Enkash is a spend management platform that enables businesses to automate their payables, digitise receivables, manage expenses, and more. Spend management is the process of controlling, optimising, and tracking an organisation’s expenses or spending in order to increase efficiency, reduce costs, and maximise overall financial performance.
EnKash officials emphasised that the approval underscores their dedication to upholding regulatory standards, noting the importance of their role in driving industry progress. This achievement reinforces their pledge to deliver seamless, innovative, and dependable payment solutions, strengthening their reputation as a reliable partner for businesses seeking success in the digital economy.
EnKash along with other fintech startups such as Cashfree Payments, OPEN, Razorpay, and more were granted payment aggregator licences in December 2023. This came over a year after the RBI had reportedly halted merchant onboarding by some fintechs until they received the final approval, following in-principle approval, to operate as a payment aggregator.
OPEN’s founders stated that this approval not only acknowledges their dedication to regulatory standards but also signifies a significant leap in fortifying their commitment to SMEs. The enhanced capabilities will bolster their financial automation platforms, providing SMEs with advanced tools to streamline their financial operations and thrive in the digital era.
A Cashfree Payments’ spokesperson also said the company is now onboarding new merchants on its payment gateway with the license from the RBI. They are happy about this new phase of their journey, where they continue to drive exponential growth and retain their market leadership as the preferred aggregator in the payments space.
In May 2022, EnKash has introduced CardX, a card API suite. This developer-friendly suite facilitates easy integration for non-fintech/fintech companies and banks/NBFCs to launch their card, BNPL, or reward programmes.
CardX includes features like real-time KYC, fraud controls, reward management, and various credit products. Utilising EnKash's Open API Stack, businesses can issue credit and prepaid cards, with CardX integrated with SBM Bank as its issuing partner and plans for more bank integrations. The suite also offers curated partner options for customer communication, operations, and customer service.
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