Indian fintech Infibeam Avenues gets payment aggregator licence from RBI

Infibeam Avenues, an Indian payments infrastructure company, will now operate as a payment aggregator following an “in-principle” approval from the Reserve Bank of India (RBI).

Through the payment aggregator licence, the Indian fintech company expects to further grow its footprint in various business segments for all digital transactions in India.

Infibeam Avenues, in a statement, said that it has the highest portfolio of payment options for merchants having more than 200 multi-currency payment options in India itself with a run rate of four lakh crore per year across its platform.

Vishal Mehta — Infibeam Avenues Managing Director said: “It’s a vital development as it energises our vision and mission to build India’s biggest digital payment infrastructure company.

“Our flagship payments brand CCAvenue is already one of the top payment gateway brands in India, delivering superior digital products & services to majority of the financial institutions, SMEs, MSMEs and merchants.

“With regulators entrusting faith in us, we promise to ourselves to make all Indian kiranas and merchants Digital, Credible & Bankable (DCB).”

Infibeam Avenues has already secured RBI’s nod to serve as an operating unit under Bharat Bill Pay license.

The Indian fintech company has recently unveiled the CCAvenue mobile app, an omni-channel payment platform featuring pin-on-glass SoftPoS solution called CCAvenue TapPay for merchants and kirana stores across India.

Infibeam Avenues claims that its platform presently has 6.4 million merchants. The fintech firm offers marketplace software technology to businesses and institutions including Government eMarketplace (GeM) and Jiomart.

To ensure the safety of merchants and consumers, RBI issued a framework in March 2022 making license mandatory for payment aggregators in India.