Computer Age Management Services receives RBI authorisation to operate as online payment aggregator
Upstox
2 min read • Updated: April 12, 2024, 10:58 AM
Summary
CAMS has received the Reserve Bank of India’s (RBI) authorisation to operate as an online payment aggregator. CAMSPay serves a diverse portfolio of clients which include mutual funds, insurance companies, banks and non-banking finance companies. It has so far achieved registration of over 12 lakh mandates for UPI Autopay.
Computer Age Management Services (CAMS) said in an exchange filing on Friday that it has received the Reserve Bank of India’s (RBI) authorisation to operate as an online payment aggregator. The company had received an in-principle authorisation back in February 2023.
CAMSPAY, which is the payment business unit of the company, has been operating in the payment solutions industry for the past 15 years and provides payment services to the banking, financial services and insurance (BFSI) and education technology (Ed-Tech) sectors. The company said its offerings 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,” it said in a release.
In March 2024, CAMSPay achieved registration of more than 12 lakh mandates for UPI Autopay, the company pointed out.
CAMS is a financial infrastructure and service partner to the asset management industry and provides platform-based services to the BFSI segment. The company is India's largest registrar and transfer agent of mutual funds with an aggregate market share of 68.2% based on mutual fund average assets under management.
During the third quarter of fiscal year 2024, CAMS reported an 18.9% year-over-year (y-o-y) growth in revenue at ₹289.68 crore. Net profit rose 21.1% y-o-y to ₹89.29 crore. The company’s mutual funds (MF) revenue grew 14.6% y-o-y while non-MF revenue grew 59% y-o-y. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 19.7% y-o-y.
Anuj Kumar, Managing Director of CAMS had said that garnering nearly 72% of net inflows in equity assets, complimented by historic high systematic investment plan (SIP) inflows, helped the company to scale its equity asset base to ₹16.9 lakh crore and record 66% market share.
Shares of CAMS have gained over 15% since the beginning of the year. The stock has risen over 41% in the last one year.