Infibeam Avenues Receives Final RBI Nod for Payment Aggregator License

• ByStartupStory     |    March 5, 2024

Infibeam Avenues has secured the final authorization from the Reserve Bank of India (RBI) to function as a Payment Aggregator under the Payment Settlements Act, 2007, specifically for its payment gateway brand – CCAvenue. 

“We are pleased to have received the final licence from the RBI, marking a significant milestone for our payment gateway operations,” stated a spokesperson from Infibeam Avenues. 

Having previously obtained “in-principle” approval from the RBI, the company now possesses the definitive license. The RBI had introduced the payment aggregator framework in March 2020. 

Infibeam Avenues specializes in delivering digital payment solutions and enterprise software platforms to various businesses and government entities across different industry sectors. Its range of services includes acquiring and issuing solutions as well as offering infrastructure support for banks. 

Additionally, its enterprise software platform serves as an online marketplace for government procurement. Notably, Razorpay, Cashfree, and Open were the initial group of players to receive regulatory approval in December last year. Other major players such as Zomato, DigiO, Google, and Tata Digital have also obtained the payments license. 

Infibeam Avenues boasts a substantial merchant base, surpassing 10 million merchants on its platform, with over half a million merchant onboardings in the first half of FY24 alone. 

The company has further expanded its offerings with the launch of the CCAvenue mobile app, featuring an advanced omni-channel payment solution known as CCAvenue TapPay for Merchants and Kiranas nationwide. 

Reflecting its robust performance, Infibeam Avenues reported notable growth in Q3 FY24, with a 15.4% increase in revenue from operations, reaching Rs 912 crore, and a marginal growth in profits to Rs 40.8 crore during the same period.

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