CCAvenue, a subsidiary of Infibeam, to handle Digital Rupee Payments
- ByStartupStory | January 30, 2023
CCAvenue, a subsidiary of Infibeam Avenues Ltd, announced that it is the first payment gateway to process Digital Rupee transactions for online retail merchants and is working with private sector banks to offer the necessary payment infrastructure and technology to roll out the Central Bank Digital Currency (CBDC). The company is also soon to be able to process CBDC transactions for online retail payments.
Mr. Vishal Mehta, Managing Director, Infibeam Avenues Limited, stated “We are working with many banks to offer them our world-class payment infrastructure & technology for providing a safe and secure payment environment along with a rich merchant experience. And we are now going to process CBDC transactions for online retail payments. We are ready to share our technology with more banking partners to roll-out CBDC aggressively. We have the necessary processes and compliance in place to quickly onboard and instantly activate new merchants,”
CCAvenue has made history by processing CBDC transactions for a major Indian private sector bank, with the goal of enhancing India’s digital payments landscape. This marks the first time a payment gateway player has processed Digital Rupee transactions for online retail merchants.
The Reserve Bank of India (RBI) has identified eight banks for phase-wise participation in the retail pilot project for CBDC. The first phase includes four banks, namely the State Bank of India, the ICICI Bank, the Yes Bank and the IDFC First Bank.
The objective of introducing the Digital Rupee by the Indian government and the Reserve Bank of India (RBI) is to decrease the ₹32 lakh crore in circulating cash, lower costs associated with physical currency, such as printing and handling expenses, eradicate counterfeit money issues, and minimize wear and tear.
Executive Director of Infibeam Avenues Limited, Mr. Vishwas Patel, said, “CCAvenue has always strived to bring innovative payment solutions that cater to the changing needs of businesses in India be it first online Cards transactions in the country, first online Rupay debit card transaction, first Pin-on-glass solution on mobile for India, etc. RBI’s proactive efforts and exceptional regulatory framework have transformed the payment industry in the country and made India a global leader in payment innovation. CBDC, is a robust, efficient, trusted and legal tender based real-time payment option. This will be our first step in harnessing RBI’s most flexible and convenient payment method to generate exponential revenue opportunities for merchants.”
About:
Founded in 2007 by Vishal Mehta and Vishwas Patel, Infibeam is a company that offers ecommerce and digital payment solutions, including a payment gateway business called CCAvenue, which provides over 200 payment options to merchants and enables them to accept payments in 27 currencies through their website and mobile devices. Infibeam recently launched a mobile app, CCAvenue, that allows businesses to use their NFC-enabled Android phone as a smart PoS terminal for omnichannel transactions.
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