CAMS spurts on RBI nod to operate as online payment aggregator

Computer Age Management Services (CAMS) surged 4.16% to Rs 3,179.35 after it received an authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

The company received an in-principle authorisation from RBI in February 2023.

CAMSPAY, the payment business unit of the company has been at the forefront of the payment solutions industry for the past 15 years, specializing in providing secure, seamless, and innovative payment services tailored specifically to the unique needs of the banking, financial services, and insurance (BFSI), and education technology (Ed-Tech) sectors.

Our offerings, fortified over time, now include an expanded UPI autopay feature that has seen wide adoption by fintech channels and notable third-party applications. As of today, CAMSPay serves a diverse portfolio of clients which include mutual funds, insurance companies, banks, and non-banking finance companies, CAMS stated in the press release.

In March 2024, CAMSPay achieved a record-setting registration of more than a 1.2 million mandates for UPI Autopay, underlining the companys growing influence in online digital payments segment. The companys collaboration with major banks in the country and with the National Payments Corporation of India (NPCI) further enhances the capability to deliver a broad spectrum of payment services to the markets we serve.

CAMS is a financial infrastructure and service partner to the asset management industry and provides platform-based services to BFSI segment. The company is India's largest registrar and transfer agent of mutual funds with an aggregate market share of 68.1% based on mutual fund average assets under management ("AAUM").

On a consolidated basis, net profit of CAMS rose 21.12% to Rs 89.29 crore on 18.93% increase in net sales to Rs 289.68 crore in Q3 December 2023 over Q3 December 2022.

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