Paypoint Becomes First Fintech to Join Reserve Bank of India’s Centralised Payment System

In a landmark development for India’s digital payments ecosystem, Pay Point India Network has become the first private fintech firm to receive direct membership in the Reserve Bank of India’s Centralised Payment System (CPS). The milestone approval was granted on April 23, 2026.

With this direct membership, Pay Point India can now independently process transactions through India’s core payment rails — Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) — without relying on partner banks as intermediaries. This marks a significant shift in the operational capabilities of non-bank fintech players within the regulated financial ecosystem.

As part of this integration, Pay Point India has been assigned its own Indian Financial System Code (IFSC) and maintains both current and settlement accounts directly with the RBI. This enables the company to execute end-to-end settlement in-house, enhancing efficiency, reducing dependency on third parties, and improving transaction speed and reliability.

Historically, direct access to the Centralised Payment System was restricted to scheduled commercial banks and select financial market infrastructure institutions such as the National Payments Corporation of India and the Clearing Corporation of India. However, in April 2021, the RBI opened the framework for non-bank payment system operators, allowing them to apply for direct participation in RTGS and NEFT.

Pay Point India’s successful onboarding makes it the first private fintech entity to complete this rigorous admission process — setting a precedent for the broader fintech industry and signaling a progressive shift toward a more inclusive and resilient payments infrastructure in India.

This development is expected to accelerate innovation, enhance competition, and further strengthen the backbone of India’s rapidly evolving digital payments landscape.