amidst the outbreak of COVID pandemic, digital payments have become crucial for the people and the government to fight covid-19 spread between human to human.”
The company has built full-stack omnichannel payment solutions that manifest the flexibility and convenience of seamless spending for Gen Z’s and millennials with user-friendly modes of operations, the release added.
Enroute Director and COO Abhishek Saxena said, “Eroute is an innovation lab and our product philosophy is “YOU”. We are committed to revamping user’s payment experience and overall company operations by using cutting edge innovations, technologies and partnerships.”
The company has partnered with over 30 brands to benefit users with exclusive offers and co-promotions.
Reserve Bank of India in its recently announced statement on Developmental & Regulatory Policies on April 7, 2021 has allowed non-bank payment system operators of PPIs to become a direct member of RBI operated of the centralised payment systems of RTGS/ NEFT.
Also, the full-KYC PPIs like wallets and pre-paid cards are made interoperable, outstanding balance increased to Rs 2 lakh and cash withdrawals permitted through ATMs & POS will make non-bank issued PPIs almost at par with bank accounts which will boost digital financial inclusion, expansion to cater to the needs of the customers, including MSMEs, small traders and merchants.
According to the latest research report of RedSeer Consulting, the current 160 million unique mobile payment users will multiply by 5 times to reach 800 million and the digital payments market in India is likely to grow 3 folds to Rs 7,092 trillion by 2025.
Eroute Technologies has prominent mentors and an advisory team from the industry comprising of former SBI Chairman A. K. Purwar as a founding Chairman, former RBI Deputy Governor H. R. Khan, former Secretary-GOI Vijay Chhibber and former NPCI Product Management Head Ram Rastogi.