Infibeam Avenues receives RBI approval for a payment aggregator licence

• ByStartupStory     |    October 28, 2022

Infibeam Avenues, a fintech firm, has received RBI approval to operate as a Payment Aggregator, according to a BSE filing.“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 stated in the filing.

Infibeam, founded in 2007 by Vishal Mehta and Vishwas Patel, provides e-commerce and payment solutions to merchants, enterprises, corporations, and governments in both domestic and international markets. The payment infrastructure solution provided by the company includes acquiring and issuing solutions as well as infrastructure for banks. The core Payment Gateway (PG) business offers merchants over 200 payment options, allowing them to accept payments in 27 international currencies via their website and mobile devices.

CCAvenue, Infibeam’s online credit card processing business, has contributed to the development of several early innovative payment products. Before receiving the Payment Aggregator licence, the Company received RBI approval to operate as an Operating Unit under the Bharat Bill Pay licence. The CCAvenue mobile app was recently launched by the company. CCAvenue TapPay is a pin-on-glass SoftPoS solution for Merchants and Kiranas across the country. Because it is an app, the merchant can download it for free on any Android phone and use it as a payment acceptance terminal instead of a Point of Sale machine.

“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,” said cofounder Patel.

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