Infibeam Avenues, a fintech company, announced in a BSE filing on October 27 that it has got approval from the Reserve Bank of India (RBI) to function as a payment aggregator.
“Under this provision, the fintech major will get a substantial boost to further expand its reach in multiple business segments for both online and recently launched offline digital transactions,” the firm said in the filing.
The company provides infrastructure for banks and acquiring and issuing solutions as part of its payment infrastructure solution. The main line of business for Payment Gateway (PG) offers over 200 payment options to merchants, enabling them to accept payments online and via mobile devices in 27 different international currencies.
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“Having been a frontrunner in digital payments and led this fintech revolution through innovative payment solutions for the past two decades, we are super excited as we see new possibilities lying ahead with this Payment Aggregator license,” cofounder Patel said.
Until now, Infibeam’s online credit card processing company, CCAvenue, has contributed to the development of several pioneering, cutting-edge payment products.
Before getting the Payment Aggregator license, the Company acquired RBI authorization to function as an Operating Unit under the Bharat Bill Pay license.
The Company just released the CCAvenue mobile app. The app includes CCAvenue TapPay for Merchants and Kiranas across the nation, a pin-on-glass SoftPoS solution. Since it is an app, the merchant may use any Android phone—without a Point of Sale device—to download it for free and turn it into a payment acceptance terminal.
“We will ensure more secure digital payment innovations are delivered to serve and help to grow millions of Indian merchants and simultaneously make India a digital nation,” Patel added.
The RBI granted in-principle permission to Payment gateway Cashfree Payments in September 2022 for the licences for prepaid payment instruments (PPI) and payment aggregators (PA).
Razorpay, Pine Labs, Innoviti, Easebuzz, Stripe, MSwipe, NTT Data Payment Services, and 1Pay Mobile ware are additional companies that have been granted an in-principle licence by the RBI.
The RBI demanded that all PAs be approved by the central bank in a new set of rules released in March 2020. To do this, the regulator asked non-bank businesses that provide PA services to submit applications for authorization by June 30, 2021; this deadline was eventually moved out to September 30, 2021.
According to the announcement, Infibeam handled transactions worth Rs 2.8 trillion (US$ 37 billion) for its 5 million+ clients in FY22 across enterprise software platforms and digital payments.
The broad customer of the organisation consists of businesses, corporations, governments, and financial institutions in both domestic and international markets.
The United Arab Emirates, the Kingdom of Saudi Arabia, Australia, and the United States of America serve as the headquarters for Infibeam Avenues’ international operations.
