Mumbai, Apr 23 (APAC Media): In a major development for India’s fintech sector, Pay Point India Network has become the first private fintech firm to gain direct membership in the Reserve Bank of India’s Centralised Payment System (CPS).
With this membership, Pay Point India can directly access key systems like Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT), eliminating the need for partner banks. The company has also been assigned its own IFSC code and now maintains both current and settlement accounts with the RBI.
Until now, access to CPS has been largely restricted to banks and select institutions such as the National Payments Corporation of India and Clearing Corporation of India Limited. This move marks a significant structural shift by allowing a non-bank fintech player direct entry into the country’s core payment infrastructure.
The CPS serves as the backbone of India’s payment ecosystem, enabling secure and efficient financial transactions. RTGS facilitates high-value, real-time transfers, while NEFT supports retail payments processed in batches. Both systems operate круглосуточно, offering round-the-clock availability throughout the year.
Direct access to CPS offers several advantages. It reduces reliance on intermediaries, lowers transaction costs, and speeds up fund transfers. The company also gains better control over fund flows and improved data security, as transactions no longer pass through multiple layers.
Additionally, direct settlement with the RBI enhances payment certainty and reduces risks linked to transaction finality, setting a new benchmark for fintech participation in India’s financial infrastructure.
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