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Eroute Tech Receives Final grant of authorisation from Reserve Bank of India
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.
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The Reserve Bank of India, has issued authorisation on May 10, 2021, to Noida-based Eroute Technologies Private Limited with perpetual validity 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 fintech’s.
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.
Sanjeev Pandey, MD & CEO of the company said “Amidst the outbreak of COVID pandemic, digital payments have become crucial for the people and the Government to fight covid spread between human to human. In such unprecedented times, we are delighted and express our gratitude to the Reserve Bank of India for granting us a greenfield license as we focus on enriching payment experiences across sections of our society by offering safe, secure and reliable payment solutions to match the lifestyle of our users”.
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. Abhishek Saxena, Director & COO 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. Also, our recent innovative offline UPI payments brought millions of interest over a LinkedIn
Reserve Bank of India in its recently announced statement on Developmental & Regulatory Policies on 07 April 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 2.00 lakhs 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.
Jason Ho, Co-founder & Director of the Company expressed his optimism on the new initiatives of RBI that will give a boost to the digital payment inclusion in the country as PPI operators will be able to offer more comprehensive payment solutions in comparison to traditional banking entities who can continue focus on extending core banking services to the users. Mr. Ho expressed his confidence in the per capita growth of digital payments in India and expects PPIs to have higher penetration even in lower-income segments driving small ticket transactions in mass transit systems, offline merchant and unorganised retail sector. 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 & the digital payments market in India is likely to grow 3 folds to Rs. 7,092 Tn by 2025.
Eroute Technologies has prominent mentors and an advisory team from the industry comprising of ex SBI Chairman A. K. Purwar as a founding Chairman, ex RBI Deputy Governor Shri H. R. Khan, ex Secretary-GOI Shri Vijay Chhibber and ex NPCI Product Management Head Shri Ram Rastogi. The company has a full-fledged execution team with a proven track record of implementing various payment systems in the country.